Politics · Brazil · 5 hrs ago
Prosecutor questions CVM decisions and calls for faster crime referrals
At a panel in Brazil, federal prosecutor Andrey Borges de Mendonça said some CVM board decisions do not seem technical.
The CVM is Brazil’s securities regulator, and Borges said he relies mainly on its technical staff when reviewing cases sent to prosecutors.
The discussion covered the Carbono Oculto and Compliance Zero investigations, which involve suspected financial crimes linked to fuel businesses and investment funds.
Prosecutors said slow communication between the CVM and prosecutors can delay criminal investigations.
They said the CVM has sometimes waited until its own investigations were further advanced before sending information about suspected crimes.
CVM supervisor Claudio Maes signaled that referrals may come sooner when the regulator has indications of a crime.
Federal prosecutor Andrey Borges de Mendonça said decisions by the Brazilian Securities and Exchange Commission (CVM) do not always seem technical.
He said he relies mainly on the agency’s technical staff when assessing cases referred to prosecutors.
Borges and prosecutor Marco Antonio Ghannage said delays and poor communication between the CVM and prosecutors can slow financial-crime investigations.
CVM superintendent Claudio Maes said the agency may communicate evidence of crimes to prosecutors earlier.
The comments came during a panel on lessons from investigations involving financial crimes and investment funds.
- Who
- Federal prosecutor Andrey Borges de Mendonça and prosecutor Marco Antonio Ghannage raised concerns. CVM superintendent Claudio Maes signalled a possible change.
- What
- Prosecutors called for earlier and more effective referrals of suspected crimes by the CVM and criticised delays in communication.
- When
- October 23, 2026.
- Where
- At a panel promoted by the Association of Lawyers (AASP); the venue is not stated.
- Why
- Prosecutors said delays in sharing information can postpone the start of criminal proceedings.
This story does not have two clearly opposing sides.
Borges and Ghannage discussed communication delays between the CVM and prosecutors at an AASP panel.
After the panel, Maes signalled that the CVM may send referrals to prosecutors more quickly.
- CVM
- Brazilian Securities and Exchange Commission
- Panel
- Promoted by the Association of Lawyers (AASP)
- Borges
- Federal prosecutor and professor of criminal procedure at the University of São Paulo
- Ghannage
- Prosecutor involved in the Infinity case
- Maes
- CVM superintendent of Institutional Investor Supervision
What people are saying
The CVM’s technical department is what I base my work on; the board’s decisions do not always seem technical.
Funds from Banco Master were being investigated by the CVM much earlier, and there was no communication with the criminal sphere. The Infinity case also had this delay.
If we already have evidence of authorship and materiality of a crime, of a fraud, we already have to send it to the Public Prosecutor’s Office.