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Master's Dissertation
DOI
10.11606/D.2.2014.tde-04032015-083153
Document
Author
Full name
Taimi Haensel
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2014
Supervisor
Committee
Pela, Juliana Krueger (President)
Simão Filho, Adalberto
Vercosa, Haroldo Malheiros Duclerc
Title in Portuguese
A figura dos gatekeepers: aplicação às instituições intermediárias do mercado organizado de valores mobiliários brasileiro
Keywords in Portuguese
Instituições financeiras
Mercado de capitais
Mercado financeiro
Abstract in Portuguese
O presente estudo versa sobre a caracterização de certos profissionais e instituições do mercado de valores mobiliários como gatekeepers. Trata-se de figura construída no Direito estadunidense, tendo os debates sobre o assunto ganhado força após as duas crises financeiras norte-americanas dos anos 2000. Em breves linhas, a atuação dos gatekeepers consiste na imposição de deveres de acompanhamento, fiscalização e de observância do ordenamento jurídico, a serem cumpridos pelos profissionais e instituições que prestam serviços a emissores e a investidores no mercado de valores mobiliários, sob pena de responsabilização. A justificativa para o acréscimo de deveres a tais profissionais e instituições, além daqueles intrínsecos ao exercício regular de suas atividades, é a elaboração de uma estratégia de regulação mais eficiente para o mercado de valores mobiliários, tanto com escopo de prevenção quanto de aplicação de sanções por ilicitudes. Partindo da experiência norte-americana, averiguamos como, no Brasil, as corretoras, as distribuidoras e os agentes autônomos de investimento, em sua atividade de intermediação de operações entre investidores no mercado secundário, em bolsa ou em balcão organizado (considerados como mercados organizados pela regulamentação nacional), comportam-se como gatekeepers na forma da lei e das decisões administrativas. Por fim, verificamos os pontos de convergência e de diferença entre o emprego dos gatekeepers no Direito brasileiro em relação ao que se discute sobre o tema em seu regime jurídico de origem
Title in English
The characterization as gatekeepers: application to the Brazilian organized securities market intermediaries
Keywords in English
Intermediary institutions
Organized market
Securities market
Abstract in English
The instant study addresses the characterization of certain securities market professionals and institutions as gatekeepers. It considers the construction made by United States Law, having the debates over the issue being amplified after the two financial crises faced by this country in the 2000s. Briefly, gatekeeper performance consists of the imposition of surveillance, inspecting and compliance duties, to be observed by the professionals and institutions that provide services to issuers and investors in the securities market, under the threat of liability. The rational under the addition of duties to the aforementioned professionals and institutions lies in the design of a more efficient regulation strategy for securities market, aiming to enhance prevention as well as enforcement. Considering the findings of United States Law on the subject, this study investigates how, in Brazil, brokers, dealers and tied investment agents, in their service providing activities of intermediating transactions between investors in secondary markets, either in exchange or in over the counter systems (deemed as organized markets under Brazilian regulations), conduct themselves as gatekeepers as required by law and by administrative rulings. Lastly, it analyses the contact points as well as well as the differences between the employment of gatekeepers in Brazilian Law, pursuant to the debates held under its original legal system
 
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Release Date
2019-03-03
Publishing Date
2015-03-05
 
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