Insider trading: o uso do compliance como ferramenta de repressão à manipulação do mercado de capitais
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Tipo
TCC
Data de publicação
2021-06
Periódico
Citações (Scopus)
Autores
Castro, Aurea Cristina
Orientador
Ramunno, Pedro Alves Lavacchini
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Resumo
Com este trabalho apresentamos uma das patologias do mercado de capitais, o ilícito insider trading representa elevado potencial danoso aos mercados de todo o mundo, em solo Pátrio não seria diverso, o ilícito acomete as relações negociais, gerando relevantes impactos na confiança dos agentes de mercado e de toda sociedade. O uso de informação privilegiada e a decorrente manipulação do mercado em benefício próprio ou de terceiro resulta no prejuízo imediato de investidores, na mesma medida que, gera descrédito aos demais agentes de mercado que visam comprar, vender ou reter valores. Diante do insider trading, temos nítida lesão à livre concorrência e declínio da soberania nacional. Por esta razão o implemento da normativa nacional Lei nº. 6.404/76, Instrução da CVM n.º622/20, e demais regulamentações que serão expostas ao longo desta obra, propiciaram o combate ao insider trading, consagrando repressão tríplice, nas esferas do Poder Administrativo, Poder Penal e Responsabilização Civil aos insiders que negociam munidos da ciência indevida da informação relevante e sigilosa. Nesta obra, elucidaremos uma breve evolução histórica, estabelecendo compreensão da prática do insider trading e seus efeitos aos investidores, mercado de capitais e toda sociedade, adentrando na regulamentação jurídica do tema, nas três esferas Administrativa, Civil e Penal. Por fim, se apresenta o relevante implemento do compliance nas instituições de investimento, enaltecendo práticas de Governança Corporativa, a fim de que, se venha implementar ambiente idôneo, transparente e munido de informação simétrica, para com negociações de valores mobiliários, além de se mitigar o descumprimento das regulamentações aplicáveis por parte das instituições, protegendo assim investidores e contribuindo para consolidação de um mercado sustentável.
Herein, we present one of the pathologies of the capital market, the illicit insider trading represents a high potential damage to markets all over the world, in Brazil it would not be different, the illicit affects business relations, impacting directly the market agents´ trust and society alike. The use of privileged information and the resulting manipulation of the market for one's own benefit or for the benefit of a third-party results in the immediate loss of investors, as well as discrediting other market agents that aim to buy, sell or retain securities. In the face of insider trading there is evident damage to free competition and decline in national sovereignty. For this reason, the implementation of the national legislation Law n.º 6.404/76, CVM Instruction n.º 622/20, and other regulations that will be exposed throughout this work, propitiated the repression against insider trading, establishing a triple repression, in the spheres of Administrative Power, Criminal Power and Civil Liability to the insider who trades with undue knowledge of relevant and confidential information. In this work, we will elucidate a brief historical evolution, establishing an understanding of the practice of insider trading and its effects on investors, capital markets and society as a whole by approaching the legal regulation of the theme, in the three administrative, civil and criminal spheres. Finally, the relevant implementation of compliance in investment institutions is presented; praising Corporate Governance practices in order to implement a suitable and transparent environment provided with symmetrical information for the negotiation of securities, in addition to mitigating non-compliance with the applicable regulations by institutions thus protecting investors and contributing to the consolidation of a sustainable capital market.
Herein, we present one of the pathologies of the capital market, the illicit insider trading represents a high potential damage to markets all over the world, in Brazil it would not be different, the illicit affects business relations, impacting directly the market agents´ trust and society alike. The use of privileged information and the resulting manipulation of the market for one's own benefit or for the benefit of a third-party results in the immediate loss of investors, as well as discrediting other market agents that aim to buy, sell or retain securities. In the face of insider trading there is evident damage to free competition and decline in national sovereignty. For this reason, the implementation of the national legislation Law n.º 6.404/76, CVM Instruction n.º 622/20, and other regulations that will be exposed throughout this work, propitiated the repression against insider trading, establishing a triple repression, in the spheres of Administrative Power, Criminal Power and Civil Liability to the insider who trades with undue knowledge of relevant and confidential information. In this work, we will elucidate a brief historical evolution, establishing an understanding of the practice of insider trading and its effects on investors, capital markets and society as a whole by approaching the legal regulation of the theme, in the three administrative, civil and criminal spheres. Finally, the relevant implementation of compliance in investment institutions is presented; praising Corporate Governance practices in order to implement a suitable and transparent environment provided with symmetrical information for the negotiation of securities, in addition to mitigating non-compliance with the applicable regulations by institutions thus protecting investors and contributing to the consolidation of a sustainable capital market.
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Palavras-chave
insider trading , informação privilegiada , compliance , mercado de capitais , capital markets , insider information