Brazil- CVM Pension Fund Fine R183mn

On Aug. 20, CVM issued fines for poor practices in pension funds.

  • Sanctions regarding deals on behalf of State Water, Sewage Company pension fund by Bovespa Index (IND) futures contracts, Dollar (DOL), 1-Day Interest Rate (DI1).


  • Unfair practices regarding investments to the detriment of pension fund portfolio.


  • Several defendants received fines totally over R $183 mn, two directors impeded.