A autorregulação do mercado de valores mobiliários brasileiro: a coordenação do mercado por entidades profissionais privadas

• Ano de defesa: 2012
• Autor(a) principal: Adriano Augusto Teixeira Ferraz
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal de Minas Gerais; UFMG
• Palavras-chave em Português: Confiança; Mercado de valores mobiliários; Autorregulação; Profissão; Bolsas de mercadorias e futuros e associações profissionais; Bolsas de valores; Direito
• Link de acesso: http://hdl.handle.net/1843/BUOS-8XNLXN

The objective of this study is to analyze the phenomenon of self-regulation of Brazilian securities market. The economy coordination is conduct together by the State through regulation; the market through competition, and Professional Private Entities (generally associations) through self-regulation. The economy coordination conducted onlyby the State is unable to regulate all matters inherent to this system, in view of the enormous complexity of contemporary society. This requires a link between these forms of coordination for the confidence of economic agents is protected. This protection is essential to maintain the securities market, should be the main objective of the coordination of this subsystem. In this sense, self-regulation appears to be the appropriate form of market coordination in professional issues, which are observed in a given group of people that share technical and ethical in the exercise of a craft. The self-regulation is carried by the professionals who workat self-regulated segments, through private professional organizations, and they are best qualified to dispense a technical approach to the issues that need to be treated, they have greater sensibility to ethical issues involved and they have greater legitimacy in defining rulesand standards to be imposed on the group. Thus, self-regulation has an immense field of development in the securities market, considering that this subsystem is characterized by its high professional nature. The self-regulation can arise in two ways: through influence of the State or on a voluntary basis by adhering to the rules of a particular private professionalentity. In the first form, the entity uses the powers granted by the State in its function of selfregulation, in the second form the authority stems from the contractual relationship established with its members. There are, however, the possibility of abuse in the self regulation (eg, conflict of interest), and in these hypotheses the State regulation shouldintervene to prevent distortions and ensure the confidence of economic agents in the securities market.