Securities Enforcement
The firm is a leader in the regulation and supervision of the financial and capital markets, representing major market participants and standing at the forefront of regulatory and enforcement matters before the CVM and BACEN.
The partners’ strong academic reputation, combined with their professional experience in the most significant capital markets matters, allows the firm to deliver solutions to sophisticated and complex issues.
The firm’s lawyers have extensive experience in CVM investigations and administrative sanctioning proceedings involving compliance with Brazilian capital markets rules, and many of them previously worked at Brazilian regulators. The team has solid experience in Administrative Sanctioning Proceedings before the CVM, BACEN, CRSFN, BSM and ANBIMA, acting at every stage of the proceedings, including the negotiation of settlement agreements (termos de compromisso).
The firm specializes in advising publicly held companies, including their boards of directors and committees, and has taken part in numerous complex transactions, including corporate reorganizations of groups of publicly held companies, sales and acquisitions of control, as well as tender offers for the acquisition of control.
Founding partner Eli Loria served as a Commissioner of the CVM and took part in significant decisions and proceedings adjudicated by the agency. His practice focuses on legal opinions on corporate and capital markets matters and on the core defense strategies in administrative sanctioning proceedings. Partner Daniel Kalansky has led complex and sophisticated capital markets transactions and some of the most significant CVM enforcement cases in Brazil.
The firm is known for mapping the main trends among regulators and self-regulatory organizations, as well as in CVM enforcement. It uses a proprietary intelligence system to shape its clients’ defense strategies and estimate the outcome of cases, while continuously tracking and analyzing CVM decisions.
Recent representations include:
- Defense of respondents accused of creating artificial conditions of demand, supply or price, price manipulation, fraudulent transactions and unfair practices;
- Defense of respondents accused of insider trading;
- Defense of investment fund administrators, managers and custodians;
- Defense of officers and board members accused of breaching their fiduciary duties;
- Defense in matters involving tender offers (OPAs) and poison pills;
- Defense in proceedings involving abuse of controlling power, abusive voting and conflicts of interest;
- Defense of independent auditors for failure to comply with auditing standards.
Learn more about our books on sanctioning proceedings and capital markets, as well as their respective launch events.
Partners in Charge
Meet the partners responsible for our Capital Markets and Financial Regulation and Enforcement practice.
Eli Loria
Eli was active in the Brazilian Securities and Exchange Commission (CVM) from 1978 to 2011. He worked as a Regional Superintendent in São Paulo and Company Relations Superintendent, from 1993 to 1995, responsible for the registration area for publicly-held companies and other issuers, as well as for updating information related to the companies, corporate reorganizations, and registration of public distribution of securities.
Daniel Kalansky
Daniel Kalansky is a lawyer with strong experience in negotiating complex and strategic disputes. Has been involved in the largest corporate litigation and enforcement cases in Brazil defending the interests of listed companies, investment funds, financial institutions, auditors and senior corporate officers. He advises on international asset recovery cases and assist clients on tailored and innovative special situations transactions and litigation finance matters.
Ivan Iegoroff de Mattos
Ivan Iegoroff de Mattos is a lawyer experienced in Corporate Law, Capital Market, and Arbitration. Ivan has worked in three different areas in his career: (i) arbitration, particularly related to corporate disputes; (ii) enforcement in financial and capital market (Central Bank, CRSFN, CVM, ANBIMA, B3); and (iii) M&A operations.
