AGU Appeals STF Order on CVM Supervisory Fee as Justices Begin Virtual Review

Overview

• AGU, which filed its appeal on Thursday, asked the court to reconsider the May 5 order or delay its effects to 2027 and sought more time to deliver the emergency and complementary plans required.
• Minister Flávio Dino’s injunction directs 70% of the CVM supervisory fee to the regulator and limits Treasury withholdings to a single deduction, in a bid to reverse what he called institutional atrophy caused by past retention.
• The case entered the STF’s virtual plenary on Friday for a one‑week vote that can confirm, change, or suspend the injunction.
• Before the order, the Treasury kept about 70% of the fee while the CVM received roughly 30% from a levy that raised about R$1.2 billion in 2025, and the government warns that immediate reallocation would strain other budgeted programs.
• AGU argues the ruling reaches into budget policy and clashes with separation of powers, while the injunction allows only the DRU deduction, a rule that lets the federal government redirect up to 30% of earmarked revenues.