CVM superintendent Daniel Valadão stated that the political appointment process for the agency has drastically reduced the board's productivity, with no processes judged in 2026. The remark came during a Supreme Court hearing on Banco Master frauds. The board currently has only two of five seats filled.
Daniel Valadão, CVM's superintendent for Institutional Development and Modernization, spoke at a public hearing in the STF on Monday (4), convened by Minister Flávio Dino. The event addresses the commission's oversight capacity amid Banco Master frauds.
"The board's productivity has dropped drastically. The CVM board rarely operates at 100% capacity due to a political appointment process, hearings, and various interests not aligned with the institution, making it very slow," Valadão said. He noted the board, tasked with judging sanctioning processes and issuing regulations, remains incomplete, impacting performance.
There is a stalemate over the CVM presidency. President Lula signaled he may reconsider Otto Lobo's nomination, criticized by financial markets for lacking technical profile, especially after the Banco Master crisis. The hearing in the Senate's CAE, chaired by Renan Calheiros, has not been scheduled.
Interim president João Accioly pointed to a "major shortfall" in the agency due to insufficient fiscal fee resources, despite market growth. Valadão highlighted a mismatch between responsibilities and budget, with R$ 37.6 billion and 192 entities per employee. The CVM proposes filling 544 inspector positions and investing R$ 410 million in structure.
