The Securities and Exchange Commission sent this Wednesday (27) to the Ministry of Finance its proposal for an Emergency Plan for Restructuring Inspection Activity, a 40-page document that details 22 measures to recompose personnel, modernize systems and reduce a backlog of more than 1,000 administrative processes.
The material, approved by the authority’s Board in a meeting held the day before, will serve as input for the statement that the Union must present to the Federal Supreme Court. The plan was required by the STF after minister Flávio Dino found that the authority operates under what he called “institutional atrophy and budgetary suffocation”.
The backdrop is a chronic imbalance: between 2022 and 2024, the CVM collected around R$2.4 billion in inspection fees, but its budget allocation in the period was approximately R$670 million. The fee collected by the municipality was estimated at R$1.2 billion in 2025, while the CVM budget for 2026 was just R$41 million.
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endorsed by the STF plenary last week and , prohibited the Union from retaining the balance and guaranteed to the CVM the full transfer of the Securities Market Inspection Fee (TFMTVM), minus the 30% of the Untying of Union Revenues (DRU). With this, the municipality would have access to an estimated amount of around R$560 million additional this year.
Inventory reduction
The central goal of the plan is reduce process inventory by 20% by December 31, 2026. In the ten technical superintendences, this priority nucleus totals 1,031 processes with sanctioning potential, with a concentration in the areas of publicly-held companies (457 processes) and securities issuers (201). At the Collegiate, there are around 160 pending cases, 80 of which are of a sanctioning nature. In absolute terms, the plan foresees the resolution of at least 211 processes in the superintendencies and 32 in the Collegiate by the end of the year, distributed in increasing quarterly goals.
Prioritization considers two main criteria: criticality, with a weight of 60%, which includes prescription risk, magnitude of loss to investors and systemic impact, and marginal efficiency, with a weight of 40%, which favors cases at an advanced stage or those subject to a simplified procedure. One of the document’s warnings is the risk of prescription in old SEP and SMD processes, the area responsible for cases of market manipulation and insider trading.
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The 22 measures
The plan organizes actions into four axes. The first, aimed at immediate repressive action, foresees the creation of three task forces and a joint effort of Terms of Commitment for accelerated consideration of 12 pending proposals. To encourage employees to join, the CVM proposes payment of overtime of up to 44 hours per month for those who are not in the Management and Performance Program (PGD), and a bonus linked to additional deliveries for those who adhere. The institution of this bonus depends on federal law or provisional measure.
The second axis takes care of personnel recomposition and technological modernization. The document provides for the appointment of 14 candidates already authorized by Decree No. 12,965/2026, the use of 50 federal inspectors from the reserve register for the 2024 competition, the temporary hiring of 30 civil servants from the Unified National Public Competition (CPNU) for secondary activities, and the creation of 16 commission positions to strengthen the Collegiate’s offices. On the technological side, investments are planned in secure cloud infrastructure and artificial intelligence tools to support the instruction and judgment of processes.
The third axis deals with financial intelligence and cooperation with other bodies, such as the Central Bank, COAF, Federal Revenue and Federal Police. Among the proposals is the search for prerogatives to block websites and payments associated with irregular offers securities, which will require new legislation. The fourth axis covers preventive supervision of the funds industry, focusing on FIDCs and single-quota funds, and the mapping of the so-called regulatory “grey zones”, spaces in which the boundary of competence between the CVM and the Central Bank is not clear.
Caveats
The CVM lists as risks low voluntary adherence to task forces, overload on the Board with the increase in processes forwarded by superintendencies, and delays in technological hiring, the bidding process for which is rarely completed in less than 12 months.
The body warns that, without the creation of the conditions described here by the Union, the goals and schedules will be reviewed and institutional performance must be evaluated in light of what has actually been made possible. The city hall committed to publishing a public monitoring panel with quarterly indicators aimed at the STF, the National Congress and society.
