How CVM filings work

Who files, and where it lands

Companies listed in Brazil file their disclosures electronically with the CVM, the securities regulator. Each filing becomes public immediately, in two places: the CVM portal and B3, the exchange.

Alongside the portal, the CVM publishes an open-data archive: a daily set of structured records pointing at the original PDFs. That archive is what makes systematic tracking possible at all, and it costs nothing to use.

The categories that matter

Filings are typed, and most of what an investor cares about falls into a handful of categories: fato relevante (material fact), comunicado ao mercado (market announcement), aviso aos acionistas (notice to shareholders), disclosures by companies in judicial or extrajudicial reorganisation, and tender offer documents.

Everything else (periodic financial statements, reference forms, registration data) travels through the same system but answers a different question. A reader following events, rather than auditing accounts, can leave most of it alone.

What we measured

Category names tell you what exists. They do not tell you what the daily flow is made of, which is the part that decides whether following it by hand is realistic.

Between September 17, 2026 and October 16, 2026 we archived 680 filings, published across 22 business days, an average of 30.9 per business day. By category:

Comunicado ao Mercado: 415 filings, 61% of the total.

Fato Relevante: 162 filings, 23.8% of the total.

Aviso aos Acionistas: 84 filings, 12.4% of the total.

Informações de Companhias em Recuperação Judicial ou Extrajudicial: 15 filings, 2.2% of the total.

OPA - Edital de Oferta Pública de Ações: 4 filings, 0.6% of the total.

These counts come from our own archive, rebuilt every day from the CVM open data and its filing system. They are not published anywhere else, and they move: this page is generated from the live archive rather than written once.

The timing catches people out

Filings arrive throughout the day, and the tail is heavy. The Brazilian market closes at 18:00 local time, and price-sensitive disclosures are often filed after that, which is frequently the point of filing them then.

On one measured day in September 2026, 14 of the 18 filings recorded that day reached our archive after 18:00 São Paulo time. A process that stops reading at 19:00 publishes a day that is still half open.

The consequence is practical: a daily summary built in the early evening is not a summary of that day. It is a summary of most of that day, and the part it drops is the part that was held back deliberately.

What tracking them actually requires

Three things, none of them the regulator’s fault and none of them optional.

First, identifying the company. Filings carry a CNPJ, not a ticker and not a sector. Turning that into “this is a utility” needs a maintained mapping of listed companies.

Second, reading the document. The filing is a PDF, and some are scans, which need optical character recognition before any of the text exists as text at all.

Third, doing it every business day without missing one. A three-day gap is not three days of catching up: by the time you come back, what you missed is no longer news, and deciding whether to publish it late is a separate editorial judgement.