Autorregulação unificada: as mudanças trazidas pelo edital de audiência pública CVM 09/19 diante da competitividade de bolsas
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Tipo
TCC
Data de publicação
2020-06
Periódico
Citações (Scopus)
Autores
Rodrigues, Luiza Motta
Orientador
Cárnio, Thaís Cíntia
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Programa
Resumo
O presente estudo tem por objetivo trazer uma contribuição para o debate em torno
da adequação do atual sistema de autorregulação do mercado de capitais brasileiro, por meio
da análise da proposta de autorregulação unificada apresentada pela CVM em seu Edital de
Audiência Pública SDM nº 09/2019 diante de um ambiente de concorrência de bolsas, de forma
a concluir se essa estrutura é ideal para ou Brasil ou se existem pontos a serem melhorados.
Com esse escopo, inicialmente foi analisado todo o histórico das bolsas de valores no Brasil,
para que fosse possível demonstrar o início do mercado fragmentado brasileiro que se
transformou em um monopólio “natural”, bem como as discussões que existem atualmente para
que o mercado de valores mobiliários volte a ter uma concorrência entre as bolsas. Dessa forma,
além da análise de alguns conceitos básicos, necessário se fez analisar a evolução histórica da
autorregulação no mercado de bolsas de valores no Brasil, para que se chegasse ao ponto central
do trabalho, a estrutura da autorregulação unificada. Para a apresentação do elemento central
foi analisado o sistema de autorregulação de bolsa de valores existente atualmente,
desenvolvido por um departamento de autorregulação, a BSM, que faz parte da estrutura da
entidade administradora de mercado organizado, para então se chegar à análise das mudanças
trazidas pelo Edital de Audiência Pública SDM nº 09/2019 focado nesse novo sistema de um
autorregulador único e independente. Com a junção desses elementos aos estudos
desenvolvidos pela CVM ao longo dos últimos anos e uma pontual comparação com o sistema
de autorregulação no mercado de bolsa dos Estados Unidos da América, foi possível concluir
que mais do que um sistema de autorregulação unificada, o sistema de autorregulação híbrida
pode ser o ideal para o Brasil diante de um ambiente de concorrência de bolsas. Para a realização
da pesquisa, foram consultados e analisados artigos científicos, doutrina, legislação, notícias e
informações de órgãos governamentais
The present study aims to contribute for the debate on the adequacy level of the current self-regulation system of the Brazilian capital market, through the analysis of the unified self-regulation proposal, published by CVM in its Public Hearing Notice SDM No. 09/2019 in face of a competitive environment of stock exchanges, in order to conclude if this structure is ideal for Brazil or if there are points to be improved. With this scope, the entire history of stock exchanges in Brazil was initially analyzed in order to demonstrate the beginning of the fragmented Brazilian market that became a "natural" monopoly, as well as the discussions that currently exist for the securities market to return to competition between stock exchanges. Thus, in addition to the analysis of some basic concepts, it was necessary to analyze the historical evolution of self-regulation in the stock exchange market in Brazil, in order to arrive at the central point of the work, the unified self-regulation structure. For the presentation of the central element it was analyzed the system of self-regulation of the current stock exchange, developed by a department of self-regulation, BSM, that is part of the structure of the organized market management entity, to then reach the analysis of the changes brought by the Public Hearing Notice SDM No. 09/2019 focused on this new system of a single and independent self regulator. With the addition of these elements to the studies developed by the CVM over the last few years and the brief comparison with the self-regulation system in the United States stock market, it was possible to conclude that more than a unified self-regulation system, the hybrid self-regulation system may be ideal for Brazil in the face of a competitive market environment
The present study aims to contribute for the debate on the adequacy level of the current self-regulation system of the Brazilian capital market, through the analysis of the unified self-regulation proposal, published by CVM in its Public Hearing Notice SDM No. 09/2019 in face of a competitive environment of stock exchanges, in order to conclude if this structure is ideal for Brazil or if there are points to be improved. With this scope, the entire history of stock exchanges in Brazil was initially analyzed in order to demonstrate the beginning of the fragmented Brazilian market that became a "natural" monopoly, as well as the discussions that currently exist for the securities market to return to competition between stock exchanges. Thus, in addition to the analysis of some basic concepts, it was necessary to analyze the historical evolution of self-regulation in the stock exchange market in Brazil, in order to arrive at the central point of the work, the unified self-regulation structure. For the presentation of the central element it was analyzed the system of self-regulation of the current stock exchange, developed by a department of self-regulation, BSM, that is part of the structure of the organized market management entity, to then reach the analysis of the changes brought by the Public Hearing Notice SDM No. 09/2019 focused on this new system of a single and independent self regulator. With the addition of these elements to the studies developed by the CVM over the last few years and the brief comparison with the self-regulation system in the United States stock market, it was possible to conclude that more than a unified self-regulation system, the hybrid self-regulation system may be ideal for Brazil in the face of a competitive market environment
Descrição
Palavras-chave
bolsa de valores , autorregulação unificada , concorrência de bolsas de valores , edital de audiência pública SDM nº 09/2019 , stock exchange , unified self-regulation , stock exchange competition , public hearing notice SDM nº. 09/2019