Minister Flávio Dino, of the Federal Supreme Court (STF), approved only part of the restructuring plan for the Securities and Exchange Commission (CVM) presented by the federal government and determined new measures to strengthen the CVM’s operations.
The presentation of the emergency plan was determined by Dino in May, in an action filed by the Novo Party. The party argues that there is no proportionality between the collection and the cost of the CVM’s activity and that the resources obtained from the inspection fee “are being systematically appropriated by the National Treasury”.
In addition to requiring a plan to rebuild the agency’s staff and inspection activities, the May decision also increased the portion of the inspection fee transferred to the CVM.
He pointed to an “unequivocal picture of institutional atrophy and budgetary suffocation” for more than a decade, with impacts on the inspection of fraud and illicit activities. The injunction was unanimously endorsed by the plenary of the Supreme Court.
In an order issued this Friday, the 12th, Dino gave five working days for the Union to present new goals to recover the CVM’s regulatory and supervisory capacity.
He also gave ten working days to reinforce the collegiate and technical areas of the agency and present a detailed schedule for the allocation of analyst employees from the Unified National Public Competition (CPNU).
In a statement to the Supreme Court, the CVM had pointed out differences between the government’s proposal and the needs of the authority. The proposal formulated by the CVM provided for the creation of 16 commission positions, while the Union’s emergency plan provided for only eight.
The minister also determined that the Union adopt an immediate joint effort to eliminate procedural “dams” and provide transparency to the real situation of the collection to be analyzed by the body. He set a deadline of 30 calendar days for compliance with the measure.
Dino also authorized the payment of overtime to employees assigned to task forces and joint efforts until December 2026, regardless of any other administrative authorization. “If the Union understands that the extraordinary journey is unnecessary, it should draw up and publish a motivated act, adding it to the records”, pointed out the minister.
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Dino approved the axes of the Union’s plan that concern technological integration, financial intelligence and preventive supervision, the fund industry and gray areas.
In the order, the minister also reiterated that the decision that determined the allocation of 70% of the proceeds from the collection of the Securities Market Inspection Fee (TFMTVM) to the CVM is “immediately effective from the date of granting of the injunction”, in May.
“The STF’s decision is not a ‘recommendation’ or ‘guidance’ subject to the assessment of Executive Branch authorities, but rather a court order to be fully complied with”, he stressed. On November 30, 2026, the Union must report to the Supreme Court on compliance with the injunction.
