Atlas · Capital market
Detention penalty for irregular exercise of position, profession or activity in the securities market is 6 months to 2 years
AnswerThe penalty for irregular exercise of a position, profession or activity in the securities market is detention of 6 months to 2 years, plus a fine.
Reviewed on 2026-10-02 · next review 2027-04-02
Data
| Who | Action | Penalty | Source | Data date |
|---|---|---|---|---|
| Natural or legal person | Exercise a position, profession, activity or function in the securities market without the authorization or registration required by law or regulation | Detention of 6 months to 2 years and fine | Law No. 6.385/1976 (Planalto, in Portuguese), art. 27-E | 14/10/2001 (text given by Law 10.303) |
Data consulted on 02/10/2026.
Basis
- Law No. 6.385/1976 (Planalto, in Portuguese): art. 27-E defines the crime of irregular exercise of a position, profession, activity or function in the securities market, with a penalty of detention of 6 months to 2 years and a fine.
How it applies
The detention penalty of 6 months to 2 years, plus a fine, applies to anyone acting in the securities market — such as portfolio manager, independent auditor, securities analyst or any other regulated function — without the authorization or registration required by law or regulation, even if the activity is performed free of charge.
Limits
- The penalty does not apply to activities not regulated by the CVM or not expressly provided for in Law 6.385/1976.
- The current wording of art. 27-E was amended by Law 14.317/2022, which broadened the scope of activities subject to sanction.
- This sheet covers only the penalty provided in art. 27-E; other administrative sanctions (such as fines or registration suspension) may be imposed by the CVM independently of the criminal penalty.
- Subsequent amendments must be checked directly in Law 6.385/1976 or its updates on the Planalto site.