O uso indevido de informação privilegiada
Tipo
TCC
Data de publicação
2022-12
Periódico
Citações (Scopus)
Autores
Katayama, Erik Seiti
Orientador
Scavone Junior, Luiz Antônio
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Programa
Resumo
O presente artigo possui como foco principal analisar o uso indevido de informação privilegiada, mais conhecido como a prática de insider trading, tal qual compreender seus impactos. Para tal propósito, devido a necessidade de se conhecer os conceitos básicos econômicos para entender o assunto, inicialmente é constatado a conceitualização dos essenciais termos e instituições que compõe o mercado financeiro. Posteriormente, constata-se os requisitos formais para a caracterização do ilícito que são: (i) a existência de informação privilegiada, (ii) o acesso à informação privilegiada e (iii) a intenção de obter vantagem na negociação. Quando presente estes três requisitos, surge a prática do ilícito aqui discutido, gerando efeitos nas esferas civil, administrativa e criminal do direito brasileiro, que também são mencionados no trabalho. Após o entendimento das tratativas iniciais, discute-se o tratamento legal e a atuação e do órgão regulador (CVM) no combate ao insider trading, bem como a diferença desta prática com um outro ilícito parecido, mas não igual, conhecido como front running. Por fim, expõe-se os resultados negativos que são gerados na economia, mercado e regime jurídico pelo ilícito, o que levam a serem os motivos – basicamente, um de natureza ética e outro de natureza econômica - da proibição de tal prática.
The main focus of this article is to analyze the misuse of privileged information, better known as insider trading, as well as understanding its impacts. For this purpose, due to the need to know the basic economic concepts to understand the subject, initially it is verified the conceptualization of the essential terms and institutions that make up the financial market. Subsequently, the formal requirements for the characterization of the illicit are verified, which are: (i) the existence of privileged information, (ii) access to privileged information and (iii) the intention to obtain an advantage in the negotiation. When these three requirements are present, the practice of the illicit discussed here arises, generating effects in the civil, administrative and criminal spheres of Brazilian law, which are also mentioned in the work. After understanding the initial negotiations, the legal treatment and the performance of the regulatory institution (CVM) in the fight against insider trading are discussed, as well as the difference between this practice and another similar offense, but not the same, known as front running. Finally, exposes the negative results that are generated in the economy, market and legal regime by the illicit, which lead to the reasons - basically, one of a ethicall nature and the other of an economic nature - for the prohibition of such practice.
The main focus of this article is to analyze the misuse of privileged information, better known as insider trading, as well as understanding its impacts. For this purpose, due to the need to know the basic economic concepts to understand the subject, initially it is verified the conceptualization of the essential terms and institutions that make up the financial market. Subsequently, the formal requirements for the characterization of the illicit are verified, which are: (i) the existence of privileged information, (ii) access to privileged information and (iii) the intention to obtain an advantage in the negotiation. When these three requirements are present, the practice of the illicit discussed here arises, generating effects in the civil, administrative and criminal spheres of Brazilian law, which are also mentioned in the work. After understanding the initial negotiations, the legal treatment and the performance of the regulatory institution (CVM) in the fight against insider trading are discussed, as well as the difference between this practice and another similar offense, but not the same, known as front running. Finally, exposes the negative results that are generated in the economy, market and legal regime by the illicit, which lead to the reasons - basically, one of a ethicall nature and the other of an economic nature - for the prohibition of such practice.
Descrição
Indicado para Empreendedorismo e Inovação
Palavras-chave
negociação indevida , informação privilegiada , ilícito jurídico , improper negotiation , privileged information , legal illicit