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As repercussões da regulamentação do equity crowdfunding no direito societário
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O presente trabalho “As Repercussões da Regulamentação do Equity Crowdfunding no Direito Societário: Uma Análise na Ótica das Legislações Portuguesa e Brasileira” tem como propósito analisar as principais repercussões que emanam da regulação do equity crowdfunding nos ordenamentos jurídicos brasileiro e português. Para tanto, serão abordados pontos cruciais trazidos pelas legislações em comento na tratativa dessa recente modalidade de financiamento colaborativo, traçando, ainda, paralelos pertinentes com outros ramos do Direito, a exemplo das legislações societárias e de valores mobiliários, devido à extrema afinidade em que se correlacionam. Nessa perspectiva, como poderá ser visto no decorrer do presente trabalho, o equity crowdfunding apesar de ter sido regulado recentemente em ambos os ordenamentos em estudo, já era uma prática que vinha sendo praticada, sobretudo, por empresas de pequena dimensão, com capacidade econômico-financeira bastante reduzida, por ainda estarem em fase embrionária de desenvolvimento, limitando, assim, as oportunidades de acesso ao mercado tradicional de financiamento. Nesse sentido, foi em virtude da expansão dessa modalidade de financiamento no mercado e, sobretudo, dos problemas atrelados à inexistência de regulação específica ante os sujeitos intervenientes nesse processo – sociedade investida, plataformas eletrônicas e investidores – e das fortes pressões advindas dos mercados nacionais que foram criadas as legislações em estudo tendo, como premissas básicas, exemplificativamente, a previsão de medidas que pudessem minimizar os riscos de fraude atrelados à presente atividade e de perda do investimento pelos investidores, a criação de limites máximos de investimento por estes, assim como a sujeição de deveres às sociedades gestoras da plataforma e aos beneficiários. Nessa ótica, em análise a tais legislações, também serão apontados no presente trabalho algumas controvérsias que foram identificadas e que merecem ser suprimidas ou revisitadas pelo legislador a fim de garantir a máxima efetividade da atividade nos sistemas em investigação e, em paralelo às indefinições normativas, as lacunas que ainda permanecem na regulação do presente tema, ocasionando, a nosso ver, fragilidades para os sujeitos em jogo, sobretudo, para os investidores.
The present work entitled "The Repercussions of Equity Crowdfunding Regulation on Corporate Law: An Analysis from the Perspective of Portuguese and Brazilian Legislation" aims to assess the main repercussions that emanate from the regulation of equity crowdfunding in Brazilian and Portuguese legal systems. In this context, relevant factors associated by the legislation aforementioned will be analyzed in the treatment of this recent type of collaborative financing. Furthermore, the exposing of relevant parallels with other branches of law will be presented, such as corporate and securities laws, due to the extreme affinity in which correlate. In this regard, as will be seen in the course of this present work, notwithstanding having recently been regulated in both systems under study, equity crowdfunding was already a method that was being practiced, especially by small companies with economic-financial instability, as they were still in the embryonic stage of development, thus limiting the opportunities for access to the traditional financing market. Therefore, it was due mainly to the expansion of this type of financing in the market, the problems related to the absence of specific regulation to the subjects involved in this process - invested society, electronic platforms and investors - and the severe pressures originated by the national markets that the laws under study were created. The laws embrace basic premises, as the provision of measures that could minimize the risks of fraud linked to the present activity and loss of investment by investors, the creation of maximum investment limits by them, as well as the subjecting duties to platform management companies and beneficiaries. From this perspective, in the analysis of such legislation, some controversies that have been identified and that deserve to be suppressed or revisited by the legislator will also be evaluated in the present work in order to guarantee the maximum effectiveness of the activity in the systems under investigation. Additionally, in parallel to the normative vagueness, is expected to fulfill the gaps that still remain in the regulation of this theme, which promotes, in my view, risks for the subjects exposed, especially investors.
The present work entitled "The Repercussions of Equity Crowdfunding Regulation on Corporate Law: An Analysis from the Perspective of Portuguese and Brazilian Legislation" aims to assess the main repercussions that emanate from the regulation of equity crowdfunding in Brazilian and Portuguese legal systems. In this context, relevant factors associated by the legislation aforementioned will be analyzed in the treatment of this recent type of collaborative financing. Furthermore, the exposing of relevant parallels with other branches of law will be presented, such as corporate and securities laws, due to the extreme affinity in which correlate. In this regard, as will be seen in the course of this present work, notwithstanding having recently been regulated in both systems under study, equity crowdfunding was already a method that was being practiced, especially by small companies with economic-financial instability, as they were still in the embryonic stage of development, thus limiting the opportunities for access to the traditional financing market. Therefore, it was due mainly to the expansion of this type of financing in the market, the problems related to the absence of specific regulation to the subjects involved in this process - invested society, electronic platforms and investors - and the severe pressures originated by the national markets that the laws under study were created. The laws embrace basic premises, as the provision of measures that could minimize the risks of fraud linked to the present activity and loss of investment by investors, the creation of maximum investment limits by them, as well as the subjecting duties to platform management companies and beneficiaries. From this perspective, in the analysis of such legislation, some controversies that have been identified and that deserve to be suppressed or revisited by the legislator will also be evaluated in the present work in order to guarantee the maximum effectiveness of the activity in the systems under investigation. Additionally, in parallel to the normative vagueness, is expected to fulfill the gaps that still remain in the regulation of this theme, which promotes, in my view, risks for the subjects exposed, especially investors.
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Valores mobiliários Captação de recursos Financiamentos Regulamentação Portugal Brasil Teses de mestrado - 2021