SECURITIES AND EXCHANGE COMMISSION
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Circular Letter No. 4/2026/CVM/SMI

Rio de Janeiro, 27 October 2026.

To
Responsible Directors of Intermediaries (Brokerages, Distributors, Investment Banks and Multiple-Service Banks with an Investment Portfolio); Responsible Directors of Securities Custodians, Securities Registrars, Central Securities Depositories and Commodity Brokerages; General Directors of Organized Market Managing Entities; and Interested parties in requesting authorization to carry out these activities

Subject: Entry into production of the Intermediaries Management System for all participants supervised by SMI.

Dear Sirs,

1. In addition to Circular Letter No. 1/2026/CVM/SMI, of 20 January 2026, the Superintendence of Market and Intermediaries Relations – SMI informs that, on 23 October 2026, the Intermediaries Management System entered into production, to be used by all participants supervised by SMI:

a) intermediaries (brokerages, distributors, investment banks and multiple-service banks with an investment portfolio), governed by CVM Resolution 35;

b) securities custodians, governed by CVM Resolution 32;

c) securities registrars, governed by CVM Resolution 33;

d) central securities depositories, governed by CVM Resolution 31; and

e) commodity brokerages, governed by CVM Resolution 36.

2. As of this date, these participants must use the new system to inform the CVM of changes to their registration data required by CVM Resolution 234. The system must also be used to:

• annually update the amount of shareholders' equity, which serves as the basis for calculating the fees provided for in Law No. 7.940/1989;

• submit the Electronic Declaration of Compliance – DEC (art. 2, II, of CVM Resolution 234); and

• request the cancellation of authorization.

  3. Access continues to be made through the CVMWeb system (sistemas.cvm.gov.br), with login via the Gov.br account. After accessing CVMWeb, the user must select the option “Registration update of participants” and then “Intermediaries Management System”. In the “Participant Management” option, the user finds the functions for registration request, registration update, shareholders' equity update, submission of the DEC and cancellation request.

  4. The user with master access to the system is the director responsible for the rule governing the institution's activity. This director may delegate to the institution's employees the permission to make registration updates. It is important to emphasize that, with the change of system, delegations made in the previous system must be redone.

  5. SMI has published on the CVM page an updated version of the guidance manual on the system (“Guide for requesting authorization and registration update of intermediaries and other institutions supervised by SMI”), available at https://www.gov.br/cvm/pt-br/assuntos/regulados/consultas-por-participante/corretoras-e-distribuidoras. We recommend reading the manual.

  6. Requests for authorization to carry out the activities mentioned in item 1 must also be made through the new system, via the “Request registration” option. The request must include the documentation required by the rule applicable to each activity.

  7. Questions on the subject addressed herein should be sent to the following areas:

• registration updates, shareholders' equity and submission of the DEC of any of the above participants: Intermediaries Supervision Management 2 – GSUI-2 (gsui-2@cvm.gov.br);

• requests for authorization or cancellation of intermediaries, custodians, registrars and commodity brokerages: Intermediaries Supervision Division – DSUI (dsui@cvm.gov.br);

• requests for authorization or cancellation of organized market administrators and central depositories: Infrastructure and Organized Markets Management – GIMOR (gimor@cvm.gov.br);

• difficulties in accessing CVMWeb or in delegating tasks: CVM systems support, whose contacts are at http://www.cvm.gov.br/menu/atendimento/sistemas.html.

  8. Finally, it should be noted that registration updates of investment advisors continue to be made, in the form provided for in CVM Resolutions 178 and 234, with Ancord, a self-regulatory entity authorized by the CVM.

Sincerely,

Document electronically signed by Egmon Henrique de Oliveira Costa, Superintendent, on 27/10/2026, at 03:36, based on art. 6 of Decree No. 8.539, of 8 October 2015.

The authenticity of the document can be verified on the website https://sei.cvm.gov.br/conferir_autenticidade, by entering the verification code 2870648 and the CRC code 596478F8. This document's authenticity can be verified by accessinghttps://sei.cvm.gov.br/conferir_autenticidade, and typing the "Código Verificador" 2870648 and the "Código CRC" 596478F8.

Reference: Case No. 19957.017047/2026-89
SEI Document No. 2870648