Lula Names Otto Lobo to Lead Brazil's CVM, Taps Igor Muniz as Director

Overview

• The appointments were published on January 7 in an extra edition of the Diário Oficial, formalizing Lobo for a new term.
• Both nominees must undergo a mandatory hearing in the Senate Economic Affairs Committee before they can take office.
• The CVM board currently has only two of five seats filled—Marina Copola and João Carlos Accioly—and will still have one vacancy even if both are approved.
• Lobo, a director since 2022 who became interim president in July 2025 after João Pedro Nascimento resigned, saw his prior term end on December 31.
• His confirmation is likely to spotlight his double vote that blocked an Ambipar takeover bid against the regulator’s technical assessment, a decision the board declined to revisit on December 23.