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Ações Golden Share: limites do poder de veto (O veto estatal) / Golden Share: limits of power of veto (The state veto)Pavezi, Fabiano Esteves de Barros 12 August 2014 (has links)
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Previous issue date: 2014-08-12 / A dissertation submitted for completion of Master of Law focuses the analysis of "limits the power of veto actions Golden Share". The Constitution guarantees the right to private property and free enterprise from the operation of economic activity as it thinks fit. The purpose of the particular, to explore certain economic activity has a single purpose, namely, the pursuit of profit and increase your personal wealth. However, in the eagerness of pursuit of profit, knows clearly that these same entrepreneurs do not hesitate to violate the rights of others, including the community. At this time, the state should interfere in economic activity in order to maintain order and social rights. The more relevant the corporate exploited by private, sharper will be the pursuit of profit. Classic examples are the activities that were previously operated by the State and through privatizations, go to the particular domain. The Golden Share is a very effective way for the state to control these abuses. However, such actions have to be used to maintain public interest in these activities most relevant economic and not as a means "political" to interfere in the private sector. Here arises the need to research and study the limits of these proceedings, that the power granted to the State is not being used for another purpose, such as the aforementioned policy / A dissertação apresentada para conclusão do mestrado em Direito tem como objeto a análise dos limites do poder de veto das ações Golden Share . A Constituição Federal garante aos particulares o direito de propriedade e a livre iniciativa da exploração da atividade econômica como bem lhe aprouver. O objetivo do particular, ao explorar determinada atividade econômica possui um único fim, qual seja, a perseguição do lucro e aumento de seu patrimônio pessoal. Contudo, no afã da busca do lucro, sabe-se claramente que estes mesmos empresários não hesitam em violar direitos de outras pessoas, inclusive da coletividade. Neste momento, deve o Estado interferir na atividade econômica, de forma a manter a ordem e os direitos sociais. Quanto mais relevante o objeto social explorado pelo particular, mais aguçada será a perseguição do lucro. Exemplos clássicos são as atividades que até então eram exploradas pelo Estado e que, através de privatizações, passam ao domínio do particular. A Golden Share é um meio muito eficaz para o Estado controlar estes abusos. Porém, tais ações têm que ser utilizadas para manter o interesse público nestas atividades de maior relevância econômica e não como meio político de interferir na iniciativa privada. Aqui surge a necessidade de pesquisar e estudar os limites destas atuações, para que a faculdade conferida ao ente Estatal não seja utilizada com outra finalidade, tal como a política acima citada
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Poder de controle dos agentes financeiros no project finance / Control power of financial agents in project financeSigollo, Angelica Ramos de Frias 29 May 2014 (has links)
O presente trabalho teve por finalidade avaliar se os agentes financeiros detém poder de controle sobre as sociedades por eles financiadas no âmbito do Project Finance e de que forma esse pode ser exercido. O estudo se justifica em virtude da constatação de que os agentes financeiros, na condição de provedores de recursos e, consequentemente, credores dessas sociedades, com frequência criam mecanismos jurídicos capazes de resultar na atribuição de poder de comando sobre as mesmas, embora nem todos possuam suporte legal. Assim, este estudo além de identificar e avaliar tais mecanismos, por meio do exame empírico dos instrumentos jurídicos que regulam essa modalidade peculiar de financiamento, avançou no sentido de lançar críticas e considerações à luz do sistema normativo brasileiro, por vezes fazendo condenando o próprio sistema. A elaboração do trabalho utilizou (i) o método de pesquisa exploratória, mediante a análise de leis e demais instrumentos normativos que regulam os diversos temas tratados; doutrina nacional e internacional; decisões emanadas da Comissão de Valores Mobiliários CVM, na qualidade de órgão regulador do mercado de capitais brasileiro, e julgados do Superior Tribunal de Justiça; e (ii) método de pesquisa empírico, relativamente ao exame de contratos de financiamento, na modalidade Project Finance, considerando-se a amostra daqueles mais relevantes celebrados no Brasil, selecionados num período de três anos, relativos a projetos públicos, portanto, sem confidencialidade, cuja referência foi obtida no Banco Nacional de Desenvolvimento Econômico e Social BNDES, e cujo inteiro teor foi obtido junto aos cartórios de registro de títulos e documentos onde estão registrados. Concluiu-se, ao fim, que os agentes financeiros possuem à sua disposição mecanismos capazes de lhes atribuir tanto o controle interno, como no caso de usufruto sobre ações, step-in rights de controle (legal e contratual) e aquisição de golden shares; ou o controle externo, por meio da utilização de determinadas garantias, covenants ou step-in sobre os contratos do projeto. / This work has as main target to assess whether financial agents have the power to control the companies they finance under the Project Finance, and if so, how this happens. This study justifies itself, considering that these financial agents, acting like providers and creditors, have their own interest in creating legal structures that will allow them to have the control power of the company, but not all of these structures have legal support. Besides identifying and evaluating these structures, this work through empirical examination of the legal instruments, has launched critical considerations under the Brazilian legal system. This work used (i) the method of exploratory research, through analysis of laws and other legal instruments that regulate the topics here covered, national and international literature, decisions of the Brazilian Securities Commission - CVM, the regulator of brazilian capital market and decisions of the Superior Court (STJ); and (ii) method of empirical research concerning the examination of financing contracts in Project Finance, considering the most relevant celebrated in Brazil, selected in a period of three years, without confidentiality, to which reference has been reached with National Bank for Economic and Social Development (Banco Nacional de Desenvolvimento Econômico e Social BNDES), and whose entire content was obtained from public registries.
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Le patriotisme économique à l'épreuve du droit de l'Union européenne / The legality of economic patriotism under the European Union lawSimen, Martial 12 December 2014 (has links)
Le patriotisme économique relève davantage du discours politique que d’un concept juridique. Il fait référence aux comportements des citoyens, des entreprises et des États. Celui des États peut en substance être défini comme la défense par ces derniers de leurs entreprises stratégiques. Ainsi précisée, cette notion se traduit en pratique par l’institution de dispositifs nationaux de contrôle des investissements étrangers, par la stabilisation de l’actionnariat des entreprises stratégiques au travers des prises de participations des fonds stratégiques d’investissement, ou encore, par l’octroi de droits exclusifs ou spéciaux. De tels comportements peuvent contrarier les principes de la libre circulation - capitaux, établissement - et de la libre concurrence. Ces principes souffrent cependant de tempéraments qui laissent une certaine marge de manœuvre aux États, laquelle est cependant étroite. Cette étroitesse conduit ces derniers à être sans cesse inventifs pour défendre leurs entreprises. Le droit des sociétés offre de ce point de vue des outils pertinents pouvant servir ce dessein. Mais, la protection des entreprises stratégiques en dehors des exceptions ou dérogations prévues par le traité, qui traduit la persistance des replis nationaux, n’est pas sans relever les limites de l’opposition systématique aux patriotismes économiques nationaux. De plus, une telle faculté risque de fragiliser l’achèvement du marché intérieur. Pour ces raisons, il importe pour les autorités de l’Union européenne, d’engager une dynamique permettant de mieux prendre en compte les préoccupations patriotiques des États. Agrégée à un concept cohérent, à savoir le patriotisme économique européen, une telle démarche consisterait à instaurer une politique d’investissement commune qui sache conjuguer ouverture aux capitaux étrangers et préservation des secteurs stratégiques. Mais, l’efficacité d’une telle politique est relative. C’est pourquoi, on doit lui adjoindre un cadre autonome de contrôle des investissements en provenance des pays tiers. / Economic patriotism is more a political speech than a legal concept. It refers to behaviors of citizens, companies and governments. Concerning States, this concept can essentially be defined as defense of strategic companies. In practice, this notion is reflected by the institution of national systems of foreign investments control, by stabilizing the shareholding of companies through strategic investment funds, or by granting exclusive or special rights. These behaviors can antagonize the European Union law. However, this law allows exceptions that offer opportunities to States. But the flexibility of States is close. This narrowness leds them to be constantly inventive to defend their strategic companies. Business law allows such an approach. But the protection of strategic companies without the exceptions or derogations permitted by the treaty, which reflects the persistence of domestic markets partitioning, is not without showing the limits of systematic opposition to national economic patriotisms. In addition, such a power may weaken the completion of the internal market. For these reasons, it is important for the authorities of the European Union, to initiate a dynamic that can permit to take better account of the States patriotic concerns. Aggregate to a coherent concept, namely the european economic patriotism, such an approach will permit to establish a common investment policy that can combine openness to foreign investments and preservation of strategic sectors. But, the effectiveness of such a policy is relative. That’s why, it’s crucial to add to it an autonomous control framework for investments coming from non-member countries.
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