CVM Accepts Settlement With XP and Benchimol to Close Administrative Case

Overview

• The CVM voted to accept a termo de compromisso on July 22, 2026 that requires XP to pay R$1.08 million and founder Guilherme Benchimol to pay R$405,000, for a combined R$1.485 million to end the administrative case.
• The agreement mandates presentation of evidence that at least R$1.2 million was paid to the investor who filed the original complaint within ten business days of the deal.
• CVM technical analysis found that between 2014 and 2017 agents linked to Index Capital and the manager Genus executed trades from agents' accounts in XP’s system, which the regulator said indicated unauthorized portfolio administration and churning that harmed clients.
• XP says it discovered the irregularities in 2017, rescinded the contract with the implicated office, reimbursed affected clients at the time, and cooperated with the CVM investigation that began in 2022 and was concluded last year.
• The CVM rejected a separate settlement proposed by agent Ricardo de Oliveira Barbosa because of the seriousness of the allegations and other pending accusations, leaving individual accountability unresolved even as the firm and its founder avoid further administrative sanctions.