Regulatory Alerts2025-11-25
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CVM Deliberation No. 905 of November 25, 2025
The Brazilian Securities and Exchange Commission (CVM) issued this deliberation to address the unauthorized provision of securities analysis services by Santo Trader Treinamento Profissionais Ltda. and Oliver Augusto Moreno Spanghero. The CVM determined that these entities lack the required authorization and ordered the immediate suspension of their service offerings in Brazil. Non-compliance with this order subjects the offenders to a daily fine of R$ 50,000.00 and potential additional sanctions for prior infractions.
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