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Short selling : a venda a descoberto
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Esta dissertação integra o percurso de frequência do Mestrado Profissionalizante de Ciências Jurídico-Empresariais, no qual se pretendeu o estudo e aprofundamento de várias matérias jurídicas que regulam diferentes aspectos das sociedades comerciais. Essas sociedades comerciais podem ter uma natureza distinta e funcionar através dos mais diferentes mercados. O ramo dos valores mobiliários é dos aspectos mais relevantes quando se está a falar de sociedades comerciais, porquanto tratam de que forma os investidores podem participar e intervir na vida societária. Esta dissertação versa sobre a intervenção dos investidores em sociedades cotadas no mercado, nomeadamente por vida das vendas curtas. Investigamos e aprendemos que tipo de venda de instrumentos financeiros são as vendas curtas, como se processa uma venda curta e quais os seus efeitos no mercado. Procuramos também olhar para quais os efeitos que as vendas curtas têm nos mercados financeiros, por forma a conseguir determinar se devem as vendas curtas, e em particular as vendas a descoberto serem proibidas. Partindo de cenário de crise financeira que se agravou em 2008, podemos encontrar toda uma corrida à regulação das vendas curtas nos vários ordenamentos jurídicos europeus e não só. Uma matéria que até a essa data era tão levianamente regulada passou a tornar-se numa prioridade para os governos e responsáveis pela área financeira. Deste modo, e porque os estados assim o exigiam, a união europeia fez aprovar um regulamento que define e harmoniza a regulação das vendas a descoberto nos estados membros, ao mesmo tempo que confere mais poderes às entidades nacionais responsáveis pelo sector dos mercados financeiros para emitirem e aplicarem instruções vinculativas.
This dissertation is part of the course of Professional Master's Degree in Legal-Business Sciences, in which it was intended to study and deepen several legal matters that regulate different aspects of commercial companies. These trading companies can have a distinct nature and operate across the most diverse markets. The securities business is one of the most important aspects when talking about commercial companies, since they deal with the ways investors can participate and intervene in corporate life. This dissertation deals with the intervention of investors in companies listed on the market, namely for short sales life. We investigated and learned what kind of sales of financial instruments are short sales, how a short sale is made and what are their effects on the market. We also looked at what effects short sales have on the financial markets, in order to determine whether short sales, in particular naked short sales, should be prohibited. Starting from the scenario of financial crisis that worsened in 2008, we can find a whole race to regulate short sales in the various European legal systems and beyond. A matter that until that date was so lightly regulated became a priority for governments and those responsible for the financial area. The European Union has therefore adopted a regulation which defines and harmonises the regulation of short selling in member states, while giving more powers to the national financial market authorities to issue And apply binding instructions.
This dissertation is part of the course of Professional Master's Degree in Legal-Business Sciences, in which it was intended to study and deepen several legal matters that regulate different aspects of commercial companies. These trading companies can have a distinct nature and operate across the most diverse markets. The securities business is one of the most important aspects when talking about commercial companies, since they deal with the ways investors can participate and intervene in corporate life. This dissertation deals with the intervention of investors in companies listed on the market, namely for short sales life. We investigated and learned what kind of sales of financial instruments are short sales, how a short sale is made and what are their effects on the market. We also looked at what effects short sales have on the financial markets, in order to determine whether short sales, in particular naked short sales, should be prohibited. Starting from the scenario of financial crisis that worsened in 2008, we can find a whole race to regulate short sales in the various European legal systems and beyond. A matter that until that date was so lightly regulated became a priority for governments and those responsible for the financial area. The European Union has therefore adopted a regulation which defines and harmonises the regulation of short selling in member states, while giving more powers to the national financial market authorities to issue And apply binding instructions.
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Instrumento financeiro Mercado financeiro Regulação Venda a descoberto Direito à informação Sociedade anónima Sociedade por quotas Teses de mestrado - 2018