O impacto regulatório para o investimento em valores mobiliários: uma análise da adequação dos requisitos regulatórios aplicáveis ao investidor de varejo
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Tipo
TCC
Data de publicação
2022-06
Periódico
Citações (Scopus)
Autores
Silva, Felipe Kevin da
Orientador
Scavone Junior, Luiz Antônio
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Resumo
O presente trabalho pretende investigar e debater a importância dos requisitos regulatórios, e em especial no que toca o papel da Comissão de Valores Mobiliários (CVM), para a democratização e desenvolvimento do mercado de capitais brasileiro e, como consequência, da economia do país. Os últimos anos demonstraram um enorme aprofundamento da oferta e acesso a serviços financeiros no Brasil, o chamado financial deepenig, que é marcado por uma migração de investidores da Renda Fixa para a Renda Variável. Esse movimento, que já vinha ocorrendo naturalmente, foi acelerado durante a pandemia da Covid-19, momento em que as taxas de juros chegaram à mínima histórica de 2%, deixando pouca ou nenhuma alternativa para os poupadores senão distribuir suas alocações entre ativos de maior potencial de retorno. Muito embora este aprofundamento financeiro seja benéfico para o desenvolvimento econômico do país, haja vista a correlação positiva entre o desenvolvimento do mercado de capitais de um país e o desenvolvimento de sua economia, a regulação aplicável parece não estar acompanhando esta modernização, dificultando o acesso do investidor de varejo a diversos produtos.
This paper intends to investigate and discuss the importance of regulatory requirements, and the role of the Brazilian Securities Commission (CVM) in particular, for the democratization and development of the Brazilian stock market and, consequently, the country's economy. The last few years have shown a strong expansion of the supply and access to financial services in Brazil, the so-called financial deepening, which is marked by the migration of investors from Fixed Income to Variable Income investment alternatives. This flow, which was already occurring naturally, was accelerated during the Covid-19 pandemic, when interest rates reached a historic low of 2%, leaving little or no alternative for savers but to distribute their allocations among assets with higher return potential. Although this financial deepening is beneficial for the country's economic development, given the positive correlation between the development of a country's stock market and the development of its economy, domestic regulation does not seem to be keeping up with this modernization, making it difficult for retail investors to access various products.
This paper intends to investigate and discuss the importance of regulatory requirements, and the role of the Brazilian Securities Commission (CVM) in particular, for the democratization and development of the Brazilian stock market and, consequently, the country's economy. The last few years have shown a strong expansion of the supply and access to financial services in Brazil, the so-called financial deepening, which is marked by the migration of investors from Fixed Income to Variable Income investment alternatives. This flow, which was already occurring naturally, was accelerated during the Covid-19 pandemic, when interest rates reached a historic low of 2%, leaving little or no alternative for savers but to distribute their allocations among assets with higher return potential. Although this financial deepening is beneficial for the country's economic development, given the positive correlation between the development of a country's stock market and the development of its economy, domestic regulation does not seem to be keeping up with this modernization, making it difficult for retail investors to access various products.
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Palavras-chave
mercado de capitais , eficiência , regulação , aprofundamento financeiro , stock market , efficiency , regulation , financial deepening