O papel da legislação como repressor do insider trading no mercado de capitais brasileiro

Abstract

Given the importance of the presence of a robust capital market for the socioeconomic development of a country, it is necessary to be alert about its inspection and regulation, in order to curb practices that are harmful to the market and, consequently, to society. In this perspective, the present work aims to analyze the role of legislation as a repressor of one of these practices in the Brazilian capital market: insider trading. This analysis will be carried out through a narrative review, from the legislative, jurisprudential and doctrinal literature on the subject, exposing, even, emblematic practical cases. The study will address issues that demonstrate the importance of information as a basis for decision-making in the market, such as corporate governance, definition of material fact and the duties of the administrator. With regard to regulation, the study presents a legislative panorama that starts from the first established norms and reaches the present day, with a more advanced level of inspection and regulation. Furthermore, about insider trading itself, this study explains: its definition; the categories of illicit agent; administrative, civil and criminal liability; the importance of the Securities and Exchange Commission and discusses the evidential evidence. In view of the above, it was concluded that, in Brazil, there has been a great advance in the regulatory development of the capital market, which has several mechanisms to detect and prevent the practice of improper use of privileged information, or insider trading. In addition to the normative forecast, compliance, education and corporate governance practices, for example, are essential preventive means to protect investors and the securities market against illicit, which is the object of this study.