CVM Makes Sustainability-Related Financial Reporting Optional

In summary

On June 1, 2026, the Brazilian Securities and Exchange Commission (CVM) published CVM Resolution No. 244/2026, which amended the rules governing the disclosure of financial information related to sustainability.

Recommendations

In light of the changes introduced by CVM Resolution No. 244/2026, we recommend that companies assess the potential impacts of these regulatory changes on their operations and sustainability reporting, and continue to monitor the issue and its developments. As an indication of the possible impacts, the Ministry of Finance has already signaled its intention to adopt measures aimed at revising the new regulations.

Further details

CVM Resolution No. 244/2026 amended CVM Resolution No. 193/2023, removing the general obligation previously applicable to publicly traded companies to disclose financial information related to sustainability. In the original wording, such information was to be mandatorily reported starting in 2026; under the new regulations, disclosure is now optional.

However, the new regulation provides that an entity that chooses:

1. To disclose: must publish such information for at least three consecutive fiscal years; and
2. Not to disclose: must announce this decision in a public statement to the market, issued by the filing date of the annual financial statements with the CVM for the fiscal year preceding the one in which the entity will not publish the voluntary information. In addition, they must file the sustainability-related financial information report through the electronic system available on the CVM’s website, observing the following deadlines: (b.i) in the first fiscal year of filing: on the same date as the submission of the Reference Form (FRE); and (b.ii) starting with the second fiscal year of filing: within three months from the end of the fiscal year or on the same date the financial statements are submitted, whichever occurs first.

The rule took effect on June 1, 2026, and applies to fiscal years beginning on or after January 1, 2026.

However, it has been reported that the Ministry of Finance is considering measures to revise the CVM’s new regulations. In this context, it is important to continue monitoring developments on this issue.