[Brazilian Securities Regulator CVM Advances Tokenized Securities Distributed Ledger Pilot] According to Deep Tide TechFlow on September 19, as reported by Ledger Insights, the Brazilian Securities and Exchange Commission (CVM) is advancing a pilot program for distributed ledger technology (DLT), aiming to conduct simulated trading tests for tokenized securities without involving real securities or investors. The tests are led by the CVM Tokenization Working Group (GTT), with a duration of 60 days, extendable by 30 days, covering the full lifecycle (from issuance to settlement) of assets such as stocks, bonds, receivables certificates, and investment fund shares. The purpose of this test is to evaluate the technical, operational, and legal feasibility of DLT in the capital markets, while exploring cross-network interoperability and identifying regulatory gaps. The final results may drive adjustments to relevant rules and legislation. The draft resolution is still pending approval by the CVM Board of Directors.