Valor Internacional spoke with our partner Francisco da Costa e Silva in a report on the succession of the presidency of the Brazilian Securities and Exchange Commission (CVM). According to the newspaper, João Pedro Nascimento’s resignation has sparked debate in the market about the real motivation for his sudden departure and generated anticipation for the choice of his replacement in Brasília.

For Costa, the main challenge facing the next president is budgetary constraints. The newspaper reports that in 2024, the CVM collected R$ 1.1 billion, but only R$ 296 million was allocated to finance regulatory activities—the rest went to the federal government’s single treasury.

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