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
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.