CVM moves intermediaries to new system and requires access delegations to be recreated

Brazil’s CVM said on 27 October that its intermediary-management system had entered production on 23 October. The migration covers securities brokers, distributors, investment banks and multiple-service banks with investment portfolios, alongside custodians, securities bookkeepers, central depositories and commodity brokers.[1]

The director responsible under the relevant activity’s rules receives master access and can delegate registration updates to staff. Delegations from the previous system must be recreated. Access remains through CVMWeb using Gov.br credentials.[1]

The system handles registration changes, annual net-worth updates used for supervisory-fee calculations, the Electronic Declaration of Conformity (DEC) and cancellation requests. New authorisation applications use its registration-request function. Investment advisers’ registration updates continue through Ancord.[1]

A new filing route for continuing obligations

Resolution 234 already requires covered participants to update registration information within seven working days of the underlying change. For securities intermediaries, annual confirmation that the information remains valid is due by 31 March, beginning in the year after initial registration. Participants whose registration is suspended are excluded from those requirements.[2]

The DEC is therefore a confirmation of the register’s accuracy, distinct from applying for permission to begin an activity. The resolution also says the registered address is used for CVM notices and correspondence and provides for daily fines when the update or confirmation requirements are breached.[2]

The rollout expands an existing system

The January circular had introduced a module for administrators of organised securities markets, covering applications and registration changes. It said the wider system was already used by some participants supervised by other CVM departments.[3]

CVM’s accompanying notice separates support responsibilities: registration, net-worth and DEC queries go to GSUI-2; authorisation and cancellation queries go to DSUI or GIMOR according to the institution type. Login and delegation difficulties belong with systems support.[4]

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