Senate approves nomination of Otto Lobo to command CVM
The Senate approved this Wednesday, 20th, the nomination of Otto Lobo for the presidency of the Securities and Exchange Commission (CVM). Now, it will be up to the government to make the appointment in the Official Gazette of the Union (DOU). There were 31 votes in favor and 13 against.
Earlier, Lobo was questioned by the Senate’s Economic Affairs Committee and approved by the board by 19 votes to four.
Lobo was appointed by the government in January, but the message reached the Senate in February and, only in April, the president of the Senate, Davi Alcolumbre (União-AP), sent the message to the CAE. The delay was attributed to Alcolumbre’s dissatisfaction, who had been appointed as the “godfather” of the nomination, which he denies.
Otto Lobo is seen more as a political personality than necessarily a technical one for the position. And, after the Banco Master case, there were many concerns regarding the attitude of high-ranking professionals in important bodies for the financial sector, such as the CVM and the Central Bank. The economic team acted under another name to command the institution and its appointment was read as a defeat for the then Minister of Finance, Fernando Haddad.
The nominee served as interim president of the CVM until December 31, 2025, when his term ended. He joined the organization’s board of directors in 2022, under the nomination of then President of the Republic Jair Bolsonaro.
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During the hearing at CAE, Lobo was asked about the Ambipar case and said that one cannot act under pressure from newspapers. “The president of the CVM cannot bow to external pressure,” he stated. He stressed that there were never any benefits to Master in his role at the regulator.
The lawyer was also asked about possible support from businessman Joesley Batista, as in rumors circulating behind the scenes, and said he has no information about this. He also stated that he does not feel prevented from judging cases involving JBS, including because the decisions are collegiate.
Igor Muniz is approved by 39 to 9 for the municipality’s board of directors
The Senate approved this Wednesday, 20th, the appointment of Igor Muniz to a board of directors at the Securities and Exchange Commission (CVM). Now, it will be up to the government to make the appointment in the Official Gazette of the Union (DOU). There were 39 votes in favor, nine against and one abstention.
Igor Muniz is a lawyer and chaired the OAB/RJ Corporate Law Commission.
In the same session, the Senate plenary approved the name of Otto Lobo for the presidency of the CVM. The approvals come at a time when the regulator is demanding better supervision of the capital market, following the repercussions of the Master bank.
