Monaco-based hedge fund management firm Tyrus Capital LLP (Tyrus Capital) recently settled a case with Comissão de Valores Mobiliários (CVM), the Brazilian securities regulatory authority.  Tyrus Capital and the CVM reached the settlement in connection with CVM’s investigation into an alleged “fraudulent operation” relating to trading of shares of a Brazilian telecommunications company, GVT (Holding) S.A. (GVT), while Tyrus Capital allegedly possessed nonpublic information about Vivendi’s plans to acquire a controlling stake in GVT.  This article discusses the background of Tyrus Capital, its trading in GVT shares and the details of its settlement with the CVM.  In addition, to provide insight into the thinking and process of the CVM for English-speaking readers, the Hedge Fund Law Report specially commissioned translations of two primary documents: (1) minutes of the CVM’s July 3, 2012 board meeting, at which the Tyrus Capital settlement was discussed (along with many other matters); and (2) an approved commitments document memorializing the CVM’s approval of the Tyrus Capital settlement.  These documents are valuable for U.S., U.K. and other English-speaking hedge fund managers that have or are contemplating investments in Brazil, and who therefore wish to enrich their understanding of the thinking, procedure and enforcement approach of the primary Brazilian securities regulator.  Both documents are included as links in this article.