fellowship Securities and Exchange Commission (CVM) has accepted an offer to settle R$5 million with XP Investments, founder Guilherme Benchimol and three other directors to close the operation that investigated potential violations of the brokerage’s emergency plan, procedures, and internal controls.
XP Investimentos has pledged R$2.8 million to the Risk Verification Mechanism (CVM). Each exit will pay another 550,000 R$. In addition to Benchimol, they are: Carlos Alberto Ferreira Filho, one of the main partners of the broker, and Bernardo Amaral Botelho and Fabrício Cunha de Almeida, as responsible for internal controls.
The process arises from an examination conducted by CVM, in early 2020, under the motto “Orders and Trading Platforms”. The purpose of the system self-inspection was to measure issues of platform instability, order submission, service capacity and contingency plans.
According to CVM, the frequency of instability in Clear Corretora’s PIT platform, as well as customer service failures during 2019 and 2020. According to CVM, this occurred without properly implementing internal procedures and controls in the face of problems.
On analyzing the case and after negotiations, the CTC recognized that it would not be appropriate to accept the proposal, given the amounts involved and irregularities, in theory, as well as the broad ramifications of the case. However, CVM University did not accept and accept the agreement.
The agreement also includes XP Investimentos’ commitments, such as the ongoing implementation of a Service Level Agreement with its clients, quarterly reports of complaints received by the Clear Ombudsman and CVM, referring to the platform’s instability and failure to serve clients’ clients, for example. By signing the agreement, the process is closed without presumption of guilt on the part of those involved.
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