ATA DA REUNIÃO DO COLEGIADO Nº 37 DE 14.10.2025

The CVM's ordinary board meeting minutes (No. 37, 14 Oct 2025) record a procedural redistribution of Administrative Sanctioning Proceeding (PAS) Reg. 3373/25 to Interim President Otto Lobo. The move follows a connection with PAS 19957.000819/2025-62 (Reg. 3365/25), raised by CVM's Audit Standards Management (GNA) under CVM Resolution 45/2021. No new rules, guidance, or compliance obligations are introduced.

For compliance teams, this is an informational update: it signals continued CVM enforcement activity and case management, particularly where audit-related issues intersect with sanctioning proceedings. Firms involved in related PAS matters should monitor for further CVM disclosures, as procedural decisions may affect case timelines and outcomes. No immediate action is required for the broader market.

However, regulated entities should maintain robust audit and internal control frameworks, as CVM's GNA remains active in identifying connections across cases. Asset managers, issuers, and audit firms with exposure to the referenced proceedings should review their legal and compliance posture, and consult counsel if they are party to or affected by these cases. RegCanary will track any subsequent decisions, especially the withheld decision on Proc.

19957.021115/2024-42 (Reg. 3398/25), which may carry separate significance. Overall impact: Informational; urgency: Low.