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Brazil's CVM opens hearing period on new sanctions for financial sector

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Brazil's CVM opens hearing period on new sanctions for financial sector

Brazil's securities and exchange commission CVM opened a public hearing June 18 regarding a bill passed in 2017 that allows the regulator to impose heftier fines and provides stronger authority in investigations into irregularities in the financial sector.

The public hearing period runs through August 17 and will allow the regulator to hear the opinions of market participants while introducing the scope of the new law.

Under the regulation, that was passed in October 2017, the CVM and the Banco Central do Brasil can now impose fines amounting up to 50 million reais, an increase from the previous penalty limit of 500,000 reais.

As of June 15, US$1 was equivalent to 3.78 Brazilian reais.