By Brazil Stock Guide – Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), has approved a broad internal reorganization that expands its structure and creates new senior management positions, as the agency faces growing demands from the country’s expanding capital markets.
The changes were formalized through a resolution published in the federal gazette on Monday (12), following approval at an extraordinary board meeting held on Thursday (8). The overhaul had been authorized by a presidential decree issued on Dec. 22, 2025, and takes effect immediately.
Under the new framework, the CVM creates two superintendencies, six management units and 35 new commissioned positions, in addition to formally establishing an internal ombudsman’s office and a corregedoria, or internal affairs unit. The measures update the agency’s internal bylaws through Resolution CVM 239.
One of the newly created units is the Superintendency for Intelligence Development, which will be responsible for data analytics, information management and data governance. The area will include teams focused on analytical data engineering, intelligence development, information management and data protection governance. It will operate under the umbrella of the agency’s institutional development and modernization division.
The CVM also created a Superintendency for Market Supervision, Derivatives and Systemic Risks, bringing together functions related to market monitoring and macroprudential risk analysis. The reorganization follows the recent hiring of 51 new civil servants through a public exam, a number viewed internally as insufficient to fully match the pace of growth in Brazil’s capital markets.
Initial discussions about linking the intelligence unit directly to the CVM’s presidency were dropped. The idea had raised concerns among staff about potential political pressure. Critics of the final structure argue that the new setup increases the authority of the incoming CVM president, who will be responsible for appointing leadership to the newly created posts.
Lawyer Otto Lobo, nominated to lead the CVM on Wednesday (7), still needs to be confirmed by the Senate after a confirmation hearing expected to take place once lawmakers return from recess in February. Until then, the agency remains under the interim leadership of board member João Accioly, the most senior director by tenure.
The timing of the vote drew internal scrutiny because the extraordinary meeting was convened one day after Lobo’s nomination. Accioly rejected any link between the two events, saying the vote was required before the decree took effect on Monday (12). “The timing of the meeting had nothing to do with the nomination of the president or director, but with the start of the decree’s validity on the 12th. It was issued at a time of year when many employees are on vacation or recess, which reduced the time available to implement it,” Accioly said.
The meeting was also marked by an unusual episode in which senior managers who had initially been invited were later excluded at short notice, fueling unease among staff. Internal discussions continue around the risk of political appointments to the new structures and the broader leadership transition.
Lobo joined the CVM as a director in 2022 and became interim president in mid-2025 after the resignation of João Pedro Nascimento. His mandate expired at the end of 2025, but he was renominated by President Luiz Inácio Lula da Silva. On the same day as Lobo’s nomination, lawyer Igor Muniz was also named for a seat on the CVM board and will likewise face Senate confirmation. Even after both appointments, one board seat will remain vacant.
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