Regulator profile · BR
CVM — Comissão de Valores Mobiliários
Tracked byBrokerlist Editorial · Independent review teamUpdated
The Comissão de Valores Mobiliários (CVM) is Brazil's capital-markets regulator. It supervises listed-equity trading on B3 (Bovespa), asset management, and futures-and-options markets. Banco Central do Brasil (BACEN) handles foreign-exchange transactions and outbound capital flows separately; retail OTC FX with foreign brokers operates in a legally grey area outside the CVM/B3 framework.
Brokers in Brazil accepting residents under CVM- Jurisdiction
- Federative Republic of Brazil.
- Founded
- 1976
- Mandate
- Established by Law No. 6,385 of 7 December 1976 as the federal securities regulator. CVM supervises broker-dealers (corretoras), distributors (distribuidoras), investment banks, asset managers and securitisation vehicles. CVM Resolution 195 (2021) updated the framework for retail-derivatives marketing and risk-disclosure.
- Consumer protection
- B3's Mecanismo de Ressarcimento de Prejuízos (MRP) compensates investors for broker-default losses up to BRL 120,000 per investor. Bank deposits are covered by Fundo Garantidor de Créditos (FGC) up to BRL 250,000 per depositor per institution. No specific retail-FX compensation scheme for offshore-broker exposure.
- Retail leverage caps
- CVM/B3 listed-derivatives margins are set per-contract; effective leverage varies by product. Retail OTC FX with foreign brokers is restricted under BACEN's Foreign Exchange Regulations (Resolution 4,701/2018 and subsequent updates) — Brazilian retail FX traders using offshore brokers (Exness, AvaTrade, FBS) operate without a clear regulatory licence framework.
- Public register
- CVM publishes lists of regulated participants by category — Corretora de Valores Mobiliários, Distribuidora, Asset Manager, etc. Cross-reference B3 member registry for trade-execution authorisation; BACEN's foreign-exchange brokers list for cross-border FX intermediaries. Open register ↗
- Dispute resolution
- BSM Supervisão de Mercados (B3's self-regulatory body) handles trade-related disputes between clients and B3 member firms. CVM can issue binding orders against regulated intermediaries; the Conselho de Recursos do Sistema Financeiro Nacional (CRSFN) hears appeals on financial-sector enforcement.
- Editor notes
- Brazilian retail traders accessing offshore brokers operate under BACEN's foreign-exchange controls — the Pix instant-payments system, while domestic, has indirectly facilitated USDT-rail funding to international brokers. Major CVM/B3-registered brokerages include XP Investimentos, Rico, Clear (XP Group), Nu Invest and Modal — these focus on listed-equity and B3 futures rather than OTC FX.
Brokers we track with a CVM licence
No brokersNo tracked broker currently holds a CVM licence in our database.