Atlas · Governance
Deadline for prior defense in CVM sanctioning process is 10 business days
AnswerThe interested party has 10 business days to submit a prior defense in an administrative sanctioning process by CVM.
Reviewed on 2026-10-02 · next review 2027-04-02
Data
| Who | Process | Deadline for prior defense | Source | Data date |
|---|---|---|---|---|
| Interested party | CVM administrative sanctioning process | 10 business days | Law No. 6.385/1976, art. 83, § 2.º | 12/14/1976 (current wording updated by Law No. 13.506/2017) |
Data consulted on 10/02/2026.
Basis
- Law No. 6.385/1976 (Planalto, in Portuguese): Article 83, § 2.º, establishes that in an administrative sanctioning process by CVM, the interested party will have 10 business days to submit a prior defense before sanctions such as suspension of registration or temporary disqualification are applied.
How it applies
The 10 business days deadline applies to any interested party (individual or legal entity) in an administrative sanctioning process initiated by CVM, as per Article 83, § 2.º, of Law No. 6.385/1976. The prior defense must be submitted before the final decision on sanctions such as warning, fine, suspension, or revocation of registration.
Limits
- The deadline does not apply to processes of other natures (e.g., tenders, administrative contracts), which follow specific rules (e.g., Law No. 13.303/2016, art. 83, § 2.º, with a 5 business days deadline for appeals).
- Law No. 6.385/1976 covers only sanctions within the capital market and securities, not extending to other sectors regulated by different bodies (e.g., ANVISA, ANAC).
- The current wording considers changes from Law No. 13.506/2017, which maintained the 10 business days deadline but did not introduce exceptions.
- Subsequent changes should be verified in the consolidated version of Law No. 6.385/1976 on Planalto or on CVM.