Insider trading – evolução do regime jurídico e causas da ineficiência ao combate do delito no Brasil
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Tipo
TCC
Data de publicação
2021-06
Periódico
Citações (Scopus)
Autores
Robattino, Lucca
Orientador
Silva, Ivan Luis Marques da
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Título de Volume
Membros da banca
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Resumo
O presente trabalho de conclusão de curso aborda o uso de informações privilegiadas - insider trading - no mercado de valores mobiliários e a evolução histórica das medidas adotadas para coibir a prática deste delito. Inicialmente, apresenta-se uma visão da evolução histórica do mercado de capitais mundial e brasileira. Após, aborda-se alguns dos conceitos fundamentais que permeiam a coduta do insider trading, como o de fato relevante, infomação privilegiada e dever de sigilo. Em seguida, discorre-se sobre a evolução do regime jurídico que combate a prática do ilícito em todas as esferas. Posteriormente, definir-se-á quem é o insider e a vítima do ilícito de acordo com diversas doutrinas. Na sequência, apresenta-se os meios de provas cabíveis para comprovar-se a prática do delito. No caso do insider trading tais provas precisam ser muito concretas e não meramente indiciárias. Após, apresentar-se-á o papel da Comissão de Valores Mobiliários – CVM, órgão regulador e fiscalizador do mercado de valores mobiliários brasileiro, no combate ao insider trading, bem como explanar-se-á os procedimentos, preventivos ou repreensivos, utilizados por ela neste combate. Por fim, aborda-se-á a causa da inefetividade da abordagem do insider trading no Brasil, causada principalmente pela dificuldade na produção de provas suficientes para a punição dos acusados.
The current conclusion graduation work paper adresses the use of privileged information – insider trading – in the financial market, the historical evolution of the measueres adopted to curb the practice of this crime, as well as the current and permanent difficulties of its repression. Initially, an overview of the historical evolution of the global capital market and the brazilian stock market is presented. Then, some of the fundamental concepts that pervade the insider trading code are adressed, such as the relevant fact, privileged information and duty of secrecy. Subsequently, it discusses the evolution of the legal regime that combats the practice of this ilicit activitie in all its branches. After that, the work determines, according to different doctrines, who is the insider and who is the victim of the illegal act. Thus, the appropriate means of evidence are presented to prove the practice of the offense. In case of insider trading, such evidence needs to be definite and very concrete, not merely indicative. Afterwards, it will be presented the role of the Brazilian Financial Market of Securities, Stocks and Exchange – CVM – the regulatory and supervisory agency of the brazilian capital market, in suppressing insider trading, as well as explained the preventive or reprehensible procedures used by the regulatory body in this fight. Finally, the cause of the ineffectiveness of the insider trading repressive approach in Brazil will be questioned, caused mainly by the difficulty in obtaining and producing sufficient evidence to punish the accused.
The current conclusion graduation work paper adresses the use of privileged information – insider trading – in the financial market, the historical evolution of the measueres adopted to curb the practice of this crime, as well as the current and permanent difficulties of its repression. Initially, an overview of the historical evolution of the global capital market and the brazilian stock market is presented. Then, some of the fundamental concepts that pervade the insider trading code are adressed, such as the relevant fact, privileged information and duty of secrecy. Subsequently, it discusses the evolution of the legal regime that combats the practice of this ilicit activitie in all its branches. After that, the work determines, according to different doctrines, who is the insider and who is the victim of the illegal act. Thus, the appropriate means of evidence are presented to prove the practice of the offense. In case of insider trading, such evidence needs to be definite and very concrete, not merely indicative. Afterwards, it will be presented the role of the Brazilian Financial Market of Securities, Stocks and Exchange – CVM – the regulatory and supervisory agency of the brazilian capital market, in suppressing insider trading, as well as explained the preventive or reprehensible procedures used by the regulatory body in this fight. Finally, the cause of the ineffectiveness of the insider trading repressive approach in Brazil will be questioned, caused mainly by the difficulty in obtaining and producing sufficient evidence to punish the accused.
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Palavras-chave
mercado de capitais , insider trading , uso de informação privilegiada , direito , capital market , use of privileged information , law