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Doctoral Thesis
DOI
https://doi.org/10.11606/T.2.2020.tde-24032021-173901
Document
Author
Full name
Rafael Bianchini Abreu Paiva
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2020
Supervisor
Committee
Mendes, Rodrigo Octávio Broglia (President)
Forgioni, Paula Andrea
Prado, Viviane Muller
Souza Junior, Francisco Satiro de
Terra, Fábio Henrique Bittes
Yazbek, Otavio
Title in Portuguese
Deveres de informação e adequação: responsabilidade civil dos intermediários financeiros
Keywords in Portuguese
Dinheiro eletrônico
Instituição financeira
Mercado financeiro
Abstract in Portuguese
O objetivo desta tese é apresentar, em perspectiva comparada entre Brasil e União Europeia, quais deveres devem ser impostos aos intermediários financeiros para que seus clientes não profissionais adquiram produtos e serviços adequados aos seus conhecimentos, experiências, necessidades, objetivos e situação financeira e, em caso de descumprimento desses deveres, as hipóteses e a extensão da responsabilidade civil dos intermediários financeiros. Nesse sentido, a crise financeira internacional de 2008 foi um divisor de águas por evidenciar problemas na distribuição de diversos instrumentos financeiros e resultar em diversos processos administrativos e judiciais, bem como reação de reguladores em diferentes jurisdições. Este trabalho está dividido em quatro Capítulos, cuja estrutura é a seguinte: I. Processo decisório e mercados financeiros: 1. As decisões individuais segundo a Teoria Neoclássica; 2. Risco, retorno e a Hipótese dos Mercados Eficientes (HME); 3. Falhas de mercado; 4. Racionalidade limitada: vieses cognitivos e emocionais do processo decisório; 5. Agentes quase racionais e Hipótese da Instabilidade Financeira (HIF); II. Intermediação e inovações financeiras: 1. A atividade de intermediação financeira; 2. Inovações financeiras de primeira geração e ciclo de endividamento privado; 3. Inovações financeiras recentes: moeda eletrônica, pagamentos instantâneos, criptoativos e stablecoins; III. Deveres de informação e adequação (suitability): 1. Princípios gerais e recomendações das organizações internacionais; 2. Deveres de informação e adequação na União Europeia; 2.1. Antes da crise financeira de 2008; 2.2. Reformas a partir da crise financeira de 2008; 3. Deveres de informação e adequação no Brasil; 3.1 Crédito rotativo; 3.2 Jurisprudência; 3.3 Decisões da CVM; IV. Responsabilidade civil. Considerações finais.
Title in English
Information and suitability requirements: liability of financial intermediaries
Keywords in English
Complex financial products
Cryptoassets
Cryptocurrencies
E-money
Financial innovations
Financial institutions
Stablecoins
Suitability
Abstract in English
The purpose of this thesis is to present, in a comparative perspective between Brazil and the European Union, which duties should be imposed on financial intermediaries so that their non-professional clients acquire products and services that are suitable for their knowledge, experience, needs, objectives and financial situation. In the event of non-compliance with these duties, the hypothesis and the extent of financial intermediaries´ liability. In this sense, the international financial crisis of 2008 was a watershed because it highlighted problems in the distribution of various financial instruments and, consequently, many lawsuits, as well as regulators´ reaction in different jurisdictions. This thesis is divided into four chapters, structured as follows: I. Decision making and financial markets: 1. Individual decisions according to the Neoclassical Theory; 2. Risk, return and the Efficient Markets Hypothesis (EMH); 3. Market failures; 4. Bounded rationality: decision making´s cognitive and emotional biases; 5. Quasi-rational agents and Financial Instability Hypothesis (FIH); II. Financial intermediation and innovations: 1. The financial intermediation activity; 2. First generation financial innovations and private debt cycle; 3. Recent financial innovations: e-money, instant payments, cryptoassets and stablecoins; III. Duties of information and suitability: 1. General principles and recommendations from international organizations; 2. Suitability in the European Union; 2.1. Before the 2008 financial crisis; 2.2. Reforms from the 2008 financial crisis; 3. Suitability in Brazil; 3.1 Credit cards and overdraft; 3.2 Courts and suitability; 3.3 Suitability at CVM; 3.3 Considerations about decisions mentioning suitability; IV. Tort law. Final remarks.
 
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Release Date
2023-03-24
Publishing Date
2021-05-04
 
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