Glossary · Brazil
CVM (Comissão de Valores Mobiliários)
Definition
Brazil's securities and capital markets regulator, equivalent to the SEC or similar bodies elsewhere in the region. It oversees public offerings and licensed intermediaries but does not regulate private share transfers directly.
Why it matters for a secondary
Because the CVM doesn't govern private transfers, a Brazilian secondary sale is negotiated privately under the company's own bylaws and shareholders' agreement — the CVM only enters the picture through its crowdfunding rules.
Frequently asked questions
Does this term apply the same way everywhere in Latin America?
No. Each country in this glossary has its own regulator, corporate forms, and tax rules — this term is specific to the country tagged above. Check the linked country page for the fuller picture.
Is this legal or tax advice?
No. This is orientation for investors and allocators, not legal or tax advice. Confirm current rules with a licensed adviser in the relevant country before acting on anything here.