Critical appraisal of the application of the consent decree as a regulatory instrument of capital market
Autor(a) principal: | |
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Data de Publicação: | 2016 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista do Direito Público |
Texto Completo: | https://ojs.uel.br/revistas/uel/index.php/direitopub/article/view/23020 |
Resumo: | Supported by literature research, document and data collection, it is carried out an approach to the legal regulation of capital market, based on the review of regulatory instrument known as consent decree. It was noticed that, in accordance with Article 11, § 5º of Law Nº. 6.385/76, the rules issued by Brazilian Securities and Exchange Comission (CVM), which governs administrative sanctioning proceedings in ordinary and summary rites, prescribe that, when summons to an accused, a warning they may propose a term of commitment will follow. Anyways, once an offer is accepted and an agreement is in place, it does not imply into a confession to the facts nor a recognition of the illicit nature of investigated conduct. As of the examination of already established administrative sanctioning proceedings between 2009 and 2014, it is found total number of 405 terms approved by the regulator, results that feature a wide use of this regulatory instrument. From all that is analyzed, it is concluded that, although such an agreement can be recognized as an important mechanism in the context of capital market regulation, its excessive use implies to a distortion of its purposes, of foundations of normative discipline of the market, and of the set of functions assigned to the CVM. |
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Critical appraisal of the application of the consent decree as a regulatory instrument of capital marketAnálise crítica da aplicação do termo de compromisso como instrumento regulatório do mercado de capitaiscapital marketregulationadministrative sanctioning proceedingsconsent decree.mercado de capitaisregulaçãoprocesso administrativo sancionadortermo de compromisso.Supported by literature research, document and data collection, it is carried out an approach to the legal regulation of capital market, based on the review of regulatory instrument known as consent decree. It was noticed that, in accordance with Article 11, § 5º of Law Nº. 6.385/76, the rules issued by Brazilian Securities and Exchange Comission (CVM), which governs administrative sanctioning proceedings in ordinary and summary rites, prescribe that, when summons to an accused, a warning they may propose a term of commitment will follow. Anyways, once an offer is accepted and an agreement is in place, it does not imply into a confession to the facts nor a recognition of the illicit nature of investigated conduct. As of the examination of already established administrative sanctioning proceedings between 2009 and 2014, it is found total number of 405 terms approved by the regulator, results that feature a wide use of this regulatory instrument. From all that is analyzed, it is concluded that, although such an agreement can be recognized as an important mechanism in the context of capital market regulation, its excessive use implies to a distortion of its purposes, of foundations of normative discipline of the market, and of the set of functions assigned to the CVM.Apoiado em pesquisa bibliográfica, documental e de levantamento de dados, realiza-se uma abordagem sobre a disciplina jurídica do mercado de capitais, tendo como base a análise crítica do instrumento regulatório conhecido como termo de compromisso (acordo susbtitutivo). Percebeu-se que, em conformidade com o art. 11, § 5º, da Lei nº 6.385/76, as normas regulatórias editadas pela CVM, que regem o processo administrativo sancionador nos ritos ordinário e sumário, prescrevem que, quando da intimação dos acusados, advirá a advertência de que estes poderão propor a celebração de termo de compromisso. Aceita a proposta e cumprido o acordo, este não importará confissão quanto à matéria de fato, nem reconhecimento de ilicitude da conduta analisada. Do exame dos PAS instaurados entre 2009 e 2014, chegou-se ao número total de 405 termos aprovados pelo órgão regulador, resultados que caracterizam uma acentuada utilização deste instrumento regulatório. Do que foi analisado, conclui-se que, embora o acordo possa ser compreendido como um importante mecanismo no âmbito da regulação do mercado de capitais, o seu uso demasiado implica em desvirtuamento de suas finalidades, dos fundamentos da disciplina normativa do mercado e do conjunto de funções atribuídas à CVM.Universidade Estadual de Londrina2016-04-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArtigo avaliado pelos Paresapplication/pdfhttps://ojs.uel.br/revistas/uel/index.php/direitopub/article/view/2302010.5433/1980-511X.2016v11n1p61Revista do Direito Público; v. 11 n. 1 (2016); 61-841980-511Xreponame:Revista do Direito Públicoinstname:Universidade Estadual de Londrina (UEL)instacron:UELporhttps://ojs.uel.br/revistas/uel/index.php/direitopub/article/view/23020/18823Copyright (c) 2016 Revista de Direito Públicoinfo:eu-repo/semantics/openAccessChaves, Vinicius FigueiredoSoares, Abel Rafael2016-05-19T13:57:16Zoai:ojs.pkp.sfu.ca:article/23020Revistahttps://www.uel.br/revistas/uel/index.php/direitopubPUBhttps://www.uel.br/revistas/uel/index.php/direitopub/oai||rdpubuel@uel.br1980-511X1980-511Xopendoar:2016-05-19T13:57:16Revista do Direito Público - Universidade Estadual de Londrina (UEL)false |
dc.title.none.fl_str_mv |
Critical appraisal of the application of the consent decree as a regulatory instrument of capital market Análise crítica da aplicação do termo de compromisso como instrumento regulatório do mercado de capitais |
title |
Critical appraisal of the application of the consent decree as a regulatory instrument of capital market |
spellingShingle |
Critical appraisal of the application of the consent decree as a regulatory instrument of capital market Chaves, Vinicius Figueiredo capital market regulation administrative sanctioning proceedings consent decree. mercado de capitais regulação processo administrativo sancionador termo de compromisso. |
title_short |
Critical appraisal of the application of the consent decree as a regulatory instrument of capital market |
title_full |
Critical appraisal of the application of the consent decree as a regulatory instrument of capital market |
title_fullStr |
Critical appraisal of the application of the consent decree as a regulatory instrument of capital market |
title_full_unstemmed |
Critical appraisal of the application of the consent decree as a regulatory instrument of capital market |
title_sort |
Critical appraisal of the application of the consent decree as a regulatory instrument of capital market |
author |
Chaves, Vinicius Figueiredo |
author_facet |
Chaves, Vinicius Figueiredo Soares, Abel Rafael |
author_role |
author |
author2 |
Soares, Abel Rafael |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Chaves, Vinicius Figueiredo Soares, Abel Rafael |
dc.subject.por.fl_str_mv |
capital market regulation administrative sanctioning proceedings consent decree. mercado de capitais regulação processo administrativo sancionador termo de compromisso. |
topic |
capital market regulation administrative sanctioning proceedings consent decree. mercado de capitais regulação processo administrativo sancionador termo de compromisso. |
description |
Supported by literature research, document and data collection, it is carried out an approach to the legal regulation of capital market, based on the review of regulatory instrument known as consent decree. It was noticed that, in accordance with Article 11, § 5º of Law Nº. 6.385/76, the rules issued by Brazilian Securities and Exchange Comission (CVM), which governs administrative sanctioning proceedings in ordinary and summary rites, prescribe that, when summons to an accused, a warning they may propose a term of commitment will follow. Anyways, once an offer is accepted and an agreement is in place, it does not imply into a confession to the facts nor a recognition of the illicit nature of investigated conduct. As of the examination of already established administrative sanctioning proceedings between 2009 and 2014, it is found total number of 405 terms approved by the regulator, results that feature a wide use of this regulatory instrument. From all that is analyzed, it is concluded that, although such an agreement can be recognized as an important mechanism in the context of capital market regulation, its excessive use implies to a distortion of its purposes, of foundations of normative discipline of the market, and of the set of functions assigned to the CVM. |
publishDate |
2016 |
dc.date.none.fl_str_mv |
2016-04-30 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Artigo avaliado pelos Pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://ojs.uel.br/revistas/uel/index.php/direitopub/article/view/23020 10.5433/1980-511X.2016v11n1p61 |
url |
https://ojs.uel.br/revistas/uel/index.php/direitopub/article/view/23020 |
identifier_str_mv |
10.5433/1980-511X.2016v11n1p61 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://ojs.uel.br/revistas/uel/index.php/direitopub/article/view/23020/18823 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2016 Revista de Direito Público info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2016 Revista de Direito Público |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Estadual de Londrina |
publisher.none.fl_str_mv |
Universidade Estadual de Londrina |
dc.source.none.fl_str_mv |
Revista do Direito Público; v. 11 n. 1 (2016); 61-84 1980-511X reponame:Revista do Direito Público instname:Universidade Estadual de Londrina (UEL) instacron:UEL |
instname_str |
Universidade Estadual de Londrina (UEL) |
instacron_str |
UEL |
institution |
UEL |
reponame_str |
Revista do Direito Público |
collection |
Revista do Direito Público |
repository.name.fl_str_mv |
Revista do Direito Público - Universidade Estadual de Londrina (UEL) |
repository.mail.fl_str_mv |
||rdpubuel@uel.br |
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1799305931484299264 |