Brazil's CVM counts 3,131 securities consultants as its register grows

Brazil's securities regulator counted 93,426 regulated participants at the end of September, 0.91 per cent more than in December 2025, with securities consultants up 19 per cent, the CVM said in its Economic Bulletin for the third quarter.

The bulletin, No. 111, uses data to 30 September 2026 and was published on 29 October. Consultants rose from 2,630 to 3,131, the fastest growth among categories with more than 100 registrants. Portfolio managers rose 5.0 per cent, from 5,212 to 5,470, and investment funds 4.4 per cent, from 33,167 to 34,616. The CVM describes the counts as estimates.

Several categories were smaller in September than in December. Companies with an active registration, a line that covers listed, foreign and incentivised companies, fell from 703 to 684; the bulletin's series starts at 762 in 2021, a figure that still included securitisation companies. Investment advisers went from 28,218 to 27,144. Non-resident investors went from 20,213 to 19,952 and securities analysts from 1,301 to 1,280. Crowdfunding platforms rose from 69 to 87, organised market operators from seven to eight and central depositories from four to five.

The CVM says it recalculated the databases it uses to count regulated participants and to measure the regulated market, especially for investment funds, and sets out the changes in the bulletin's methodological notes, so figures may differ from earlier editions.

The estimated value of the regulated market reached BRL 57.18 trillion, or BRL 19.65 trillion excluding the notional stock of derivatives, increases of 12.5 per cent and 8.7 per cent on December 2025. Fund assets rose from BRL 11.20 trillion to BRL 12.17 trillion and the market capitalisation of shares from BRL 4.77 trillion to BRL 5.24 trillion.

Securities issues totalled BRL 708.2 billion in 3,578 offerings in the first nine months, against BRL 631.5 billion in 3,315 offerings a year earlier. Crowdfunding offerings under CVM Resolution 88 numbered 681 and raised BRL 2.8 billion, and issues by agribusiness funds, FIAGROs, reached BRL 44.9 billion, against BRL 10.2 billion in the whole of 2025.

Some of the institutions in these counts now report through a new system. Since 23 October, brokers, distributors, custodians, registrars, central depositories and commodity brokers supervised by the CVM's market and intermediaries relations office must use the Intermediaries Management System to update registration data, report the annual net equity used to calculate fees, file the electronic declaration of compliance and request cancellation, the CVM said on 27 October.

The consultant count rose from 1,018 at the end of 2021 to 1,320 in 2022, 1,634 in 2023, 2,063 in 2024 and 2,630 in 2025, the bulletin's table shows, so by the Data Desk's division there are now about three times as many as in 2021; 2,559 of the 3,131 are individuals and 572 are firms. The CVM's other recent work includes its call on the corporate governance report and its settlement decisions of 27 October. The bulletin is published quarterly.