Brazil Capital Reduction Disclosures API: Track Share Cancellations from CVM Filings

The problem

Brazilian capital-structure events split into four stacks that English search results often merge:

1. Treasury repurchase programs — the company buys its own shares in the market; terms live in buyback notices.
2. Capital reduction / share cancellation — the company cancels treasury shares or amortizes capital after assembly approval; legal framing differs from an open-market repurchase.
3. Reverse splits (grupamento) — nominal share count changes via a corporate-action ratio, not the same legal path as redução de capital.
4. Follow-on issuance — aumento de capital increases share count; the opposite economic direction.

Scraping the CVM portal works for one ticker and breaks on a multi-name watchlist. Bulk open-data ZIPs are dataset-oriented, not ticker-first. You want GET /v1/documents with stable document.id, then GET /v1/documents/:id/file for the original PDF — the same pattern as List avisos aos acionistas via API, scoped to capital reduction events.

For tender offers and control transactions, see Brazil tender offer disclosures API. For the generic poll loop on all material facts, see Brazil material facts monitoring API.

Which filing type carries redução de capital?

Brazilian issuers do not expose a dedicated type=CAPITAL_REDUCTION in the apicvm document list. Reduction programs usually surface under:

Practical rule: poll FATO_RELEVANTE on active watchlists, add AVISO_AOS_ACIONISTAS when you track assembly-driven corporate actions, then filter rows by name keywords (Reducao, redução, amortizacao, amortização, cancelamento) before downloading PDFs. After download, search PDF text for redução de capital, amortização de ações, or cancelamento de ações.

On VALE3 for calendar year 2025, the demo corpus returned 21 combined FATO_RELEVANTE and AVISO_AOS_ACIONISTAS rows with no reducao / amortizacao tokens in name (demo API, queried 2026-09-16). Banks and restructurings-heavy names follow the same list-and-download workflow when those tokens appear. Zero rows in a given year does not prove no reduction occurred — see limitations below.

How apicvm helps

1. Resolve the issuer — GET /v1/companies/resolve
2. List event filings — GET /v1/documents with type=FATO_RELEVANTE (optionally add AVISO_AOS_ACIONISTAS)
3. Scope with year and optional dateRef; sort with field=dateRef&order=desc
4. Download the PDF — GET /v1/documents/:id/file (no extraction credits)
5. Optional (Pro): page-level markdown — POST /v1/document-text-extractions with async callback

Auth: Authorization: Bearer or X-API-Key. Try VALE3 without a key via the demo API.

Setup

export APICVM_KEY='apicvm_...'
export APICVM_URL='https://apicvm.dev'

Step 1: List material facts for one ticker

curl -H "Authorization: Bearer $APICVM_KEY" \
  "$APICVM_URL/v1/documents?ticker=BBDC4&type=FATO_RELEVANTE&year=2025&perPage=50&field=dateRef&order=desc"

Response rows include stable id, dateRef, name, and nested company metadata. Use id as your cache key — not name, which can be long and encoding-sensitive.

Paginate with page= when meta.lastPage > 1. perPage maxes at 50.

Step 2: Narrow to capital-reduction-related rows

Filename tokens on the CVM IPE feed are predictable enough for a first-pass filter:

curl -s -H "Authorization: Bearer $APICVM_KEY" \
  "$APICVM_URL/v1/documents?ticker=BBDC4&types=FATO_RELEVANTE,AVISO_AOS_ACIONISTAS&year=2025&perPage=50" \
  | jq '.data[] | select(.name | test("Reducao|reducao|amortizacao|amortização|cancelamento"; "i")) | {id, type, dateRef, name}'

Combine with shareholder notices when reductions follow assembly votes:

curl -s -H "Authorization: Bearer $APICVM_KEY" \
  "$APICVM_URL/v1/documents?ticker=BBDC4&type=AVISO_AOS_ACIONISTAS&year=2025&perPage=50" \
  | jq '.data[] | select(.name | test("capital|reducao|amortizacao"; "i")) | {id, dateRef, name}'

After download, search PDF text for redução de capital social or amortização de ações em tesouraria for validation. Extraction credits apply only if you use the text-extraction endpoint.

Step 3: Download a capital reduction notice PDF

curl -H "Authorization: Bearer $APICVM_KEY" \
  -o capital-reduction-notice.pdf \
  "$APICVM_URL/v1/documents/<document-id>/file"

Download does not consume extraction credits.

Example: Python watchlist for capital reduction filings

Poll material facts across a cap-table-focused watchlist. Persist seen in your database in production.

import os, time, requests, re
from datetime import datetime

BASE = os.environ["APICVM_URL"]
H = {"Authorization": f"Bearer {os.environ['APICVM_KEY']}"}
WATCH = ["BBDC4", "ITUB4", "PETR4", "VALE3", "ABEV3"]
YEAR = datetime.utcnow().year
REDUCTION_RE = re.compile(
    r"reducao|redução|amortizacao|amortização|cancelamento", re.I
)
seen = set()  # load from your store on startup

def list_events(ticker):
    r = requests.get(
        f"{BASE}/v1/documents",
        headers=H,
        params={
            "ticker": ticker,
            "types": "FATO_RELEVANTE,AVISO_AOS_ACIONISTAS",
            "year": YEAR,
            "perPage": 50,
            "field": "dateRef",
            "order": "desc",
        },
    )
    if r.status_code == 429:
        time.sleep(5)
        return list_events(ticker)
    r.raise_for_status()
    return r.json()["data"]

for ticker in WATCH:
    for doc in list_events(ticker):
        if doc["id"] in seen:
            continue
        if not REDUCTION_RE.search(doc.get("name") or ""):
            continue
        seen.add(doc["id"])
        print(f"REDUCTION {ticker} {doc['dateRef']} {doc['name'][:70]}")

Wire this into GitHub Actions or extend the diff pattern from Brazil material facts monitoring API.

Where capital reduction sits in the filings stack

Brazil regulatory filings API explains the full layer map. During earnings windows, pair this hub with Track Brazil earnings season for ITR alongside event filings.

Current limitations

• Documents, not registry — apicvm does not file with a notary or return live outstanding share count from the exchange.
• Keyword filters are heuristic — name tokens help; false negatives are possible if issuers use unusual titles.
• Polling, not push — no webhook when CVM publishes a new fact. Schedule polls and diff document.id.
• Ingestion lag — sync is not real-time. A notice may appear on the portal before it is in the corpus.
• Corpus coverage — not every issuer or period is present. Validate against the portal for production compliance use cases.
• Demo scope — /v1/demo/* is limited to VALE3. Other tickers need a production key.

Next steps

• Read the API docs
• Get an API key
• List avisos aos acionistas — focused AVISO_AOS_ACIONISTAS reference

Related guides

• Brazil share buyback disclosures API — treasury repurchase programs
• Brazil follow-on offering disclosures API — capital increases and subscription rights
• Brazil stock split disclosures API — desdobramento and grupamento
• Brazil bonus share disclosures API — stock dividends (bonificação)
• Extract text from CVM PDFs for AI agents — async markdown extraction