The CAE (Economic Affairs Committee) of the Senate approved the nominations of Otto Lobo and Igor Muniz for the presidency and board of directors of the CVM (Securities Commission), respectively. Now, the messages will be submitted to the Plenary for analysis.
Otto Lobo temporarily assumed the presidency of the municipality in 2025, when then president João Pedro Nascimento resigned from the position in July. He joined the CVM in 2022, when he was appointed by former president Jair Bolsonaro (PL) to occupy the board of directors.
During his interim term as president, the CVM decided that Ambipar would not have to carry out an OPA (Public Acquisition Offer) due to an increase in the controlling interest in relation to the shares issued by the company. The collegiate’s final position contradicted the technical area and generated controversy in the financial market.
Regarding the Ambipar case, Otto Lobo told senators that the technical opinions made no sense. He also declared that he will not give in to external pressure in difficult cases, if his name is approved by the House.
“If my name is confirmed, I have to act within the technique and I cannot bend to pressure from the newspaper”, he said.
During its management, the municipality also had to deal with the developments of Operation Hidden Carbon, which identified fraud in the financial system.
President Luiz Inácio Lula da Silva (PT)’s nominee for president of the CVM is a lawyer, with a doctorate in law from USP (University of São Paulo). In his doctoral thesis, Otto Lobo addressed the distribution of dividends and the protection regime for minority shareholders, creditors and other stakeholders.
Lobo also served as a senior advisor to the CRSFN (National Financial System Resources Council) between 2015 and 2018.
The CVM is an autonomous entity under a special regime, linked to the Ministry of Finance. Currently, there are two directors in office at the municipality: João Accioly and Marina Paula Copola.
