Brazil's securities regulator CVM accepted a proposal by André Esteves, chief executive of the publicly listed investment bank BTG Pactual Group, to settle allegations that he commented on the firm's initial public offering during a quiet period.
Under terms of the proposal, Esteves agreed to cede software licenses to the CVM perpetually and pay for maintenance of such for the next 48 months, CVM said in a statement late on Thursday. The billionaire financier will also pay for training courses for 12 people, the statement added.
By accepting the proposal, CVM will forgo any probe against Esteves. Calls to a media representative for BTG Pactual seeking comment on the CVM ruling were not immediately answered.