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CVM starts process of admission of participants to the regulatory sandbox


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Municipality discloses rules and schedule

The Securities and Exchange Commission (CVM) announces the start of the process of admitting participants to the regulatory sandbox, as regulated by CVM Instruction 626 and for CVM / PTE Ordinance 75/20.

In this first admission process, the CVM will select up to 7 participants for the regulatory sandbox and, depending on the proposals received, may exceptionally increase the number of participants, according to art. 3, § 2, of CVM Instruction 626.

Entities interested in participating must complete the electronic registration form (link to external website), which brings together all the content required in the regulations for participation proposals. The responses and documents submitted through the form will be used by the Sandbox Committee to assess whether the proposers are eligible and whether the proposals are considered eligible for participation. To know all the content required by the electronic registration form, access the PDF version.

See the eligibility criteria applicable to the admission process.

If the vacancies available are not sufficient to receive all proposals considered suitable for admission to the regulatory sandbox, CVM will use selection and prioritization criteria of proposers.


From 11/16/2020 to 1/15/2021: deadline for submitting participation proposals using the electronic registration form.

From 1/18/2021 to 4/30/2021: deadline for analyzing proposals and editing a normative act that will formalize the admission of participants, detailing, for each selected:

  • the name of the admitted company or entity;
  • authorized activity and regulatory waivers granted;
  • the conditions, limits and safeguards associated with the exercise of the authorized activity; and
  • the start date and duration of the temporary authorization.

3/5/2021: Estimated start date for participation in the regulatory sandbox.

The publication of this press release does not generate the right or expectation of right to any of the participants, proponents or others interested in the sandbox, and the CVM may suspend it at any time before the granting of temporary authorizations.

Doubts and frequently asked questions

The list of frequently asked questions can be accessed through the CVM’s regulatory sandbox page. If the applicant has doubts that are not included in the frequently asked questions, he may contact the CVM Sandbox Committee through the electronic address [email protected].

The steps in the process of admitting participants are shown in the diagram below.


Participants admitted to the CVM’s regulatory sandbox will be subject to monitoring rules by the Sandbox Committee, pursuant to art. 13 of CVM Instruction 626, as well as supervision by the technical areas of the Autarchy. Participants must also observe the communication duties established by arts. 14 and 15 of CVM Instruction 626.

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Regulator Information

Abbreviation: CVM
Jurisdiction: Brazil

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