By Brazil Stock Guide – Brazil’s securities regulator unveiled its 2026 Regulatory Agenda on Wednesday, detailing a broad overhaul of rules governing crowdfunding platforms, investment funds and digital-market infrastructures.
The plan, disclosed in a report by Broadcast and supported by a CVM statement, outlines priority updates to Resolutions 88 and 175, which regulate public offerings through investment crowdfunding platforms and the country’s consolidated investment-fund framework.
CVM aims to replace Resolution 88 with a redesigned rule for investment crowdfunding, adjusting standards for small-cap issuers and electronic participatory investment platforms. The regulator also plans revisions to the main annexes of Resolution 175, affecting private equity funds (FIPs), fixed-income funds (FIFs) and real-estate funds (FIIs).
Interim CVM Chair Otto Lobo said the agency is entering a new modernization cycle. “The 2026 Regulatory Agenda reflects the CVM’s permanent commitment to modernizing Brazil’s capital markets and our maturity to address challenging issues,” he said.
The agenda also prioritizes the so-called Project 135 Light, which will update Resolutions 135 and 31 to refine the regulatory structure for smaller markets and tokenized assets.
Consultations Ahead
CVM will open consultations on suitability rules for retail investors, a new definition of qualified investors and measures informed by regulatory-impact assessments from 2021 and 2025.
The regulator also plans consultations on financial influencers and updates to analyst regulations, as well as alternative penalties for late disclosures under Resolution 47. Further topics include adoption of the Brazilian Sustainable Taxonomy, carbon-market rules under Law 15.042/24 and improved reporting requirements for non-resident investors.
Additional priorities involve intermediary partnerships with foreign institutions (Resolution 35), revisions to structured-note rules (Resolution 8) and requirements for credit-backed securities such as CRIs and CRAs, including data submission to the SCR credit system (Resolution 60).
CVM will also advance rules for actively managed ETFs under Annex V of Resolution 175 and refine parameters for FIDCs exposed to companies in judicial recovery or to non-standard credit rights.
Regulatory-Impact Studies
Five regulatory-impact studies will support the agenda. One is a full review of the rules for public offerings under Resolutions 160 and 161, closing the 2023–2026 Regulatory Assessment cycle. Another focuses on the role of supervised participants involved in analysis, distribution and advisory functions in the securities market.
Other ongoing studies include Open Finance investment portability, pre-trade transparency in the debt market, continued evaluation of structured notes and the governance-reporting framework.
In summarizing the effort, CVM said: “By prioritizing essential topics, such as adjustments to Resolution 175, updated crowdfunding rules and improvements in the disclosure of material facts and market communications, we aim to ensure a more robust and internationally aligned regulatory environment.”
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