Comissão de Valores Mobiliários (CVM)

The Comissão de Valores Mobiliários (CVM), the Securities and Exchange Commission of Brazil, is a federal agency linked to the Ministry of Finance. It was established by the Law No. 6.385 of 7 December 1976.

The CVM has the following objectives:

• to assure the proper functioning of the exchange and over-the-counter markets;
• to protect all securities holders against fraudulent issues and illegal actions performed by company managers, controlling shareholders, or mutual fund managers;
• to avoid or inhibit any kind of fraud or manipulation which may give rise to artificial price formation in the securities market;
• to assure public access to all relevant information about the securities traded and the companies which have issued them;
• to ensure that all market participants adopt fair trading practices;
• to stimulate the formation of savings and their investment in securities; and
• to promote the expansion and efficiency of the securities market and the capitalization of Brazilian publicly held companies.