Lula Names Otto Lobo to Lead Brazil's Securities Regulator

Overview

• The Presidency published decrees on Thursday confirming Otto Lobo as president of the Comissão de Valores Mobiliários and naming Igor Muniz to the board, completing four of five seats on the regulator.
• Lobo has pledged a mutirão, or task force, to speed judgment of a backlog of cases this year and said roughly 350 processes tied to the Banco Master situation may still be formalized for decision.
• Finance Minister Dario Durigan met with Lobo before the formalization and told the CVM leadership to 'redouble care,' saying complaints about recent decisions will be investigated with rigor.
• The CVM created a working group in February to review links between the Master conglomerate and Reag after Federal Police probes, and Lobo faces scrutiny over a prior Ambipar ruling critics say favored Master.
• Lobo also announced a public debate on tokenization within 100 days as part of a modernization agenda, a step that could change market infrastructure and investor protections if new rules follow.