Our partner Francisco da Costa e Silva spoke to the newspaper O Globo in a report addressing the fact that the Brazilian Securities and Exchange Commission (CVM) has been without a permanent chair for nine months and has had an incomplete board of directors for over a year – with two appointments to bolster the body pending since the start of the year.
The article reports that figures show the regulator has reduced the frequency of penalties for irregularities, whilst the number of investigations continues to rise. This year, no case with the potential for sanctions has been adjudicated.
For Costa, who served as chairman of the authority between 1995 and 2000, the situation reflects a lack of care regarding a body that oversees a market worth R$18 trillion. He says he cannot recall a similar situation in the last three decades.