Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 36

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 3
Chunk 36
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, Cayman Islands, Hong Kong, Dubai (UAE), Uruguay, United Kingdom, Colombia, among others. These authorities have regulatory powers dealing with many aspects of financial services, including the authority to grant, and in specific circumstances to cancel, permissions to carry on particular activities. Many of these regulators, government agencies and self-regulatory organizations are also empowered to conduct investigations and administrative proceedings that can result in fines, suspensions of personnel, changes in policies, procedures or disclosure or other sanctions, including the issuance of cease-and-desist orders, the suspension or expulsion of an investment adviser from registration or memberships or the commencement of a civil or criminal lawsuit against us or our personnel.

Moreover, the financial services industry in recent years has been the subject of heightened scrutiny, and U. S. and Brazilian regulators have specifically focused on private equity, with the UK FCA also stating its focus on supervision in Private Markets. In that connection, in recent years the SEC’s stated examination priorities have included, among other things, private equity firms’ disclosure and collection of fees and allocation of expenses, their marketing and valuation practices, allocation of investment opportunities, prevention of insider trading, and policies and procedures with respect to conflicts of interest and compliance measures customized to the actual circumstances. We are regularly subject to requests for information and informal or formal investigations by CVM, and other regulatory authorities related to the other jurisdictions in which we operate, as well as the Brazilian internal revenue service (Receita Federal do Brasil) and other tax revenue agencies, as well as self-regulating authorities, such as ANBIMA and ABVCAP, with which we routinely cooperate, and which have included review of historical practices that were previously examined. Such investigations have previously and may in the future result in deficiency letters, penalties and other sanctions.

We are currently subject to a comprehensive regulatory regime and the ongoing requirements related to our registrations in: (i) Brazil with the CVM; (ii) Chile with the Financial Markets Commission (Comisión Para el Mercado Financiero) (“ CMF”),; (iii) the U. S. with the Securities and Exchange Commission (“ SEC”); (iv) the United Kingdom with the Financial Conduct Authority ("FCA”); (v) the Cayman Islands with the Cayman Islands Monetary Authority (“ CIMA”); Colombia with the Financial Superintendent of Colombia (Superintendencia Financiera de Colombia). Moreover, we are subject to a comprehensive regulatory regime and requirements related to our registration as a broker dealer in Uruguay before the Central Bank of