Repensando a regulação do crime de insider trading no Brasil: uma análise da (in)comunicabilidade entre as esferas administrativa e judicial
Tipo
TCC
Data de publicação
2024-06
Periódico
Citações (Scopus)
Autores
Silva, Sofia Vespa Tedesco
Orientador
Felberg, Rodrigo
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Programa
Resumo
O objetivo deste trabalho é investigar a comunicação e cooperatividade entre as
esferas administrativa e judicial na regulamentação de insider trading no brasil. A prática de
insider trading fere além do patrimônio individual do investidor, o mercado de capitais, o
sistema financeiro nacional e a economia de um país como todo. Frente isso, duas principais
esferas surgiram para proteger o mercado, a esfera administrativa e a judicial. Tendo seu
desenvolvimento marcado por eventos históricos locais e globais, a esfera administrativa
representada pela Comissão de Valores Mobiliários, se tornou a principal fonte na matéria de
governança coorporativa e responsável por regular, fiscalizar e reprimir condutas danosas ao
mercado. Neste artigo, buscar-se-á entender os eventos que culminaram em seu
desenvolvimento e seu funcionamento na atualidade. Em paralelo, será proposta uma análise
minuciosa do tipo penal, navegando em divergências doutrinárias sobre o assunto afim de
entender quais os limites propostos ao judiciário e as possibilidades de enquadramento no tipo.
Compreendidas as capacidades e limitações de cada esfera, porá se em foco a forma como estas
trabalham em conjunto, destacados os momentos de comunicação e cooperação e sua
necessidade objetiva. Após os dados e fatos levantados, conclui-se que a CVM é dotada de
capacidade técnica especializada, e vem exercendo o papel que lhe imbuiu o legislador com
maestria. Em contrapartida, o sistema judiciário vive em um ecossistema apartado à realidade
do mercado de capitais, fato que evidencia a necessidade do apoio da CVM na persecução e
julgamento do crime. Nota-se uma forte assimetria informacional, entretanto, só pode a CVM
adentrar a ação penal proposta quando provocada, sendo que sua presença nos tribunais é menor
do que se espera. Ainda, as divergências doutrinarias sobre os aspectos materiais e processuais
do crime de insider trading, demonstram que ainda há espaço e necessidade para aprimorar a
legislação sobre o assunto de modo a elevar a participação da autarquia e reconhecer as
deficiências do judiciário.
The objective of this paper is to investigate communication and cooperation between the administrative and judicial spheres in the regulation of insider trading in Brazil. In addition to the investor's individual assets, insider trading harms the capital markets, the national financial system and a country's economy as a whole. As a result, two main spheres have emerged to protect the market: the administrative sphere and the judicial sphere. With its development marked by local and global historical events, the administrative sphere, represented by the Securities and Exchange Commission, has become the main source of corporate governance and is responsible for regulating, supervising, and repressing conduct that could harm the market. This article will seek to understand the events that led to its development and how it functions today. At the same time, it will be proposed a detailed analysis of the criminal type, navigating doctrinal disagreements on the subject in order to understand the limits imposed on the judiciary and the characteristics that determine the penal article. Once the capacities and limitations of each sphere have been understood, we will focus on how they work together, highlighting the moments of communication and cooperation and their objective necessity. Based on the data and facts gathered, it can be concluded that the CVM is endowed with specialized technical capacity, and has been carrying out the role that the legislator gave it with mastery. On the other hand, the judicial system lives in a separate ecosystem from the reality of the capital market, a fact that highlights the need for the CVM's support in prosecuting and judging crime. There is a strong asymmetry of information, but the CVM can only enter a criminal action when provoked, and its presence in the courts is less than expected. Furthermore, the doctrinal differences on the material and procedural aspects of the crime of insider trading show that there is still room and need to improve the legislation on the subject in order to increase the participation of the agency and recognize the shortcomings of the judiciary.
The objective of this paper is to investigate communication and cooperation between the administrative and judicial spheres in the regulation of insider trading in Brazil. In addition to the investor's individual assets, insider trading harms the capital markets, the national financial system and a country's economy as a whole. As a result, two main spheres have emerged to protect the market: the administrative sphere and the judicial sphere. With its development marked by local and global historical events, the administrative sphere, represented by the Securities and Exchange Commission, has become the main source of corporate governance and is responsible for regulating, supervising, and repressing conduct that could harm the market. This article will seek to understand the events that led to its development and how it functions today. At the same time, it will be proposed a detailed analysis of the criminal type, navigating doctrinal disagreements on the subject in order to understand the limits imposed on the judiciary and the characteristics that determine the penal article. Once the capacities and limitations of each sphere have been understood, we will focus on how they work together, highlighting the moments of communication and cooperation and their objective necessity. Based on the data and facts gathered, it can be concluded that the CVM is endowed with specialized technical capacity, and has been carrying out the role that the legislator gave it with mastery. On the other hand, the judicial system lives in a separate ecosystem from the reality of the capital market, a fact that highlights the need for the CVM's support in prosecuting and judging crime. There is a strong asymmetry of information, but the CVM can only enter a criminal action when provoked, and its presence in the courts is less than expected. Furthermore, the doctrinal differences on the material and procedural aspects of the crime of insider trading show that there is still room and need to improve the legislation on the subject in order to increase the participation of the agency and recognize the shortcomings of the judiciary.
Descrição
Palavras-chave
informação privilegiada , insider trading , comissão de valores mobiliários , mercado de capitais , privileged information , insider trading , securities and exchange commission , capital markets