A nova regulação de fundos de investimentos (“CVM nº175”): novas ferramentas de proteção aos cotistas
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Tipo
TCC
Data de publicação
2024-05
Periódico
Citações (Scopus)
Autores
Khodr, Mohamad Hassan Fayad
Orientador
Ramos, Tais Mallmann
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ISSN da Revista
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Resumo
O presente Trabalho de Conclusão de Curso pretende investigar como a
Resolução da Comissão de Valores Mobiliários (“CVM”) número 175 (“CVM nº 175”),
de 23 de dezembro de 2022, introduziu as novas ferramentas jurídicas de proteção
aos cotistas de fundos de investimentos, quais sejam, (i) a nova possibilidade de
limitar a responsabilidade dos cotistas de fundo de investimento e (ii) a aplicabilidade
da insolvência civil aos fundos de investimentos.
Neste trabalho, será analisado se a nova regulação dos fundos conseguiu
prever integralmente essas ferramentas. A pesquisa examina a CVM nº 175, que
busca inovar a indústria dos fundos com mudanças destinadas a atribuir maior
responsabilidade aos gestores e proteção aos cotistas. Os objetivos são (i) analisar
se a legislação previu efetivamente as ferramentas de proteção sem deixar brechas,
(ii) examinar como esses pontos específicos da regra estão sendo refletidos na
realidade e (iii) projetar melhorias na Resolução.
O referencial teórico aborda a responsabilidade limitada, um instituto do
Direito Civil que protege os sócios de uma empresa, e a insolvência civil, um processo
legal que oferece alívio das dívidas pessoais. A legislação, exemplificada pelos artigos
18 e 70 em diante da CVM nº175, incorpora essas ferramentas para garantir maior
segurança aos cotistas. A análise desses dispositivos legais visa contribuir para o
entendimento do impacto das mudanças regulatórias na indústria de fundos de
investimento e sugerir aprimoramentos necessários.
The present work aims to investigate how Resolution No. 175 ("CVM No. 175") of the Brazilian Securities and Exchange Commission ("CVM"), dated December 23rd, 2022, introduced new legal tools for the protection of investment fund shareholders, namely, (i) the new possibility of limiting the liability of investment fund shareholder, and (ii) the applicability of civil insolvency to investment funds. This work will analyze whether the new regulation of funds has fully anticipated these tools. The research examines CVM No. 175, which seeks to innovate the fund industry with changes aimed at assigning greater responsibility to managers and protecting shareholders. The objectives are (i) to analyze whether the legislation effectively foresaw the protective tools without leaving gaps, (ii) to examine how these specific points of the rule are being reflected, and (iii) to propose improvements in the Resolution. The theoretical framework addresses limited liability, an institution of Civil Law that protects partners in a company, and civil insolvency, a legal process that offers relief from personal debts. The legislation, exemplified by Articles 18 and 70 onwards of CVM No. 175, incorporates these tools to ensure greater security for shareholders. The analysis of these legal provisions aims to contribute to understanding the impact of regulatory changes on the investment fund industry and to suggest necessary enhancements.
The present work aims to investigate how Resolution No. 175 ("CVM No. 175") of the Brazilian Securities and Exchange Commission ("CVM"), dated December 23rd, 2022, introduced new legal tools for the protection of investment fund shareholders, namely, (i) the new possibility of limiting the liability of investment fund shareholder, and (ii) the applicability of civil insolvency to investment funds. This work will analyze whether the new regulation of funds has fully anticipated these tools. The research examines CVM No. 175, which seeks to innovate the fund industry with changes aimed at assigning greater responsibility to managers and protecting shareholders. The objectives are (i) to analyze whether the legislation effectively foresaw the protective tools without leaving gaps, (ii) to examine how these specific points of the rule are being reflected, and (iii) to propose improvements in the Resolution. The theoretical framework addresses limited liability, an institution of Civil Law that protects partners in a company, and civil insolvency, a legal process that offers relief from personal debts. The legislation, exemplified by Articles 18 and 70 onwards of CVM No. 175, incorporates these tools to ensure greater security for shareholders. The analysis of these legal provisions aims to contribute to understanding the impact of regulatory changes on the investment fund industry and to suggest necessary enhancements.
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Palavras-chave
comissão de valores mobiliários , resolução CVM nº 175 , fundos de investimento , responsabilidade limitada , securities commission , CVM resolution no. 175 , investment funds , limited liability