Carioca, the 58-year-old lawyer had been heading the municipality on an interim basis for 6 months after the president resigned
by the president (PT) to preside over the (Securities Commission) on Wednesday (7.Jan.2026), Otto Eduardo Fonseca de Albuquerque Lobo, 58 years old, is a lawyer and has a doctorate from the (University of São Paulo). His is in the area of Corporate Law.
Carioca, he graduated in Law from the (Pontifical Catholic University of Rio de Janeiro), has a master’s degree in Comparative Law from the University of Miami and has a postgraduate degree in Oil and Gas from the (Federal University of Rio de Janeiro). He was a founding partner of the law firm Lobo & Martin and principal advisor (National Financial System Appeals Council) from 2015 to 2018. The council is responsible for analyzing, ultimately, appeals against punishments applied by the (Central Bank) and the CVM.
In January 2022, Otto Lobo assumed the position of director of the CVM, appointed by the then president (PL), following his appointment by the plenary in November 2021.
The favorable opinion for Lobo’s appointment was presented to the Senate’s (Economic Affairs Committee) by the rapporteur (PP-PI), who highlighted the CV and competence of the nominee for the role. Read Nogueira’s opinion (PDF – 114 KB).
CONTROVERSIES
At the request of the then president of the CVM João Pedro Nascimento in July 2025, after 3 years at the head of the authority, Lobo assumed the functions of the presidency on an interim basis, as he was the oldest director.
After 10 days in office, Lobo provoked controversy by accepting an appeal from the waste management company, deciding against a CVM opinion.
According to the technical area of the authority, the company’s controller, Tércio Borlenghi Júnior, together with investor Nelson Tanure and Banco Master, had worked together to acquire more than 1/3 of Ambipar’s shares in circulation on the market, increasing its price.
With his decision, accompanied by director João Accioly, Lobo to acquire shares by minority shareholders, after Borlenghi Júnior had increased his stake in Ambipar. Read the full text of Lobo (PDF – 251 KB) and the collegiate meeting (PDF – 243 KB).
Nascimento, former president of the municipality, had given a favorable opinion to the determination of the technical area, as had director Marina Copola, appointed to the position by the minister (PT). But Lobo declared that he voted as director and also as president, who has the right to a casting vote.
Linked to , the CVM is the Brazilian government agency responsible for regulating, standardizing, supervising and developing the securities market in Brazil, such as shares, debentures and investment funds. Its activities aim to guarantee transparency, protect investors and ensure the proper functioning of the capital market.
Over the 6 months that Lobo served as interim president, the commission dealt with thorny cases. In addition to Ambipar, during this period, .
There were also developments in , which identified tentacles of the criminal faction PCC (Primeiro Comando da Capital) in financial market institutions.
