A community-driven OpenAPI specification for regulated investment crowdfunding distribution in Brazil. Designed to implement the account-and-order distribution model proposed in CVM SDM 05/25.
The proposed reform to CVM Resolution 88 will allow broker-dealers and DTVMs to distribute crowdfunding offerings on behalf of their clients. Without a common technical standard, every participant will build incompatible point-to-point integrations, fragmenting the market before it can scale.
Each platform and broker-dealer currently negotiates bespoke data contracts, resulting in months of homologation work and incompatible schemas across the market.
CVM Resolution 88 (as proposed in SDM 05/25) mandates electronic integration for account-and-order distribution, but prescribes no technical standard. The market needs one.
Without a shared standard, independent platforms and mid-sized DTVMs cannot afford the engineering overhead to connect to multiple distribution channels.
We are drafting an open specification that translates the regulatory obligations of Articles 20–22 of CVM SDM 05/25 into machine-readable API contracts. The spec is published under an MIT licence and governed by a working group open to all market participants.
We are inviting CTOs, developers, and compliance officers from broker-dealers, DTVMs, crowdfunding platforms, and financial market infrastructures to join the working group. Contributions are welcome via GitHub pull requests.