Atlas · Capital markets
Maximum fine applicable by the CVM is R$ 50 million
AnswerIn general cases, the pecuniary fine applied by the CVM cannot exceed R$ 50,000,000.00 (fifty million Brazilian reais), while respecting the principles of proportionality and reasonableness.
Reviewed on 2026-10-02 · next review 2027-04-02
Data
| Fine Limit Criterion | Maximum Value or Percentage | Source | Data date |
|---|---|---|---|
| Nominal pecuniary limit | R$ 50,000,000.00 | Lei 6.385/1976, art. 11, § 1.º, I | 14/11/2017 |
| Transaction/issuance value | Twice the value of the irregular transaction | Lei 6.385/1976, art. 11, § 1.º, II | 14/11/2017 |
| Gain or loss | 3 times the amount of the advantage obtained or loss avoided | Lei 6.385/1976, art. 11, § 1.º, III | 14/11/2017 |
| Harm to investors | Twice the loss caused | Lei 6.385/1976, art. 11, § 1.º, IV | 14/11/2017 |
Data consulted on 02/10/2026.
Basis
- Lei n.º 6.385/1976 (Planalto, in Portuguese): art. 11, § 1.º, establishes the maximum limits for pecuniary fines, the dosimetry based on proportionality and reasonableness, and § 2.º addresses cases of recidivism.
- Decreto n.º 11.129/2022 (Planalto, in Portuguese): regulates the procedures for the Administrative Responsibility Process (PAR) and calculation criteria for administrative sanctions, distinct from the CVM general regime.
How it applies
The pecuniary fine imposed by the CVM must consider the offender's economic capacity, proportionality, and reasonableness. The final value of the penalty cannot exceed the highest of the four criteria listed in the data table (the nominal limit of R$ 50 million, twice the irregular operation, triple the advantage, or twice the loss caused). In the event of recidivism, the fine may be applied up to triple the values set in the aforementioned paragraph.
Limits
- This fact sheet refers strictly to the general CVM fine regime provided for in Lei 6.385/1976.
- It does not cover specific procedures for leniency agreements, commitment terms, or daily fines for non-compliance with orders, which have different rules and calculations.
- The Decreto 11.129/2022 listed in the basis refers to the liability regime for legal entities for harmful acts against the public administration (Lei 12.846/2013), having its own calculation parameters.
- Legislative changes subsequent to the revision date must be verified directly on the Planalto portal.