Equity options e o regime da imputação de direitos de voto

• Autor(a) principal: Saccone, Fabiano
• Data de Publicação: 2019
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10362/57493
• topic: equity options; derivados financeiros; imputação de direitos de voto; ações; cômputo de participações qualificadas; decoupling; atuação em concertação; hidden (morphable) ownership; imputing voting rights; financial derivatives; shares; calculation of major holdings; acting in concert; Direito

The holding of long positions in equity options may raise serious doubts concerning the delimitation of legal and economic ownership over the underlying shares of this financial derivative. The decoupling between legal and economic ownership also operates at the level of the voting rights that are implicit in these contracts, which is why, in the calculation of major holdings, the system of imputation of voting rights enshrined in article 20 CVM, under the indirect imputation situations provided for in paragraph 1, lays down the possibility of equity options to serve as a basis for imputation, within the scope of als. e) and i) of paragraph 1, article 20 of the CVM. The interpretative contextualization required by the imputation mechanism of voting rights demands that not all equity options can be considered as relevant agreements for the purposes of the underlying features of this scheme. It will be necessary to assess whether the implicit requirements are met for the imputation mechanism of voting rights, whether in relation to the ratio of als. (e) and (i) of paragraph 1, Article 20 of the CVM refers, either under the general clause of action in constant consultation of al. h) of paragraph 1, Article 20 of the CVM, or in the functional context itself for which the imputation mechanism is invoked.