CVM Amends Voluntary Adoption Regime for CBPS and ISSB Sustainability Reporting Standards

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REGULATION

Changes aim to provide greater flexibility to the voluntary adoption regime of CBPS and ISSB standards, safeguarding the decision-making efficiency of market participants

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Published on

29/05/2026 17h34

Updated on

29/05/2026 20h32

The Brazilian Securities and Exchange Commission (CVM) issues today, 05/29/2026, CVM Resolution 244, which reforms CVM Resolution 193.

The changes aim to improve the voluntary adoption model, preserving the transparency and comparability brought by the need to observe accounting standards, but restoring the necessary respect for entities' freedom to estimate the expected costs and benefits of their decisions on how to use investors' resources.

Check out the changes

The main change is the removal of the mandatory requirement that the original version of the rule imposed on publicly traded companies, after a period of voluntary adoption. With this, the regime approaches that which the previous wording already provided for investment funds and securitization companies, as for such entities there was no provision for forced adoption of sustainability information reporting under accounting standards.

The international accounting standard is maintained: companies that choose to publish sustainability financial information may only do so if they observe CBPS and ISSB standards, thereby preserving the reliability and increasing the comparability of these publications. On the other hand, companies that understand that this adoption is not suitable for their business will not have such an obligation, only needing to publish their option through a market announcement, in a "comply or explain" model.

Also abolished is the rule by which voluntary reporting by any entity, in one fiscal year, imposed the obligation to report forever, which discouraged experimental voluntary adoption. In its place comes the condition of having to report sustainability information for at least three consecutive fiscal years and the duty to communicate the eventual option to interrupt voluntary reporting in the fiscal year prior to the interruption.

Learn more

Access CVM Resolution 244.

Category

Regulation and Supervision