A responsabilidade civil dos prestadores de serviços essenciais nos fundos de investimento e o novo arcabouço normativo
Carregando...
Tipo
TCC
Data de publicação
2023-12
Periódico
Citações (Scopus)
Autores
Alves, Lucas Vinícius Souza
Orientador
Padin, Camila Ferrara
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Programa
Resumo
O presente trabalho abordará os principais aspectos relacionados à responsabilidade civil dos prestadores essenciais nos fundos de investimento, sob a égide do direito societário e da regulação dos órgãos reguladores e autorreguladores do mercado de capitais: Comissão de Valores Mobiliários (CVM), Banco Central do Brasil (Bacen) e Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais (ANBIMA). Além disso, exporá o conceito dos principais players e seus papéis no mercado de capitais brasileiro. Para tanto, foi realizada uma profunda pesquisa doutrinária e jurisprudencial atual da CVM e do Superior Tribunal de Justiça, com o objetivo de verificar os principais fundamentos apresentados por autores e juristas, cotejando tanto os aspectos técnicos quanto os críticos, desde a contextualização histórica e evolutiva dos fundos até suas recentes alterações normativas. Atualmente, discute-se os limites da responsabilidade do Administrador e do Gestor, que foram recentemente denominados pela Resolução CVM 175/2022 como "prestadores de serviços essenciais". O foco é entender as demarcações da responsabilidade solidária entre eles e terceiros relacionados, além de verificar a delimitação de suas principais obrigações e a forma de aferição com o intuito de pleitear em face destes agentes. O objetivo deste trabalho é compreender o mecanismo dos fundos de investimento, analisando suas características e principais classificações, bem como identificar o atual cenário do mercado, considerando as recentes atualizações. Ao comparar com mercados estrangeiros, percebe-se que o Brasil, embora menos desenvolvido, possui um significativo potencial de crescimento. O país já conta com uma legislação que, em certa medida, atende ao mercado. Contudo, as normas são recentes e ainda apresentam lacunas, gerando espaço para diversas discussões e uma ampla área para aprofundar esses estudos.
This study addresses the primary aspects of the civil liability of essential providers in investment funds within the framework of corporate law and the regulations of capital market regulatory and self-regulatory authorities. Specifically, we examine the Securities and Exchange Commission, the Central Bank of Brazil, and the Brazilian Association of Financial and Capital Market Entities. Additionally, we will explain the concepts of the other main players and their roles in the Brazilian capital market. To achieve this, comprehensive research was conducted into the current doctrine and case law at the Securities and Exchange Commission and the Superior Court of Justice. The goal was to assess the primary arguments presented by authors and jurists, comparing both technical and critical aspects, spanning the historical evolution of funds to their regulatory modifications. Presently, debates revolve around the liability limits of the Administrator and Manager. They were recently identified by the new standard, Securities and Exchange Commission Resolution 175/2022, as providers of essential services. This designation aims to delineate joint and several liabilities between them and related third parties. It also seeks to determine the boundaries of their primary obligations and the metrics used to hold these agents accountable. The objective of this study is to comprehend the mechanisms of investment funds, exploring their attributes and determining their primary classifications. We also aim to recognize the current state of this market, factoring in recent developments. When compared to foreign markets, it's evident that Brazil, while still emerging, possesses significant growth potential. To some degree, the country already boasts legislation that supports the market. However, these regulations are recent and possess certain lacunae, thereby inviting extensive debate and offering a vast scope for further study.
This study addresses the primary aspects of the civil liability of essential providers in investment funds within the framework of corporate law and the regulations of capital market regulatory and self-regulatory authorities. Specifically, we examine the Securities and Exchange Commission, the Central Bank of Brazil, and the Brazilian Association of Financial and Capital Market Entities. Additionally, we will explain the concepts of the other main players and their roles in the Brazilian capital market. To achieve this, comprehensive research was conducted into the current doctrine and case law at the Securities and Exchange Commission and the Superior Court of Justice. The goal was to assess the primary arguments presented by authors and jurists, comparing both technical and critical aspects, spanning the historical evolution of funds to their regulatory modifications. Presently, debates revolve around the liability limits of the Administrator and Manager. They were recently identified by the new standard, Securities and Exchange Commission Resolution 175/2022, as providers of essential services. This designation aims to delineate joint and several liabilities between them and related third parties. It also seeks to determine the boundaries of their primary obligations and the metrics used to hold these agents accountable. The objective of this study is to comprehend the mechanisms of investment funds, exploring their attributes and determining their primary classifications. We also aim to recognize the current state of this market, factoring in recent developments. When compared to foreign markets, it's evident that Brazil, while still emerging, possesses significant growth potential. To some degree, the country already boasts legislation that supports the market. However, these regulations are recent and possess certain lacunae, thereby inviting extensive debate and offering a vast scope for further study.
Descrição
Palavras-chave
fundos de investimento , responsabilidade civil dos prestadores essenciais de fundos , RCVM 175/2022 , administrador e gestor de fundos de investimento , investment funds , civil liability of services providers , resolution CVM 175/2022 , administrator and investment fund manager