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Brazil’s Securities and Exchange Commission, or CVM, plans to conduct a simulated test of tokenized securities using distributed ledger technology. The test will review the full trading process from issuance to settlement for assets including stocks, bonds, receivables certificates and investment fund shares. No actual securities or investors will take part. The test will run for 60 days and may be extended by 30 days if needed. A related draft is currently awaiting approval from the CVM board.