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CVM condemns those accused of unfair practice and irregular performance in the capital market

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This post was translated by Regulatory.News for informational purposes only; the content below is not an official translation from the regulator. See the content in its original language here.

The Brazilian Securities and Exchange Commission (CVM) judged, on 12/14/2021, the following sanctioning administrative proceedings:

1. PAS CVM SEI 19957.010505/2018-49 (RJ2018/7872): Alexandre Silveira Dias, Arnaldo Curiati, Cláudio Chonchol Bahbout, José Seripieri Filho, Nilton Molina, Raul Rosenthal Ladeira de Matos and Wilson Olivieri (managers of Qualicorp Consultoria e Corretora de Insurance SA)

2. PAS CVM SEI 19957.002472/2021-69 (RJ2021/01580): Messias Auditing and Consulting S/S and Ivanildo Alves Messias

3. PAS CVM SEI 19957.001512/2020-74 (RJ2020/01207): Milenko Schiavetti Basilio Kovacevic

Know the cases

1. PAS CVM SEI 19957.010505/2018-49 (RJ2018/7872) was instituted by the Superintendence of Relations with Companies (SEP) to investigate alleged irregularities related to the approval and execution of a non-compete contract involving, on the one hand, Qualicorp Consultoria e Corretora de Seguros SA and, on the other, José Seripieri Filho, shareholder founder and administrator of the company at the time of the facts, under allegedly unfair conditions and in an amount greater than the limit approved at the shareholders’ meeting (infringement of articles 154, caput, 152, caput, c/c articles 154, caput, and 156, §1 of Law 6.404).

After analyzing the case and following the vote of the Reporting Director Flávia Perlingeiro, the CVM Board unanimously decided:

    • to absolve Alexandre Silveira Dias, Arnaldo Curiati, Cláudio Chonchol Bahbout, Nilton Molina, Raul Rosenthal Ladeira de Matos and Wilson Olivieri (Qualicorp’s board of directors at the time of the facts) of the accusations of:

a) alleged execution of the Agreement under unfair conditions (infringement of art. 154, caput, of Law 6.404).

b) alleged approval of payment of a financial benefit greater than the overall amount of remuneration of the administrators approved at the annual general meeting (infringement of art. 152, caput, c/c 154, caput, of Law 6,404).

    • to absolve José Seripieri Filho (Chairman and Board member of Qualicorp at the time of the facts) from the accusation of allegedly entering into the Agreement under unfair conditions (infringement of article 156, paragraph 1, of Law 6.404).

The President of CVM, Marcelo Barbosa, followed the vote of the Reporting Director, but presented a vote to expose additional considerations in negotiations involving contracts with related parties.

Director Alexandre Rangel agreed with the conclusions of the Reporting Director’s vote, but differed in some points from the grounds used to propose the acquittal of the accused.

See more: Report and vote of the Reporting Director Flávia Perlingeiro; and the expressions of vote of the Director Alexandre Rangel and the President of CVM, Marcelo Barbosa .

2. The PAS CVM SEI 19957.002472/2021-69 (RJ2021/01580) was established by the Superintendence of Accounting and Auditing Standards (SNC) to determine the responsibility of Messias Auditing and Consulting S/S and Ivanildo Alves Messias for allegedly acting in the securities market as independent auditor and technically responsible for the independent auditor without proper registration at CVM (infringement of articles 1 and 35, I, both of CVM Instruction 308 – standard in force at the time of the facts).

After analyzing the case and following the vote of the Reporting Director Alexandre Rangel, the CVM Board unanimously decided to condemn:

    • Messias Audit and Consultancy S/S to the fine of R$ 90,000.00 for the accusation made.
    • Ivanildo Alves Messias to the fine of R$ 45,000.00 for the accusation made.

See more: Report and vote of the Reporting Director Alexandre Rangel.

3. PAS CVM SEI 19957.001512/2020-74 (RJ2020/01207) was instituted by the Superintendence of Market Relations and Intermediaries (SMI) to determine the responsibility of Milenko Schiavetti Basilio Kovacevic for an alleged unfair practice in the securities market in transactions carried out at B3 in the period from 12/11/2017 to 7/31 /2018 (infringement of item I of CVM Instruction 08, pursuant to item “d” of item II of said standard).

After analyzing the case and following the vote of the Reporting Director Alexandre Rangel, the CVM Board unanimously decided to sentence Milenko Schiavetti Basilio Kovacevic to a fine of R$ 227,415.12 (equivalent to two and a half times the value of the wrongfully obtained economic advantage with irregular operations, corrected by the IPCA/IBGE).

See more: Report and vote of the Reporting Director Alexandre Rangel.

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Regulator Information

Abbreviation: CVM
Jurisdiction: Brazil

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