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Doctoral Thesis
DOI
https://doi.org/10.11606/T.2.2018.tde-08092020-023021
Document
Author
Full name
Fernando de Andrade Mota
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2018
Supervisor
Committee
Proença, José Marcelo Martins (President)
Cerezetti, Sheila Christina Neder
Prado, Viviane Muller
Guerreiro, Jose Alexandre Tavares
Najjarian, Ilene Patricia de Noronha
Pinto Junior, Mario Engler
Title in Portuguese
Abusos no mercado de capitais: conceituação e repressão pela Comissão de Valores Mobiliários
Keywords in Portuguese
Bolsa de valores
Direito Comercial
Insider trading
Manipulação de mercado
Mercado de capitais
Abstract in Portuguese
A tese explora as condutas usualmente consideradas abusivas nos mercados de valores mobiliários. Descreve diversas condutas indicadas pela doutrina e pela jurisprudência como potencialmente abusivas, aborda a conceituação pela Comissão de Valores Mobiliários e no direito comparado, com foco nos conceitos norte-americano e da União Europeia, e individualiza os elementos centrais destas condutas. As vantagens e desvantagens dos conceitos amplos usualmente empregados para definir tais condutas são analisadas de modo crítico, demonstrando a imprecisão das definições adotadas, que colocam em questão a própria justificativa para a delegação de competência para conceituar tais práticas. Para propor uma forma melhor de definição, são analisados os elementos que integram as condutas usualmente consideradas abusivas, bem como os fatores que influenciam os preços dos valores mobiliários e os mecanismos para sua fixação e modificação. À luz de tais considerações, é proposta uma nova classificação de potenciais abusos.
Title in English
Market abuse: definition and enforcement by the Brazilian Securities and Exchange Commission
Keywords in English
Capital Market
Commercial Law
Inside Trading
Market manipulation
Scholarship Values
Abstract in English
The thesis explores the conduct usually considered abusive in the securities markets. It describes several behaviors indicated by doctrine and jurisprudence as potentially abusive, addresses the conceptualization by the Brazilian Securities and Exchange Commission and comparative law, focusing on the concepts of the US and the European Union, and individualizes the central elements of these conduct. The advantages and disadvantages of the broad concepts usually employed to define such behaviors are analyzed in a critical way, demonstrating the imprecision of the definitions adopted, which call into question the very justification for delegating competence to conceptualize such practices. In order to propose a better form of definition, the elements that integrate the behaviors usually considered abusive, as well as the factors that influence the prices of the securities and the mechanisms for their fixation and modification are analyzed. In the light of these considerations, a new classification of potential abuse is proposed.
 
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Release Date
2022-09-08
Publishing Date
2020-12-04
 
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