Authority and scope
Sections ↑The CVM regulates Brazil’s securities market and maintains public participant records. A customer should match the legal company and current status to the service being offered, while remembering that bank, exchange, self-regulatory and deposit-guarantee checks can serve different purposes.[1][2]
Authority essentials
| Measure | Value | Context |
|---|---|---|
| Participant search | Cadastro Geral da CVM | Search by legal name or identifier and inspect current status.Source 1 |
| Authorisation meaning | Permission to provide the registered service | It is not a recommendation, investment guarantee or insurance promise.Source 3 |
| Additional verification | B3 participation and qualification can be checked separately | Exchange qualification does not replace CVM registration.Source 3 |
Registers and permission checks
Sections ↑Broker verification
| Check | What to establish |
|---|---|
| Legal identity | Match corporate name and CNPJ to the agreement and payment instructions.Source 1 |
| Participant category | Confirm the company is registered for the relevant intermediary activity.Source 1Source 2 |
| Current status | Look for suspension, cancellation or other limitations before relying on a historical record.Source 1 |
| Conduct history | Use official process and enforcement information as context, not as a substitute for current registration.Source 3 |
Check the exact legal entity, permissions, current status and scope in the official record. A brand connection in our coverage does not establish authorisation.
Rules for firms and products
Sections ↑What registration does and does not show
| Area | Interpretation |
|---|---|
| Brokerage service | CVM registration supports the named intermediary role.Source 1 |
| Exchange execution | B3 rules, market infrastructure and participant qualifications remain separate.Source 3 |
| Product protection | Deposit guarantees, fund structures, custody and derivatives risk depend on the actual product.Source 3 |
| Advice or assessor | Verify the relevant professional or firm and its current relationship.Source 2 |
CVM’s 2024 CFD/forex alert is a material boundary for Brazilian broker coverage. At the time of that alert, CVM said no CFD offer, including forex, was registered with it and no CVM-authorised broker operated in that market. It treated offers made in Brazil, including online offers from foreign institutions, as irregular. This is a dated authority statement; an overseas licence must not be presented as Brazilian offering permission.[5]
Client assets and protections
Sections ↑The same CVM alert distinguishes offshore OTC CFDs from regulated exchange transactions and says those CFD transactions do not receive the protections available to regular Brazilian securities trading, including MRP. Consequently, a CVM registration for a domestic securities intermediary cannot be used to imply MRP coverage for a separate offshore CFD account.[5]
Complaints and redress
Sections ↑Investor routes
| Stage | Practical action |
|---|---|
| Firm first | Use the intermediary’s complaint route with account, transaction and payment evidence.Source 4 |
| CVM enquiry or report | Use current CVM channels for matters within its statutory remit.Source 4 |
| Registration check | Preserve the dated participant result separately from the complaint.Source 1 |
Compensation and firm failure
Sections ↑The Mecanismo de Ressarcimento de Prejuízos is maintained by B3 and administered by BSM, which receives and analyses reimbursement requests. It addresses specified losses caused by an intermediary’s action or omission; it is not a general investment-performance guarantee. CVM’s investor FAQ gives an 18-month period from the incident for requesting reimbursement, subject to the mechanism’s scope and procedure.[6][7]
Different routes for different losses
| Subject | What it means |
|---|---|
| Conduct report | Use CVM’s channels to identify potential breaches within its remit. A report is not itself a damages award.Source 4 |
| Qualifying intermediary loss | Check BSM’s MRP eligibility and claim requirements, and preserve the incident date and supporting records.Source 7Source 6 |
| Fund investment | CVM’s FAQ says MRP applies to fund units only where those units are traded on the exchange.Source 6 |
| Offshore OTC CFD | Do not apply the exchange-market MRP framework to the market described in CVM’s CFD warning.Source 5 |
Official contacts and resources
Sections ↑Official routes
Scope Official participant and registration query.
Scope Current enquiries, complaints and support routes.
CVM investor alert: CFDs and forex
- Responsible body
- Comissão de Valores Mobiliários
- Scope
- The 2024 official alert describes unregistered CFD/forex offers in Brazil and lack of MRP protection for that offshore OTC market.
- Resource availability
- Available
- Checked
- Source 5
CVM guidance when an intermediary causes a loss
- Responsible body
- Comissão de Valores Mobiliários
- Scope
- MRP for qualifying intermediary losses; 18-month submission period described.
- Resource availability
- Available
- Checked
- Source 6
BSM loss-reimbursement mechanism
- Responsible body
- BSM Supervisão de Mercados
- Scope
- B3-maintained mechanism administered by BSM; requests and reimbursement proceedings.
- Resource availability
- Available
- Checked
- Source 7
Resource availability describes the documented route. It does not establish eligibility, authorisation or compensation coverage.
Report misconduct, scams or a clone
Sections ↑This profile has not yet established the applicable procedure, receiving body and eligibility for this task. Consult the authority’s official resources and check your firm, product and circumstances before acting.
Sources & further reading
- CVM participant-registration search Comissão de Valores Mobiliários · Accessed 15 Oct 2026
- CVM frequently asked questions and regulated-participant checks Comissão de Valores Mobiliários · Accessed 15 Oct 2026
- Official guidance on choosing a broker or market participant Comissão de Valores Mobiliários · Accessed 15 Oct 2026
- CVM service and contact channels Comissão de Valores Mobiliários · Accessed 15 Oct 2026
- CVM investor alert: CFDs and forex Comissão de Valores Mobiliários · Accessed 15 Oct 2026
- CVM guidance when an intermediary causes a loss Comissão de Valores Mobiliários · Accessed 15 Oct 2026
- BSM loss-reimbursement mechanism BSM Supervisão de Mercados · Accessed 15 Oct 2026
A documented resource is not a finding of eligibility or compensation coverage. Consult the named body and current official terms for your firm, product and circumstances.
Report an error or submit an update
Covered broker profiles
Profiles connected to this authority in our coverage. This is not a complete official register or a list of approved brokers; see each entity’s dated status.
BTG Pactual Investimentos
BTG combines Brazilian securities investing, four advice tiers and separate US investment and banking accounts. This profile explains entity boundaries, Invest Flex borrowing costs, order controls, funding, Necton continuity and complaint routes.
- Operating status
- Active
- Headquarters
- Rio de Janeiro, Brazil (Banco BTG Pactual registered office); São Paulo operations
- Sources checked
- 29 Oct 2026
Nubank Investimentos
Nubank’s app combines commission-free self-service securities orders with separate brokerage, payment-account and fund relationships. Compare assisted-desk charges, portability timing, NuInvest’s legal role and the phased Nu Smart Invest portfolio tool.
- Operating status
- Active
- Headquarters
- São Paulo, Brazil
- Sources checked
- 29 Oct 2026
XP Investimentos
A detailed reference to XP’s Brazilian securities account, self-directed and adviser-supported pricing, B3 products, international stocks and UCITS funds, foreign-exchange charges, transfers, forced liquidation and asset-specific protection.
- Operating status
- Active
- Headquarters
- São Paulo, Brazil
- Sources checked
- 15 Oct 2026