The central bank modified the layout of document 3040. Some fields were changed from mandatory to optional and some fields were discontinued.

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The regulator created a new report (SCR 3044) which captures data from credit operations and new concessions or changes of the outstanding balance. Report submission starts in November 2025.

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The regulator approved new report guidelines adding new codes for different tables.

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Overview: This law establishes provisions for the securities market and creates the Securities Exchange Commission of Brazil (CVM). According to the law, market manipulation and insider trading are crimes against the capital markets. Exchanges are auxiliary regulatory entities responsible for surveillance the market activities and market participants.

Chapter I, article 4:  

• IV – Pertains to protecting securities holders and market investors against:
  • irregular issuance of securities;  
  • illegal acts by managers and controlling shareholders of publicly held companies, or securities portfolio managers;  
  • the use of material information not disclosed to the securities market.
• V – avoiding or preventing fraud or manipulation aimed at creating artificial conditions of demand, supply or price of securities traded on the market;
• VI – ensuring public access to information about the securities traded and the companies that issued them;

Chapter II, article 9:

• § 9. Effective or subsequent repentance, as well as the circumstance of any person who spontaneously confesses to wrongdoing or provides material information, are factors that will be considered in the application of the penalties this Law establishes.

Chapter III, article 18:

• It is incumbent upon the Securities and Exchange Commission of Brazil, CVM:
  • II - define: …b) artificial conditions of demand, supply or price of securities, as well as price manipulation; fraudulent operations and unfair practices in the distribution or intermediation of securities.

Chapter III, article 21-A:

• The Securities and Exchange Commission of Brazil, CVM, may issue rules applicable to the nature of the minimum information and the frequency of its presentation by any person who has access to material information.

Chapter III, article 22:

• VI – the disclosure of resolutions of the stockholder general meeting and of the management bodies of the company, or of material events that occurred in its business, which may influence considerably the decision of market investors to sell or buy securities issued by the company.

Chapter III, article 27:
Market Manipulation

• Article 27-C. Carry out simulated operations or perform other fraudulent manipulation aimed at raising, maintaining or lowering the quotation, price or trading volume of a security, in order to obtain undue advantage or profit, for oneself or for others, or to cause damage to third parties:
• Penalty – detention, from 1 (one) to 8 (eight) years, and a fine of up to 3 (three) times the amount of the illicit advantage obtained as a result of the crime.

Misuse of Privileged Information

• Article 27-D. To use relevant information not yet disclosed to the market, which one may know and which must remain confidential, so as to create undue advantages, for oneself or others, through the negotiation of securities, in one’s behalf or on behalf of others.
• Penalty – detention, from 1 (one) to 5 (five) years, and a fine of up to 3 (three) times the amount of the undue advantage obtained as a result of the crime.
  • § 1. The same penalty applies to those who pass on confidential information relating to a material event to which they have had access due to their position or position in a securities issuer or due to a commercial, professional or trusting relationship with the issuer.
  • § 2. The penalty increases 1/3 (one third) if the agents commit the crime provided for in the header of this article using relevant information of which they have knowledge and which must be kept confidential.