National Supervisory Authority & Licensing Qualification Dossier • Latin America & Africa
CVM
BrazilSecurities and Exchange Commission of Brazil (Comissão de Valores Mobiliários)
Source / Native Reference: 巴西证券交易委员会
- Supervisory tier
- Tier-2
- License classes
- 2
- Licensed records
- 0
- Active / regulated
- 0
Statutory Supervisory Mandate & Scope
The Comissão de Valores Mobiliários (CVM) is the federal capital markets and securities supervisory authority of Brazil under Law No. 6,385/1976, regulating broker-dealers (CTVMs/DTVMs), investment funds (CVM Resolution 175), derivatives, and tokenized securities.
Prudential Tier Assessment
Tier-2Tier-2 national capital markets, securities, and derivatives supervisory authority in Brazil, IOSCO member standards-aligned.
National licensing qualifications & statutory authorisation classes (CVM)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by CVM in Brazil.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| Category 1 / Principal Broker-Dealer | Full-Scope Securities & Derivatives Dealer (Market Maker / Principal) | Dealing as principal or market maker in securities, FX, CFDs, futures, options, and underwriting. | USD $150,000 – $500,000 equivalent minimum paid-up capital | Risk-weighted capital adequacy + minimum liquid capital buffer ≥ 25% of annual fixed overheads. |
| Category 2 / Agency Broker & Asset Manager | Securities Brokerage (Agency / STP) & Discretionary Portfolio Management Licence | Order execution, reception and transmission of client orders, discretionary portfolio management, and investment advisory. | USD $75,000 – $150,000 equivalent minimum paid-up capital | Strict client money segregation, best-execution monitoring, and quarterly regulatory financial returns. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under CVM.
National Investor Protection / Compensation Scheme (Brazil)
- Maximum coverage per client
- Subject to statutory national investor protection fund limits and segregated trust priority
- Eligible counterparties & scope
- Retail clients of licensed securities and investment brokerage firms.
CVM Client Money & Safe Custody Segregation Rules
- Reconciliation & audit cadence
- Daily reconciliation of segregated client trust bank accounts against client trading ledger balances.
- Approved custodian requirements
- Client funds and securities must be held in bankruptcy-remote statutory trust accounts at licensed commercial banks or central securities depositories.
CVM Digital Asset / Tokenized Securities & VASP Regulatory Framework
- Travel Rule, custody & stablecoin rules
- FATF Recommendation 16 Travel Rule enforcement and institutional qualified custody standards.
Primary Governing Statutes & Rulebooks
- Securities and Capital Markets Act of Brazil
- CVM Licensing, Prudential Capital Adequacy & Conduct of Business Rules
- Client Money & Custody Asset Segregation Regulations (Brazil)
- IOSCO Principles of Securities Regulation & National AML/CFT Rulebook
Regulatory Reporting & Audit Obligations
Quarterly capital adequacy returns and annual IFRS audited financial statements submitted to CVMAnnual independent auditor attestation on Client Money and Safe Custody complianceTransaction reporting, market abuse surveillance (MAR), and AML/CFT suspicious activity reporting
Cross-Border Equivalence & Passporting
Operates under Brazil national jurisdiction and IOSCO MMoU cross-border supervisory cooperation.
Supervised institutions & CVM licence records in our database
0 licence records referencing CVM (0 regulated/registered).
CVM (Brazil): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under CVM (Brazil)?
CVM (Securities and Exchange Commission of Brazil (Comissão de Valores Mobiliários)) supervises financial institutions in Brazil under Securities and Capital Markets Act of Brazil and CVM Licensing, Prudential Capital Adequacy & Conduct of Business Rules. Key statutory authorisation classes include: Category 1 / Principal Broker-Dealer (Full-Scope Securities & Derivatives Dealer (Market Maker / Principal) — min. capital: USD $150,000 – $500,000 equivalent minimum paid-up capital); Category 2 / Agency Broker & Asset Manager (Securities Brokerage (Agency / STP) & Discretionary Portfolio Management Licence — min. capital: USD $75,000 – $150,000 equivalent minimum paid-up capital). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does CVM provide statutory investor compensation and mandatory client asset segregation?
Under CVM's framework, investor protection is governed by National Investor Protection / Compensation Scheme (Brazil) with maximum coverage of Subject to statutory national investor protection fund limits and segregated trust priority (Retail clients of licensed securities and investment brokerage firms.). For client money and custody assets, supervised firms must comply with CVM Client Money & Safe Custody Segregation Rules, performing daily reconciliation of segregated client trust bank accounts against client trading ledger balances. with client funds and securities must be held in bankruptcy-remote statutory trust accounts at licensed commercial banks or central securities depositories..
How does CVM regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
CVM's digital-asset regime is structured around CVM Digital Asset / Tokenized Securities & VASP Regulatory Framework (Regulates security tokens, crypto derivatives, and licensed digital asset intermediaries in Brazil.). Custody and AML/CFT compliance obligations require: FATF Recommendation 16 Travel Rule enforcement and institutional qualified custody standards.
How can I verify an institution's CVM licence number and check our 0 recorded licence entries?
Our database currently tracks 0 licence records referencing CVM (0 marked regulated or registered). To verify a counterparty at the primary source, open CVM's official public register (https://sistemas.cvm.gov.br/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
Research and compliance analysis from Instrument Ledger relevant to CVM and Brazil.
Contract Specifications
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Derivatives Mechanics
Perpetual Swaps vs. Dated Quarterly Futures: Reconciling 8-Hour Funding Clamps with Cost-of-Carry Basis Convergence
Deriving the exact arbitrage boundary between continuous 8-hour perpetual funding transfers and discrete quarterly futures expiration convergence.
Statutory licensing classes, base capital rules, and investor protection summaries for CVM (Brazil) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on CVM’s official public register.