Regulatory Alerts2026-06-09
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The Brazilian Securities and Exchange Commission (CVM) suspended the sanctioning proceeding against IRB Brasil Resseguros executives Fernando Passos and José Carlos Cardoso following a request for review by Commissioner João Accioly. The suspended vote by Substitute Commissioner Luís Felipe Lobianco recommended condemning Fernando Passos to fines totaling over R$ 40 million and a 15-year ban for false market disclosure, unauthorized payments, and deliberate violation of share repurchase limits, while absolving him of selective disclosure charges and absolving José Carlos Cardoso of the unauthorized payment allegations. The CVM resumed the judgment on June 9, 2026, after initially suspending the session on December 29, 2025, when the original rapporteur had voted for acquittal.