CVM (Brazil)

The Comissão de Valores Mobiliários is Brazil's securities regulator, supervising the B3 exchange, brokerage houses, funds and anyone distributing securities or derivatives to Brazilian residents. Currency dealing itself sits with the Banco Central do Brasil, so a firm offering leveraged FX locally needs standing with both — a combination almost no international retail broker holds. That is why the CVM's most visible output for forex traders is enforcement rather than licensing. Its standard instrument is a stop order, an ato declaratório naming a firm and directing it to stop soliciting Brazilian residents, published on the regulator's site next to the register of authorised intermediaries. Depositing with an unregistered offshore entity is not a crime for the client, but it puts the account outside CVM jurisdiction: no Brazilian compensation arrangement, no local ombudsman, and any dispute resolved under the broker's own foreign licence.