A carregar...
Publicação
Tutela do investidor perante o emitente no mercado de capitais : um modelo dinâmico de proteção
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 6.21 MB | Adobe PDF |
Orientador(es)
Resumo(s)
A tese fornece um modelo de tutela do investidor perante o emitente de valores mobiliários, que acompanha, em termos dinâmicos, os diversos momentos e fases do relacionamento no mercado. Estuda-se tanto o risco de deturpação do mecanismo de formação do preço por deficiências na informação (na entrada e negociação no mercado) como a perda de negociabilidade dos instrumentos financeiros (decorrente da saída do mercado). O modelo construído alicerça-se em fundamentos financeiros e jurídicos: de um lado, e como ponto de partida, analisam-se as teorias económicas — como a teoria do mercado eficiente e a behavioral economics — que explicam a forma como a informação é incorporada nos preços de mercado; por outro lado, conclui-se que a integração no mercado (primário ou secundário), conjugada com a influência que a informação difundida (ou omitida) assume nos preços, gera um poder de ingerência danosa do emitente na posição do investidor. Assim se fundamenta a existência de uma relação especial entre ambos, não obstante o anonimato próprio dos mercados.
Adota-se uma conceção funcional da ligação especial no mercado de capitais, que afasta a relevância exclusiva do fator fiduciário como sua fonte. A esta luz, analisa-se os deveres legais de informação a cargo do emitente (o dever de publicar prospeto, de divulgar informação privilegiada ou ad hoc e periódica), determinando o seu alcance e sugerindo critérios de solução para os casos duvidosos. Configura-se estas imposições legais como deveres de proteção do investidor (sem dever de prestar principal), o que permite concluir pela natureza obrigacional da responsabilidade do emitente, e sustenta-se que a tutela civil se mantém aplicável, de modo a complementar a proteção decorrente da legislação mobiliária. Propõe-se a configuração dos pressupostos do dever de indemnizar e do ónus da sua demonstração à luz das premissas económicas e jurídicas do modelo. Finalmente, defende-se que a visão material da relação do investidor com o emitente, além de robustecer a responsabilidade civil no mercado de capitais, permite estabelecer os limites do sacrifício razoável ou exigível do investidor em caso de perda de negociabilidade dos instrumentos financeiros. Revê-se o sistema de tutela dos investidores nas hipóteses de saída do mercado (delisting ou operações public to private) com base no pressuposto de que se quebra a própria ligação especial com o emitente, tornando inexigível a manutenção na sociedade mesmo que a relação social com o acionista não seja atingida. A montante, pondera-se mecanismos tendentes a fomentar a entrada e manutenção da cotação em bolsa (v.g. voto duplo e ações de lealdade). Obtém-se, assim, com base no sistema, um modelo de resposta com capacidade construtiva material e de adaptação a novos problemas e situações, cruzando o direito dos valores mobiliários com o direito civil e societário.
The thesis provides a dynamic model of investor protection, monitoring the established connection between the issuer of securities and the investor throughout various stages and moments of the relationship which is borne on the market. The thesis addresses both the risk of market pricing misrepresentation arising from misinformation/information deficiencies on listing and trading, and the loss of tradability due to the removal of listed securities from a stock exchange (delisting). The proposed model has its roots on both financial and legal cornerstones. It reviews economic theories such as the efficient market theory and behavioral economics, with discussions on the role of information as a part of the market pricing process. In addition, it recognizes a power of harmful interference from the issuer over the investor, which results from the combination of trading on primary or secondary markets with the influence of disclosed or omitted information on market pricing. The above evidences a special relationship between issuer and investor, notwithstanding the anonymity that characterizes market exchanges. Additionally, the thesis conceptualizes and adopts a functional view of the said special relationship, rather than finding its origins on fiduciary constructions. In this context, the thesis reviews the issuer’s legal reporting obligations [e.g. to publish a prospectus, disclose inside information (ad hoc) or periodic information], looking to assess their scope and suggesting criteria to solve doubtful cases. Those legal obligations are configured as protection duties (without a primary duty to perform), thus supporting the obligational nature of the issuer’s liability. Consequently, the protection arising from securities law may be complemented by civil law. The basis for recovery of damages and its burden of proof are outlined from this economic and legal perspective. Accordingly, the adopted view of the investor-issuer relationship delimits the investor's position in the event of loss of tradability and strengthens civil liability in capital markets. The thesis revises the system of investor protection on delisting/public to private transactions, based on the assumption that in such cases there is a breach of the investor-issuer special relationship and therefore it shall not be required that the investor remains as a shareholder, notwithstanding the fact that the status socii is unaffected by the operation. Consideration is given to mechanisms aimed at encouraging listing of securities (e.g. multiple voting and loyalty shares). As a result, the thesis outlines an investor protection model, with the ability to adjust to new problems and situations, crossing securities law with civil and corporate law.
The thesis provides a dynamic model of investor protection, monitoring the established connection between the issuer of securities and the investor throughout various stages and moments of the relationship which is borne on the market. The thesis addresses both the risk of market pricing misrepresentation arising from misinformation/information deficiencies on listing and trading, and the loss of tradability due to the removal of listed securities from a stock exchange (delisting). The proposed model has its roots on both financial and legal cornerstones. It reviews economic theories such as the efficient market theory and behavioral economics, with discussions on the role of information as a part of the market pricing process. In addition, it recognizes a power of harmful interference from the issuer over the investor, which results from the combination of trading on primary or secondary markets with the influence of disclosed or omitted information on market pricing. The above evidences a special relationship between issuer and investor, notwithstanding the anonymity that characterizes market exchanges. Additionally, the thesis conceptualizes and adopts a functional view of the said special relationship, rather than finding its origins on fiduciary constructions. In this context, the thesis reviews the issuer’s legal reporting obligations [e.g. to publish a prospectus, disclose inside information (ad hoc) or periodic information], looking to assess their scope and suggesting criteria to solve doubtful cases. Those legal obligations are configured as protection duties (without a primary duty to perform), thus supporting the obligational nature of the issuer’s liability. Consequently, the protection arising from securities law may be complemented by civil law. The basis for recovery of damages and its burden of proof are outlined from this economic and legal perspective. Accordingly, the adopted view of the investor-issuer relationship delimits the investor's position in the event of loss of tradability and strengthens civil liability in capital markets. The thesis revises the system of investor protection on delisting/public to private transactions, based on the assumption that in such cases there is a breach of the investor-issuer special relationship and therefore it shall not be required that the investor remains as a shareholder, notwithstanding the fact that the status socii is unaffected by the operation. Consideration is given to mechanisms aimed at encouraging listing of securities (e.g. multiple voting and loyalty shares). As a result, the thesis outlines an investor protection model, with the ability to adjust to new problems and situations, crossing securities law with civil and corporate law.
Descrição
Palavras-chave
tutela do investidor ligação especial deveres de informação do emitente responsabilidade civil do emitente saída do mercado investor protection special relationship issuer’s reporting obligations civil liability of the issuer delisting