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Master's Dissertation
DOI
https://doi.org/10.11606/D.2.2018.tde-17092020-152253
Document
Author
Full name
Bruna Pires de Campos Bellotto
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2018
Supervisor
Committee
Penteado, Mauro Rodrigues (President)
Caminha, Uinie
Pugliesi, Adriana Valéria
Sztajn, Rachel
Title in Portuguese
Termos de compromisso celebrados pela Comissão de Valores Mobiliários: análise dos instrumentos firmados entre 2009 e 2014
Keywords in Portuguese
Acordo substitutivo de processo
Mercado de valores mobiliários
Processo administrativo
Termo de compromisso
Abstract in Portuguese
Esta dissertação propõe-se a avaliar o termo de compromisso e sua aplicação prática pela Comissão de Valores Mobiliários. São tratados os fundamentos e normas disciplinadoras do termo de compromisso, buscando contextualizá-lo como mecanismo consensual e, de forma mais específica, como acordo substitutivo dos processos administrativos na atuação sancionadora estatal no âmbito do mercado de valores mobiliários. O trabalho expõe, ainda, análises empíricas dos termos de compromisso firmados pela Comissão de Valores Mobiliários entre os anos de 2009 e 2014. Com a exposição dos resultados, obtidos por meio da sistematização e do exame de dados divulgados pela Comissão de Valores Mobiliários e relativos aos acordos, busca-se identificar as características e distinções do efetivo emprego do mecanismo, procurando-se, dessa forma, compreender a realidade prática do termo de compromisso e das circunstâncias usuais de sua aprovação pela entidade reguladora do mercado de valores mobiliários. Quando possível, buscou-se, com base nas observações do estudo, introduzir cognições sobre possíveis margens para o aprimoramento do mecanismo.
Title in English
Settlement agreements entered into by the Securities and Exchange Commission of Brazil: analysis of the agreements executed between 2009 and 2014
Keywords in English
Administrative proceeding
Consent decree
Securities market
Settlement agreement
Substitutive agreement
Abstract in English
This essay proposes to address settlement agreements (termos de compromisso) and their actual enforcement by the Securities and Exchange Commission of Brazil (Comissão de Valores Mobiliários). The analysis of the fundamentals of such settlement agreements and the legal rules governing them aims to place the settlement agreement as a consensual mechanism and, more specifically, a substitute for the traditional administrative sanctioning proceedings carried out by the Securities and Exchange Commission of Brazil. The research also includes an empirical analysis of the settlement agreements executed between 2009 and 2014. The findings are a result of systematization and analysis of data relating to such agreements, as disclosed by the Securities and Exchange Commission of Brazil, and have the purpose of identifying features and specifications of the actual use of the mechanism in the securities market, thereby, learning the practical reality of the settlement agreements and the customary circumstances of their approval by the Securities and Exchange Commission of Brazil. Whenever viable, initial impressions regarding possible improvement of the mechanism were also introduced.
 
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Release Date
2022-09-17
Publishing Date
2021-04-06
 
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