CVM Discloses Six Inquiries and Eight Sanctioning Cases Into Master and Reag

Overview

• The CVM said six administrative inquiries opened or authorized in 2025 are active, including probes into Ambipar trades in spot and derivatives markets and the issuance of commercial notes bought by funds.
• Eight administrative sanctioning processes are ongoing with opening or accusation dates from 2021 to 2025, with several awaiting judgment by the CVM collegiate.
• A 2022 case on alleged irregularities in investment fund operations involving Banco de Santa Catarina securities is pending a collegiate decision.
• A process examining Reag Investimentos includes a proposed term of commitment from administrator Fabiana Franco that is under analysis.
• The CVM noted four procedures closed with terms of commitment from 2020 to 2024 and said a Risk Management Committee–approved working group is consolidating case information for public reporting.