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CVM holds the brokerage firm and its directors responsible for alleged deficiencies in the adoption and implementation of internal controls

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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 10/26/2021, the sanctioning administrative proceeding ( PAS) CVM SEI 19957.011963/2017-41 (SP2018/420) .

The process was initiated by the Superintendence of Market Relations and Intermediaries (SMI) to determine the responsibility of Uniletra Corretora de Cambio, Bonds and Securities (CCTVM) SA, Osman Mendes de Magalhães and Wender Cunha de Paula for alleged irregularities in the adoption and implementation of internal procedures and controls (infringement of art. 3, caput, II; and art. 4, § 5, II and III, all of CVM Instruction 505).

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

    • Condemnation of Uniletra CCTVM SA and Osman Mendes de Magalhães (as director of norms of the brokerage firm) to the warning for breach of art. 4, § 5, III, of CVM Instruction 505.
    • Acquittal of Uniletra CCTVM SA and Wender de Paula (as director of internal controls of the brokerage firm) of the accusation of infringement of art. 3rd, caput, II; and to art. 4, § 5, II, of CVM Instruction 505.

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

*Director Flávia Perlingeiro did not participate in the judgment of the case.

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Regulator Information

Abbreviation: CVM
Jurisdiction: Brazil

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