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Master's Dissertation
DOI
https://doi.org/10.11606/D.2.2019.tde-10072020-144337
Document
Author
Full name
Bárbara Cardoso Musacchio
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2019
Supervisor
Committee
Franca, Erasmo Valladao Azevedo e Novaes (President)
Adamek, Marcelo Vieira von
Tannous, Thiago Saddi
Vidal Neto, Ademar
Title in Portuguese
A tutela coletiva dos investidores no mercado de capitais brasileiro (Lei nº 7.913, de 7 de dezembro de 1989)
Keywords in Portuguese
Direito Comercial
Lei nº 7.913/89
Mercado de capitais
Tutela coletiva
Abstract in Portuguese
O presente trabalho teve como objeto a análise da ação prevista na Lei no 7.913/89, de modo a (i) verificar se esta, tal como normatizada atualmente, é um meio adequado e/ou eficaz para a tutela coletiva dos interesses e direitos dos investidores do mercado de capitais brasileiro; e (ii) identificar os motivos pelos quais tal lei vem sendo (pelo menos aparentemente) pouco utilizada no país, propondo, se o caso, mecanismos de lege lata e/ou lege ferenda para disseminar a sua aplicação. Buscou-se analisar os contextos político, social e econômico referentes à evolução da tutela coletiva de interesses e direitos no Brasil, notadamente o advento da Lei no 7.913/89, explicitando as justificativas utilizadas pelo legislador pátrio para a sua promulgação. Antes de se analisar a matéria sob o prisma do direito brasileiro, passou-se ao estudo do tratamento conferido às class actions (utilizadas como inspiração para a criação da Lei no 7.913/89) na defesa coletiva dos investidores nos Estados Unidos da América. Em seguida, abordaram-se os tratamentos legislativo, doutrinário e jurisprudencial dispensados à matéria, abrangendo os conceitos gerais, características, contornos e problemas envolvendo a tutela dos investidores no mercado de capitais brasileiro, bem como os principais pontos de controvérsia identificados, incluindo questões como: (i) a natureza da ação prevista na Lei no 7.913/89; (ii) a natureza dos interesses e direitos tutelados pela Lei no 7.913/89; (iii) os destinatários da proteção legal; (iv) a abrangência do conceito de "mercado" para os fins de aplicação da Lei no 7.913/89; (v) as condutas abarcadas pela Lei no 7.913/89 e os danos que esta visa a coibir/reparar; (vi) os legitimados ativos e passivos da ação prevista na Lei no 7.913/89 e os respectivos regimes de responsabilização; e (vii) o papel da CVM no âmbito da aplicação da Lei no 7.913/89. Durante a análise, (i) compararam-se brevemente os modelos brasileiro e norteamericano, de sorte a verificar se, e em que medida, elementos do modelo norte-americano poderiam contribuir para a interpretação do modelo brasileiro; e (ii) analisaram-se aspectos específicos do Anteprojeto, cujo propósito é disciplinar a ação civil pública para a tutela de interesses difusos, coletivos (stricto sensu) e individuais homogêneos, revogando, entre outros, a LACP, e o art. 3o da Lei no 7.913/89 - que prevê a aplicação da LACP, no que aplicável, àquela lei, e seus reflexos na Lei no 7.913/89.
Title in English
Collective redress of investors in the Brazilian Securities Market (Law No. 7,913, of December 7, 1989)
Keywords in English
Collective Redress
Corporate Law
Law 7913/89
Securities Market
Abstract in English
This thesis examines the "public civil action" (ação civil pública) provided for in Law 7913/89, to (i) determine if it is a sufficient or effective mechanism for the protection of the collective interests of investors in the Brazilian securities market, and (ii) identify the reasons that the legislation has been little used in Brazil (apparently, at least), and to propose ways of promoting use of the public civil action, through mechanisms under new or current legislation. We analyze the political, social and economic contexts in which the protection of the collective interests and rights of investors in Brazil evolved, notably the introduction of Law 7913/89, and examine the reasons given by the legislator for adopting that legislation. Before looking at collective redress in light of Brazilian law, we consider the role of class actions (which inspired Law 7913/89) in protecting the collective interests of investors in the United States. We then turn to the question of how collective redress for investors has been treated in the legislation, by scholars, and by the courts in Brazil, studying the general concepts, characteristics, and contours of investor protection in the Brazilian securities market. We identify the main controversial questions, including: (i) the nature of the action provided for in Law 7913/89; (ii) the nature of the interests and rights protected by Law 7913/89, (iii) the intended beneficiaries of Law 7913/89, (iv) the scope of the concept of "market" for the purpose of applying Law 7913/89, (v) the conduct contemplated by Law 7913/89 and the losses that it is intended repair/suppress, (vi) the parties that have standing to sue and be sued under Law 7913/89, and the rules governing their liability, and (vii) the role of the Brazilian securities regulator (the CVM) in applying Law 7913/89. In our analysis, we (i) present a brief comparison of the Brazilian and American models, to determine if, and to what extent, elements of the American model can contribute to understanding the Brazilian model, and (ii) examine specific aspects of a Bill that would govern collective actions for the protection of group rights generally, and would repeal the current Public Civil Actions Law (which applies to actions under Law 7913/89), and the consequences of that Bill for Law 7913/89.
 
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Publishing Date
2020-07-28
 
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