The Senate Master Bank Commission charged, this Tuesday (24), the interim president of the Securities and Exchange Commission (CVM), João Carlos Accioly, for the institution’s alleged failure to supervise Banco Master, accused of billion-dollar fraud in the capital market.
The leader of the MDB in the Senate, Eduardo Braga (AM), stated that this is not the first time that the CVM has been silent, remembering previous fraud scandalsand that “nothing was done”.
“The CVM is not the primary defendant in the transparency case. Just remember what happened in the Lojas Americanas case,” he said.
“We are talking about thousands, I would say, of millions of Brazilians who are being harmed because the money in their pension fund was criminally evaporated. And it cannot be said that the CVM was not negligent.”
The CVM is the responsible federal authority for, among other functions, regulating and supervising the stock and capital markets, in addition to protecting investors from illegal acts or fraud in the financial market.
Linked to the Ministry of Finance, the institution has administrative and budgetary independence and a fixed mandate for its directors.
Senator Eduardo Braga also suggested that the Securities and Exchange Commission (CVM) could be involved in cases that go beyond omission, highlighting that Banco Master had used customers’ money to “fill the holes” in the institution’s budget.
“I’m saying the word and the adjective omission because I want to be politically correct. The name of this, unfortunately, is not omission”, added Eduardo Braga in the context of a speech about a possible conflict of interests.
Transparency
At the CVM since May 2022, interim president João Accioly highlighted that, if there was an omission, it was in the disclosure of what was done to inhibit fraud in the financial market.
“There was an omission in disclosing what was done. Compliance Zero [operação da Política Federal (PF) que investigou o Banco Master] is done after the CVM communicates to the MPF [Ministério Público Federal]in June 2025, evidence of a contribution of almost R$500 million [do Banco Master] in orange clinics. The CVM detected it in its supervision”, stated Accioly.
According to the interim president, it was from the CVM that the information for the PF operation came from. Accioly also mentioned that 200 processes were opened, 24 of which involved the attempted purchase of Banco Master by Banco Regional de Brasília (BRB).
“There are several examples of actions that the CVM took”, highlighted the president, mentioning that the responsibility for the crime lies with the criminals, not with the inspection institutions, despite recognizing that there is room for improvement.
“Whenever you have a certain institutional design, fraudsters identify how that system evolved and the loopholes that, eventually, still remain. So, when there is a major fraud, the institutional response is aimed at improving the instruments that, if there had been before, they would perhaps have curbed”, he said.
What was the fault?
The senator from the Federal District (DF), Leila Barros (PDT), questioned the president of the CVM about where the flaw in the financial market protection system was as he claims that the institution did its job.
“The processes were taking place, the investigation took place, but the situation happened, the fraud, the mistakes. Where did the error occur? If the CVM identified it, it is there, communicated it to the Public Prosecutor’s Office and the fraud happened, where is the error?”, asked Leila.
Accioly said that it is too early to identify the flaws, and informed that CVM created a working group (GT) to identify the Commission’s main errors.
“In the report [do GT]you will have an introspective view to learn what worked well and what didn’t work well to improve. There may have been an error. It is certainly not impossible. What appears first are the various successes, but mistakes will appear too”, replied João Accioly.
The CVM has a president and four directors, appointed by the President of the Republic and approved by the Federal Senate. The term of office of directors is five years, and reappointment is prohibited. Currently, the board has three vacant director positions, two of which are nominated and awaiting hearings from the senators.
