Regulatory Alerts2014-10-25
Added · Updated
CVM Instruction No. 122 of June 6, 1990
The Brazilian Securities and Exchange Commission (CVM) issued this instruction to mandate the identification of ultimate clients in stock exchange operations and to prohibit transactions involving unidentified investors. It establishes administrative penalties, including fines capped at 3,000 National Treasury Bonds, for brokers and administrators who facilitate such infractions. Additionally, stock exchanges are required to interconnect their client registries within four months of publication, facing daily fines for non-compliance.
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