CVM schedules judgment of sanctioning proceedings in Rio de Janeiro

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CVM trial of sanctioning proceedings

Highlights

CVM holds in-person and videoconference hearings for significant sanctioning proceedings in Rio de Janeiro, including PAS 19957.005514/2025-47 and PAS 19957.011123/2025-61.
The case against Thiago Yabrudi Brimana investigates alleged irregular management of a securities portfolio, potentially in violation of CVM Resolution 21 and Law 6,385.
The process involving the administrators of TBM-Têxtil Bezerra de Menezes S.A. examines non-compliance with obligations regarding periodic disclosure and the holding of an annual general meeting.

This article was translated from the original. Read the original version by our correspondent here.

Agenda and format of the public session

As announced by the Securities and Exchange Commission, the session will be held in person at the authority’s auditorium, at Rua Sete de Setembro, 111, 34th floor, in downtown Rio de Janeiro, and can also be followed by videoconference. The regulator notes that the reports made available on the cases may still be subject to changes after the judgment is held.

Among the cases on the agenda is PAS 19957.005514/2025-47, involving Thiago Yabrudi Brimana. The proceeding was initiated to investigate the alleged irregular exercise of portfolio management activities, in possible violation of CVM Resolution 21 and Law 6,385.

PAS 19957.011123/2025-61 will also be reviewed, involving Ivan Rodrigues Bezerra, Ivan José Bezerra de Menezes, Marcelo Meneghessi, Ricardo Jucá Machado, Lize Bezerra de Menezes Morais Correia, and Davi Bezerra Januário. In this case, the investigation concerns the alleged failure by the administrators of TBM-Têxtil Bezerra de Menezes S.A. to fulfill obligations to prepare and submit periodic information to the CVM, as well as the failure to hold an ordinary general meeting within the legal timeframe.

Regulatory impact for companies and administrators

The judgment reinforces the CVM’s role in supervising intermediaries and administrators of publicly held companies, focusing on compliance with rules for providing information to the market and corporate governance. These proceedings are relevant for issuers and participants in the capital market because they signal the regulator’s attention to basic obligations of transparency and operational regularity.

If none of the accused or their representatives express an intention to participate, the session will be held in a restricted manner, through voting in an electronic system. This procedure preserves the progress of the authority’s sanctioning agenda and maintains the flow of administrative decisions even without the in-person participation of the parties.

In our previous publication on the data breach at the National Health Service in Portugal, we detailed how the leak of personal data of more than 100,000 users, including minors, intensified scrutiny over digital security in the public sector. The text also explained the potential regulatory and criminal developments, including the possibility of hefty fines under the GDPR, and the risks of fraud and extortion for affected families.

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