In August last year, the Brazilian securities regulator, the Comissão de Valores Mobiliários (CVM), released a statement via its own publication, Diario Oficial, which said Swim WW was not authorised to “exercise any activities in the securities market of Brazil” and did not “meet the requirements of CVM regulation”.
However, the announcement was contested at the time by Swim WW managing director Paul Scott, who said the company had never dealt directly in securities and was not in breach of its licence.
Scott has now informed International Adviser that the CVM gave its “final resolution” on the case on 11 Jan this year and decided in favour of Swim WW.
The intermediary firm has now received a final letter from the CVM confirming the closure of the matter and detailing R$60,000 fine imposed on Swim WW, which Scott said was “for the pleasure of being investigated”.
Scott added that CVM has also publicly announced, in the Diario Oficial, that the company has been cleared of any wrongdoing in relation to the matter.
As a result of the investigation, Swim WW moved its head office from Brazil to Montevideo in Uruguay.
Scott said the firm has opened a further Uruguay office in Punta Del Este, and plans to open offices in Santiago, Lima and Miami this year. Swim WW is already recruiting for these offices.
