Study released by CVM indicates possible regulation involving digital influencers and the capital market

The Securities and Exchange Commission (CVM) recently released a study that addresses the possible regulation related to digital influencers and their performance in the capital markets. In this article, we will explore the details of this study and understand the implications that future regulation can have for the financial market and for digital influencers who promote investments. Follow along with us the main points of this pioneering study by the CVM.

The CVM study

The rise of digital influencers has brought with it a new phenomenon in the capital markets, with the promotion of financial products and investments through social networks. CVM realized the need to analyze this reality and assess the risks and benefits associated with this practice, leading to the development of this study.

Analysis of risks and benefits

The main objective of CVM’s study is to evaluate the impacts of digital influencers’ activities in the capital markets. It covers an in-depth analysis of the risks involved, such as the possibility of distorted or inappropriate information being disseminated, as well as the potential benefits, such as increased access and interest of investors in financial products.

Possible regulatory guidelines

Based on the results of the study, CVM is considering the creation of guidelines and regulations for the performance of digital influencers in the capital markets. This may include the requirement for transparency about sponsorships and partnerships, the disclosure of relevant information in a clear and objective manner, and the need to conform to the principles of conduct and ethics established by the CVM.

Protection of investors

One of CVM’s main concerns is to guarantee the protection of investors. The proposed regulation aims to ensure that the information transmitted by digital influencers is accurate, reliable and duly substantiated. This will contribute to the reduction of possible fraud and deception, promoting a safer environment for investors.


CVM has sought to establish an open and transparent dialogue with digital influencers, aiming to understand their practices and the challenges they face, while seeking to make them aware of the importance of compliance with possible future regulations. The intention is to establish a partnership for the development of a healthier and more balanced capital market.

The study released by CVM on the possible regulation involving digital influencers and the capital market reflects the commission’s concern to protect investors and promote transparency.

See the complete study at: https://www.gov.br/cvm/pt-br/centrais-de-conteudo/publicacoes/estudos/20230418-air-influenciadores.pdf


Written by Marcos Ferreira, Content Assistant to Drummond Advisors

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