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Browse: Home / 2009 / February / 08 / Brazil: Regulator CVMs Probing Possible Insider Trading in Banestes SA

Brazil: Regulator CVMs Probing Possible Insider Trading in Banestes SA

By Securities Docket on February 8, 2009, 2:17 pm

Brazilian regulator Comissao de Valores Mobiliarios (known as CVMs) has opened a probe into trading in the securities of Banestes SA – Banco do Estado do Espirito Santo SA, a regional bank, in advance of an announcement that it is in acquisition discussions.  Bloomberg reports that Banestes shares surged 36 percent in four days prior to Banco do Brasil’s announcement of a possible acquisition of Banestes, and trading levels were about six times the average over the past six months. CVMs will reportedly ask Banestes and Brasilia-based Banco do Brasil to provide the names of people involved in the negotiations.

CVM “is analyzing the oscillations in price and the authority will send letters to Banestes and BB to check all the people that were involved in the operation,” the regulator stated.

Bloomberg reports that Brazilian prosecutors and the securities regulator announced in May 2008 that “they would cooperate in insider-trading investigations, a year after former CVM President Marcelo Trindade said in an interview that information is leaked before almost every takeover in Brazil.”

Read the Bloomberg article

Posted in Global | Tagged Brazil, Insider Trading

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