O dever de informação e de transparência no mercado de capitais e o meio ambiente: regulação e autorregulação do disclosure ambiental no Brasil

• Ano de defesa: 2022
• Autor(a) principal: Mello, Leon Simões de
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Direito de informação; Mercado de capitais; Avaliação de riscos ambientais; Proteção ambiental; Empresas; Mercado de valores mobiliários
• Link de acesso: http://www.repositorio.ufc.br/handle/riufc/67815

The present work seeks to analyze, in its legal domain, the duty of providing information on environmental issues within the Brazilian capital market, for that purpose carrying out an investigation of the national legal system and the specialized doctrine in relation to the subject, through a bibliographic, analytical and descriptive study of the matter. Aiming at a better investigation of the theme, the study covered the examination of the history and functions of the duty of information in the capital market, as well as the need for transparency of companies participating in the securities market in relation to business risks, which includes the contingencies and environmental problems of the economic activity. The study also investigated the environmental theme from the perspective of the growing concern of public agents and market players regarding the matter, especially in relation to the pressure directed at publicly held companies. The CVM's role in regulating and inspecting information disclosure in the market, the legislation itself and the CVM's infralegal regulation in relation to the duty of transparency were dissected, demonstrating the existence of specific norms regarding environmental disclosure in the Brazilian legal system, especially through the informational mechanisms of the reference form, the issuance prospectus and the obligation to disclose a material act or fact. It was discussed how the recent regulation of the CVM promoted a policy to encourage the publication of environmental reports by publicly held companies, which must disclose them or must explain the non-disclosure. Furthermore, the examination of self-regulation, which is an important field of standardization of the subject, due to its novelty and decentralization, was deepened in relation to private initiatives, as well as the international regulatory and self-regulatory practices on the matter. Finally, it was concluded that the CVM establishes disclosure norms regarding the environmental risks of companies; however, it chose not to establish strict and binding guidelines on environmental disclosure through specific informational documents, preferring to encourage the practice on a voluntary basis, to be carried out in conjunction with other self-regulatory rules.