REGULATION
Growing capital markets strain Brazil’s securities regulator
Brazil’s CVM is like the US SEC, but with even more responsibilities. Photo: T. Schneider/Shutterstock
Brazil’s securities market has expanded at breakneck speed, nearly tripling in size in less than a decade. The total volume of assets under the authority of the Brazilian Securities Commission (CVM) grew from BRL 14.5 trillion (USD 265 billion) in 2016 to BRL 42.5 trillion in 2025.
That figure includes a broad range of instruments, from equities and corporate bonds to derivatives and investment funds. The boom has also…
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