After controversy in the Master case, Lula chooses a career server for the CVM board

The choice comes after Otto's nomination for presidency was surrounded by questions about decisions made by him during the period in which he led the CVM on an interim basis, in the second half of 2025. The main controversy involved Ambipar and funds linked to Banco Master. The CVM's technical area had understood that the funds acted together with the company's controller in purchasing shares and, therefore, should carry out a public acquisition offer, known as OPA, to minority shareholders. The trial ended in a draw. As interim president, Otto voted against the demand for the offer and used the casting vote, the equivalent of a tie-breaking vote, to make his position prevail. The Specialized Federal Prosecutor's Office at the CVM questioned the procedure and pointed out possible weaknesses in the decision. Critics assessed that the result benefited Banco Master. During the hearing for the CVM presidency in the Senate, Otto denied any favoritism. "There was no benefit to Banco Master in the Ambipar case because the law is very clear, you cannot impose an OPA against a non-controlling party, and this part of the decision was unanimous. So I cannot understand how director Accioly and I helped the Master fund if this part of the decision was unanimous", he stated. The controversy did not prevent Otto's approval by the Senate. Appointed by Lula in June, he promoted, in his first act as president, a broad change in the top echelon of the CVM. According to the authority, the heads of six superintendencies were replaced, in addition to the general superintendent. The employees left their positions of trust, but remained within the institution. Who is Antonio Carlos Berwanger A CVM employee since 2005, Berwanger is currently superintendent of Market Development, the area responsible for preparing rules for publicly-held companies, investment funds, public offerings and other segments of the capital market. He started at the municipality as an inspector, worked in inspection and in the area of ??sanctioning processes and, between 2011 and 2015, he was manager of Standards Improvement. He has headed the Market Development Superintendence since March 2015. Berwanger has a degree in Economics from the Federal University of Rio de Janeiro and in Law from Universidade Cândido Mendes. He also has a master's degree in Regulatory Law from Fundação Getulio Vargas and a specialization in fintech regulation and financial innovation from Cambridge Judge Business School. He is internally considered an expert in innovation and digital assets. In May, he was among the 27 members of the CVM leadership who signed a demonstration to choose a career server for the remaining vacancy on the board. The group argued that the presence of a house employee would help preserve regulatory memory and the stability of the authority's decisions.