Les scandales financiers se sont multipliés depuis les quarante dernières années et les réactions des médias et de l’opinion publique démontrent l’intolérance toujours plus manifeste à l’égard de ces infractions particulières. En témoignent également l’intérêt porté par les autorités européennes pour ces questions. Les règlements et directives en la matière n’ont cessé de se multiplier : d’une part, pour renforcer la prévention des infractions boursières par une augmentation des obligations d’information du public à charge des émetteurs d’instruments financiers ; d’autre part, pour accroître la sévérité de la répression à l’égard des infractions boursières ainsi que l’harmonisation entre les différents États membres de l’Union européenne, tels que la France et l’Italie. Il en résulte une accumulation de normes plutôt semblables entre les deux ordres juridiques nationaux, du moins en ce qui concerne l’information financière, mais un cadre juridique qui n’est pas des plus lisibles. Quant à la répression, les sanctions pénales ont retrouvé leur place aux côtés des sanctions administratives. Si la double répression des abus de marché par les juges répressifs et les autorités administratives a récemment été remise en cause par les cours européennes, puis par le Conseil constitutionnel français, il ne semble pas opportun de supprimer l’une ou l’autre voie de répression. Au contraire, une répartition des compétences entre les juges pénaux et les autorités administratives apparaît judicieuse et nécessaire.La question de la responsabilité des personnes morales a aussi été mise en lumière de façon explicite et placée au cœur des récentes évolutions européennes : alors que l’ordre juridique italien intègre déjà les exigences posées par le droit de l’Union, le système français de responsabilité pénale des personnes morales semble menacé. Enfin, la multiplicité des règles de prévention des abus de marché et le lourd arsenal répressif déployé par les autorités, tant européennes que françaises et italiennes, incitent également à proposer un modèle commun d’indemnisation des préjudices d’infractions boursières, afin que la cohérence caractérise l’ensemble du système de lutte contre les abus de marché. Cette cohérence semble se traduire par la prévision de conditions et de modalités d’indemnisation des victimes d’infractions boursières similaires au sein des États membres, notamment en ce qui concerne la détermination de la nature du préjudice et du montant de l’indemnisation accordée. / Financial scandals have been increasing since the past forty years and reaction from media and public opinion prove the more and more apparent intolerance towards this peculiar offences. The interest of european authorities in this matters reveal this intolerance too. European regulations and directives in this field are more and more: on the one hand, in order to strengthen the prevention of market abuse by raising publicly accountable on issuers financial instruments ; on the other and, in order to tighten up punishment of market abuse and to consolidate the harmonisation between the Member States of European Union, including France and Italy. As a result, there is an accumulation of norms, rather similar in both national legal order, at least with regards to financial information, but legal framework is not always intelligible. As for punishment, criminal penalties are successfully integrated beside amministrative penalties. The dual market abuse repression has been rejected by european courts, then by Constitutional Counsil, but suppress the one or the other form of punishment doesn’t seems to be appropriate. On the contrary, a distribution of competences between criminal courts and administrative authorities seems to be judicious and necessary. The topics of criminal liability of legal persons has been brougth sharply into focus of european market abuse legislation : while italian national legal order has already integrate the requirements of European Union, french system of criminal liability of legal persons appears to be in jeopardy. Finally, the many rules of market abuse prevention and repression deployed by european, french and italian authorities, prompt also to suggest a common model of compensation for market abuse damages, in order to ensure consistency of system of fight against market abuse. This consistency seems to be reflected in the creation of conditions and terms rules for compensation of market abuse victims in the Membre States of European Union : these rules should refers to the determination of the nature of the injury and the determination of the amount of compensation awarded. / I scandali finanziari si sono molteplicati nei quaranta ultimi anni e le reazioni dei media e dell’opinione pubblica dimostrano l’intolleranza sempre più patente nei confronti di questi reati peculiari. Traduce anche questa intolleranza il fatto che le autorità europee si interessano molto a questi problemi. I regolamenti e le direttive non cessano di molteplicarsi : da una parte, al fine di rinforzare la prevenzione dei reati borsistici tramite un aumento degli obblighi in materia di informazione finanziaria a carico degli emittenti ; dall’altra parte, al fine di accrescere la repressione nei confronti dei reati borsistici e di consolidare l’armonizzazione tra i diversi Stati membri dell’Unione europea, quali l’Italia e la Francia.Da quei fenomeni, risulta un’accumulazione di norme piuttosto simili tra i due ordinamenti giuridici, almeno per quanto riguarda l’informazione finanziaria. Tuttavia, il quadro normativo non appare molto accessibile. Quanto alla repressione, le sanzioni penali hanno ritrovato un posto accanto alle sanzioni amministrative. Benché il sistema repressivo del doppio binario sia stato rimesso in causa di recente dalle corti europee, e poi dalle corti nazionali, non sembra opportuno sopprimere l’una o l’altra via. Al contrario, una distribuzione delle competenze tra giudici penali ed autorità amministrative appare auspicabile e necessaria. La responsabilità delle persone giuridiche è anche stata messa il luce in modo esplicito e trattata nelle recenti riforme europee : mentre l’ordinamento giuridico italiano è già conforme alle esigenze istituite dal diritto dell’Unione europea, il sistema francese di responsabilità penale sembra minacciato.Per finire, il numero di regole di prevenzione e di repressione attuate dalle autorità francesi, italiane ed europee, incitano anche a proporre un modello comune di risarcimento per le vittime di reati borsistici, affinché la coerenza caratterizzi l’insieme del sistema di lotta contro gli abusi di mercato. Tale coerenza sarà possibile grazie alla creazione di condizioni e di modalità di indenizzo simili in tutti gli stati membri dell’Unione europea, in particolare con riferimento alla natura del danno subito e alla determinazione dell’ammontare del risarcimento consentito.

The dissertation thesis thoroughly examines the crime of legalization of proceeds of criminal activities (the crime of money laundering) as it is stipulated in the contemporary Czech Criminal Code. The crux of the thesis is an analysis of the most significant elements of the crime of money laundering that are legal objects (general values protected by criminal law), actus reus (physical elements of a crime), mens rea (mental elements of a crime) and offender (person who commits a crime). Within the framework of that analysis, all of the important and disputed questions relating to this crime are examined, e.g. a complex problem of legal objects of the crime of money laundering or a question of liability for so-called self-money laundering. The detailed analysis of the elements of the crime of money laundering is based on a research into the most important phenomenological aspects of money laundering (chiefly the grounds for money laundering, origin of money laundering and nature of the process of money laundering, including the means of realization of money laundering) and a research into the historical development of the elements of the crime of money laundering in the Czech legal order. Apart from an analysis of the matter of guilt, the dissertation thesis also consists of a relatively in-depth...

Memoria (licenciado en ciencias jurídicas y sociales)

Because of its mandate and its enforcement powers, the ICC has been hailed as a major advance on the road towards individual accountability for the perpetration of the most heinous violations of human rights (international crimes) and thus as a major contribution to the prevention of such horrible crimes. However, with its limited resources in terms of human and financial means, the ICC will not be able to deal with all perpetrators of the crimes that come under its jurisdiction wherever such crimes are committed throughout the world. For this reason, in order to end impunity in the commission of international crimes, there will always be a need for combined efforts by the ICC and national courts. This reality is recognised by the Rome Statute which, in the preamble and article 1 of the Statute, provides that the jurisdiction of the ICC is “complementary” to national courts and that, therefore, States Parties retain the primary responsibility for the repression of international crimes. In legal literature, this is generally referred to as the “principle of complementarity” or the “complementarity regime of the Rome Statute”. In order to give effect to the complementarity principle of the Rome Statute, South Africa passed the Implementation of the Rome Statute of the International Criminal Court Act 27 of 2002 (hereafter the Implementation Act); which determines the modalities of prosecuting perpetrators of the crimes of genocide, crimes against humanity and war crimes in South African courts. The Implementation Act also provides that South African courts will have jurisdiction over these crimes not only when they are committed on South African territory but also when they are committed outside the Republic, thus empowering South African courts to exercise “universal jurisdiction” over these three international crimes. This thesis examines the extent to which South African courts, acting under the complementarity regime of the Rome Statute are, or are not, allowed to exercise universal jurisdiction over international crimes committed in foreign States. The study is based on two assumptions. First, it is assumed that since under the principle of complementarity South African courts are required to do the same job as the ICC, they should have the same powers as those States Parties gave to the ICC when they adopted the Rome Statute. Secondly, it is assumed that, although having the same mandate as the ICC in terms of the complementarity principle, South African courts are nonetheless domestic courts as opposed to the ICC which is an international court and that, accordingly, the international law principle of State sovereignty may impose limitations on their ability to exercise universal jurisdiction over international crimes committed in foreign States. In the light of the above assumptions, this study investigates three issues. Firstly, do South African courts have the same powers as the ICC has to disregard immunities of foreign States’ officials which, under international customary law, attach to their functions or status? Secondly, are South African courts entitled, as the ICC is, to disregard amnesties granted by foreign States, either in the process of national reconciliation or as means to shield the criminals from prosecution by the ICC? Finally, are South African courts entitled, as the ICC is, to retry a case which has already been tried in a foreign country but with the aim of shielding the accused from criminal responsibility or where, for example, the sentence imposed was too lenient in comparison with the gravity of the crime? / PhD (Law), North-West University, Potchefstroom Campus, 2014

Because of its mandate and its enforcement powers, the ICC has been hailed as a major advance on the road towards individual accountability for the perpetration of the most heinous violations of human rights (international crimes) and thus as a major contribution to the prevention of such horrible crimes. However, with its limited resources in terms of human and financial means, the ICC will not be able to deal with all perpetrators of the crimes that come under its jurisdiction wherever such crimes are committed throughout the world. For this reason, in order to end impunity in the commission of international crimes, there will always be a need for combined efforts by the ICC and national courts. This reality is recognised by the Rome Statute which, in the preamble and article 1 of the Statute, provides that the jurisdiction of the ICC is “complementary” to national courts and that, therefore, States Parties retain the primary responsibility for the repression of international crimes. In legal literature, this is generally referred to as the “principle of complementarity” or the “complementarity regime of the Rome Statute”. In order to give effect to the complementarity principle of the Rome Statute, South Africa passed the Implementation of the Rome Statute of the International Criminal Court Act 27 of 2002 (hereafter the Implementation Act); which determines the modalities of prosecuting perpetrators of the crimes of genocide, crimes against humanity and war crimes in South African courts. The Implementation Act also provides that South African courts will have jurisdiction over these crimes not only when they are committed on South African territory but also when they are committed outside the Republic, thus empowering South African courts to exercise “universal jurisdiction” over these three international crimes. This thesis examines the extent to which South African courts, acting under the complementarity regime of the Rome Statute are, or are not, allowed to exercise universal jurisdiction over international crimes committed in foreign States. The study is based on two assumptions. First, it is assumed that since under the principle of complementarity South African courts are required to do the same job as the ICC, they should have the same powers as those States Parties gave to the ICC when they adopted the Rome Statute. Secondly, it is assumed that, although having the same mandate as the ICC in terms of the complementarity principle, South African courts are nonetheless domestic courts as opposed to the ICC which is an international court and that, accordingly, the international law principle of State sovereignty may impose limitations on their ability to exercise universal jurisdiction over international crimes committed in foreign States. In the light of the above assumptions, this study investigates three issues. Firstly, do South African courts have the same powers as the ICC has to disregard immunities of foreign States’ officials which, under international customary law, attach to their functions or status? Secondly, are South African courts entitled, as the ICC is, to disregard amnesties granted by foreign States, either in the process of national reconciliation or as means to shield the criminals from prosecution by the ICC? Finally, are South African courts entitled, as the ICC is, to retry a case which has already been tried in a foreign country but with the aim of shielding the accused from criminal responsibility or where, for example, the sentence imposed was too lenient in comparison with the gravity of the crime? / PhD (Law), North-West University, Potchefstroom Campus, 2014

O objeto da dissertação é a regulamentação do uso indevido de informação privilegiada no mercado de capitais. Discute-se no texto qual seria a melhor maneira de reprimir a conduta praticada pelo insider trading, concluindo-se que o sistema ideal seria não mais a dupla repressão como ocorre atualmente, mas sim a separação entre as esferas administrativa e penal. A primeira julgaria as infrações de menor gravidade, deixando apenas as que efetivamente causassem potencialidade lesão grave ao bem jurídico sob a tutela do direito penal. Ante a necessidade de compreensão do contexto em que o delito de uso indevido de informação privilegiada ocorre, o trabalho inicia-se com um breve panorama do mercado de capitais, no qual se trata da formação do mercado de valores mobiliários, das bolsas de valores e das sociedades anônimas. Assim, no primeiro capítulo trata-se da regulamentação do mercado de capitais no Brasil, em especial, das Leis 6.385/1976, a qual regula o mercado de valores mobiliários brasileiro e traz a descrição do tipo penal do crime do insider trading no artigo 27-D, e da Lei 6.404/1976, que regula as sociedades anônimas no Brasil, e trata dos deveres de informar, de lealdade e de guardar sigilo impostos aos administradores das sociedades anônimas de capital aberto. No segundo capítulo, é feita inicialmente uma abordagem do que vem a ser o crime de insider trading e informação privilegiada, mencionando-se quais são argumentos contrários e a favor da repressão da conduta de utilização indevida de informação privilegiada. Na seqüência, faz-se uma breve análise da legislação estrangeira, com destaque para os países Estados Unidos da América, Espanha, Portugal e Itália. O terceiro capítulo trata da regulamentação do crime de insider trading no Brasil, iniciando-se com uma breve análise comparativa entre o tipo penal da legislação pátria e os das legislações estrangeiras estudadas no capítulo anterior. Em seguida, é analisada a tipicidade objetiva e subjetiva do tipo penal, concluindo-se que se trata de crime formal, que não admite tentativa e que se consuma no momento da utilização da 173 informação relevante ainda não divulgada ao mercado, independentemente da obtenção da vantagem indevida. Ainda no terceiro capítulo, trata-se do sujeito ativo e passivo do delito, concluindo-se que, de acordo com a redação do tipo penal, apenas quem tem o dever de manter sigilo pode ser responsabilizado criminalmente no Brasil pelo crime de insider trading, e que o sujeito passivo é a coletividade, a sociedade como um todo. Esse capítulo traz também o debate existente, sobretudo na doutrina estrangeira, de qual seria o bem jurídico tutelado pelo crime em comento. Dentre todas os possíveis bem jurídicos aventados, conclui-se que apenas a igualdade entre os investidores e a confiança no mercado de capitais são dignos de tutela penal e justificam a intervenção dessa esfera do direito. O quarto capítulo trata da relação existente entre o direito penal econômico e o crime de insider trading. Além de tratar das características do direito penal econômico, o capítulo traz críticas à expansão do direito penal moderno e trata da ineficiência da utilização da esfera penal para proteger de forma eficaz os delitos da moderna criminalidade econômica. O quinto e último capítulo trata justamente do título do trabalho: Direito Administrativo Sancionador e o Crime de Insider Trading. Nesse capítulo, explica-se o modelo proposto para sancionar a utilização indevida de informação privilegiada, iniciando-se por tratar da definição de direito administrativo sancionador e sua distinção entre o direito penal. Na seqüência trata-se da possível configuração de bis in idem existente atualmente com a aplicação de sanção administrativa e penal para o mesmo fato, para o mesmo sujeito e com o mesmo fundamento. Trata-se ainda do fortalecimento da CVM como agência reguladora para regulamentar, fiscalizar e punir com eficiência as utilização indevida de informação privilegiada, deixando para o direito penal apenas as infrações capazes de colocar em risco o mercado de capitais. Por fim, são expostas as conclusões do trabalho. / The object of this dissertation is the regulation of the misuse of privileged information in the capital market. It is discussed in the text which would be the best way to repress the conduct practiced by insider trading, concluding that the ideal system would be no more the double repression as currently occurs, but a single repression in administrative or criminal sphere according to the seriousness of the offense. The first would judge the lesser gravity infractions, leaving only those that actually caused any serious injury to the good under the legal protection of criminal law. Before the need to understand the context in which the offense of misuse of privileged information occurs, the dissertation begins with a brief overview of capital markets, in which it comes to the formation of the securities market, stock exchange, as well as corporations. Thus, the first chapter deals with (i) the regulation of the capital market in Brazil, in particular regarding Law 6.385/1976, which regulates the securities market of Brazil and contains a description of the type of criminal offense of insider trading, and (ii) the Federal Act 6.404/1976, which regulates corporations in Brazil and provides the duties to inform, loyalty and confidentiality imposed on directors of stock companies. In the second chapter, it is initially provided an approach of the concept of the insider trading crime, mentioning what are the arguments against and in favor of its repression. Subsequently, there is a brief analysis of foreign law, particularly the legislation of the United States of America, Spain, Portugal and Italy. The third chapter deals with the regulation of the insider trading crime in Brazil, beginning with a brief comparative analysis of criminal hyphotesis provided by Brazilian law and the foreign legislation analyzed in the previous chapter. Then, it is analysed the objective and subjective elements of the criminal hypothesis, concluding that it is a formal crime, which admits no attempt and that occurs at the time of use of relevant information not yet disclosed to the market, independently of obtaining improper benefit. The fourth chapter deals with the relationship between economic crime and insider trading crime. Besides approaching characteristics of the economic criminal law, the chapter provides critics to the expansion of modern criminal law and deals with the inefficiency of using the criminal sphere to protect society against the crimes of modern economic criminality. The fifth and final chapter deals with the relationship between punitive administrative law and insider trading crime. In this chapter it is explained the model proposed to penalize the misuse of inside information, starting with the definition of punitive administrative law and its distinction from criminal law. Following reference is to the possible configuration of bis in idem currently existing in the application of the criminal and administrative sanction for the same offense, same individual and on the same basis. In addition, it is also discussed the strengthening of the Comissão de Valores Mobiliários (the Brazilian Securities and Exchange Commission) as the regulatory agency authorized to regulate, inspect and punish effectively the misuse of inside information, leaving to the penal sphere only the criminal law offenses that are entitled to put the capital market in risk. Finally, the dissertation conclusions are exposed.

Univ., Diss.--Bayreuth, 2005.

Made available in DSpace on 2014-12-17T14:27:07Z (GMT). No. of bitstreams: 1 KeityMFS.pdf: 1141287 bytes, checksum: 00c052907580c678aaf9fa34f505b0fd (MD5) Previous issue date: 2003-08-18 / This legal research aims to demonstrate the prohibition in the Brazilian criminal system of a multiple imputation for the same fact in a simultaneous or successive way. For that it is developed a different idea of the subject. Through comparative, eletronic and bibliographical researches, the dissertation was accomplished in a way to establish the content of the foundations of the criminal procedural emphasizing as fundamental premise the values of the Constitution. In the first section it was demonstrated the limits of the theme and the objective of the research. After that, it was analyzed the basic function of the criminal suit which has the important mission of limiting state's punitive power. In the same way, the criminal procedure corresponds to a warranty of the citizens' freedom. In the same section, it is shown how it is possible to abandon the myth of the real truth in the criminal law system. In the third section of the research, there were pointed elements and definitions about the cognition object, specially the litigious object or "thema decidendum", and also the peculiarities of the judged cases. In the fourth section the subject about origins and evolution of the criminal procedure and its objectives in the legal system is developed to demonstrate its perspectives. Some aspects of the identity's concept of the presupposition of the facts are as well demonstrated in order to relate the theme to the prohibition of multiple imputation. There are also considerations about some other important aspects as the incidence of the legal rules and the possible change on the elements of the penal type. There are several comments about legal procedural in other legal systems comparing them to Brazilian's most elevated Courts. In the end it was systematized the limits to criminal imputation, emphasizing the defende's right as a foundation of the legal system. Is was registered that the ius persequendi can be exercised once / A presente disserta??o tem por objeto o estudo da proibi??o da m?ltipla persecu??o penal, pelo mesmo fato, seja de forma simult?nea ou sucessiva. Para tanto, atrav?s do m?todo dial?tico, foram realizadas pesquisas com o objetivo de estabelecer o conte?do do princ?pio ne bis in idem, em sua vertente processual penal, sempre tendo como premissa fundamental os valores albergados nos princ?pios e regras constitucionais. Assentados, no in?cio da primeira se??o do trabalho, a delimita??o do tema e o objetivo da pesquisa, analisou-se, em seguida, a fun??o basilar do processo penal, o qual, numa vis?o garantista, tem a relevante miss?o de limitar frear - a f?ria do poder punitivo estatal, correspondendo a um efetivo instrumento de garantia da liberdade dos cidad?os, quando subjugados ao ius persequendi. Nessa mesma se??o, restaram destacadas a consagra??o do modelo acusat?rio de processo pela Constitui??o Brasileira de 1988 e a necessidade de abandonar o mito da verdade real, como princ?pio informador do processo penal constitucional. Na segunda se??o da pesquisa, foram apontados os elementos definidores do objeto de cogni??o, especialmente do objeto litigioso ou thema decidendum, havendo, tamb?m, sido abordadas as peculiaridades do instituto da coisa julgada no processo penal. Dando continuidade ? pesquisa, na terceira se??o, discorreu-se sobre a origem e evolu??o do princ?pio ne bis in idem, centrando-se no tema da pesquisa, qual seja, sua manifesta??o no processo penal e a interpreta??o que se deve atribuir aos termos que comp?em sua express?o: rela??o processual com unidade de sujeito e de fato, atrav?s de senten?a definitiva. Deu-se ?nfase, sobretudo, aos aspectos controvertidos do conceito de identidade do fato como pressuposto da proibi??o de m?ltipla persecu??o, abordando-se, dentre outros aspectos, a incid?ncia de concurso aparente de normas e a altera??o dos elementos do tipo penal. Constam, ainda, dessa se??o, lineamentos gerais acerca da aplica??o do princ?pio ne bis in idem processual no direito comparado e nas cortes brasileiras. Por ?ltimo, sistematizou-se o sentido e alcance do princ?pio ne bis in idem, como limite ? persecu??o penal, al?m de terem sido apresentadas sugest?es, inclusive, de lege ferenda, a fim de que seja efetivamente garantido o direito fundamental assegurado ? defesa, no sentido de que, pelo mesmo substrato f?tico, o ius persequendi somente poder? ser exercido uma vez

O objeto da dissertação é a regulamentação do uso indevido de informação privilegiada no mercado de capitais. Discute-se no texto qual seria a melhor maneira de reprimir a conduta praticada pelo insider trading, concluindo-se que o sistema ideal seria não mais a dupla repressão como ocorre atualmente, mas sim a separação entre as esferas administrativa e penal. A primeira julgaria as infrações de menor gravidade, deixando apenas as que efetivamente causassem potencialidade lesão grave ao bem jurídico sob a tutela do direito penal. Ante a necessidade de compreensão do contexto em que o delito de uso indevido de informação privilegiada ocorre, o trabalho inicia-se com um breve panorama do mercado de capitais, no qual se trata da formação do mercado de valores mobiliários, das bolsas de valores e das sociedades anônimas. Assim, no primeiro capítulo trata-se da regulamentação do mercado de capitais no Brasil, em especial, das Leis 6.385/1976, a qual regula o mercado de valores mobiliários brasileiro e traz a descrição do tipo penal do crime do insider trading no artigo 27-D, e da Lei 6.404/1976, que regula as sociedades anônimas no Brasil, e trata dos deveres de informar, de lealdade e de guardar sigilo impostos aos administradores das sociedades anônimas de capital aberto. No segundo capítulo, é feita inicialmente uma abordagem do que vem a ser o crime de insider trading e informação privilegiada, mencionando-se quais são argumentos contrários e a favor da repressão da conduta de utilização indevida de informação privilegiada. Na seqüência, faz-se uma breve análise da legislação estrangeira, com destaque para os países Estados Unidos da América, Espanha, Portugal e Itália. O terceiro capítulo trata da regulamentação do crime de insider trading no Brasil, iniciando-se com uma breve análise comparativa entre o tipo penal da legislação pátria e os das legislações estrangeiras estudadas no capítulo anterior. Em seguida, é analisada a tipicidade objetiva e subjetiva do tipo penal, concluindo-se que se trata de crime formal, que não admite tentativa e que se consuma no momento da utilização da 173 informação relevante ainda não divulgada ao mercado, independentemente da obtenção da vantagem indevida. Ainda no terceiro capítulo, trata-se do sujeito ativo e passivo do delito, concluindo-se que, de acordo com a redação do tipo penal, apenas quem tem o dever de manter sigilo pode ser responsabilizado criminalmente no Brasil pelo crime de insider trading, e que o sujeito passivo é a coletividade, a sociedade como um todo. Esse capítulo traz também o debate existente, sobretudo na doutrina estrangeira, de qual seria o bem jurídico tutelado pelo crime em comento. Dentre todas os possíveis bem jurídicos aventados, conclui-se que apenas a igualdade entre os investidores e a confiança no mercado de capitais são dignos de tutela penal e justificam a intervenção dessa esfera do direito. O quarto capítulo trata da relação existente entre o direito penal econômico e o crime de insider trading. Além de tratar das características do direito penal econômico, o capítulo traz críticas à expansão do direito penal moderno e trata da ineficiência da utilização da esfera penal para proteger de forma eficaz os delitos da moderna criminalidade econômica. O quinto e último capítulo trata justamente do título do trabalho: Direito Administrativo Sancionador e o Crime de Insider Trading. Nesse capítulo, explica-se o modelo proposto para sancionar a utilização indevida de informação privilegiada, iniciando-se por tratar da definição de direito administrativo sancionador e sua distinção entre o direito penal. Na seqüência trata-se da possível configuração de bis in idem existente atualmente com a aplicação de sanção administrativa e penal para o mesmo fato, para o mesmo sujeito e com o mesmo fundamento. Trata-se ainda do fortalecimento da CVM como agência reguladora para regulamentar, fiscalizar e punir com eficiência as utilização indevida de informação privilegiada, deixando para o direito penal apenas as infrações capazes de colocar em risco o mercado de capitais. Por fim, são expostas as conclusões do trabalho. / The object of this dissertation is the regulation of the misuse of privileged information in the capital market. It is discussed in the text which would be the best way to repress the conduct practiced by insider trading, concluding that the ideal system would be no more the double repression as currently occurs, but a single repression in administrative or criminal sphere according to the seriousness of the offense. The first would judge the lesser gravity infractions, leaving only those that actually caused any serious injury to the good under the legal protection of criminal law. Before the need to understand the context in which the offense of misuse of privileged information occurs, the dissertation begins with a brief overview of capital markets, in which it comes to the formation of the securities market, stock exchange, as well as corporations. Thus, the first chapter deals with (i) the regulation of the capital market in Brazil, in particular regarding Law 6.385/1976, which regulates the securities market of Brazil and contains a description of the type of criminal offense of insider trading, and (ii) the Federal Act 6.404/1976, which regulates corporations in Brazil and provides the duties to inform, loyalty and confidentiality imposed on directors of stock companies. In the second chapter, it is initially provided an approach of the concept of the insider trading crime, mentioning what are the arguments against and in favor of its repression. Subsequently, there is a brief analysis of foreign law, particularly the legislation of the United States of America, Spain, Portugal and Italy. The third chapter deals with the regulation of the insider trading crime in Brazil, beginning with a brief comparative analysis of criminal hyphotesis provided by Brazilian law and the foreign legislation analyzed in the previous chapter. Then, it is analysed the objective and subjective elements of the criminal hypothesis, concluding that it is a formal crime, which admits no attempt and that occurs at the time of use of relevant information not yet disclosed to the market, independently of obtaining improper benefit. The fourth chapter deals with the relationship between economic crime and insider trading crime. Besides approaching characteristics of the economic criminal law, the chapter provides critics to the expansion of modern criminal law and deals with the inefficiency of using the criminal sphere to protect society against the crimes of modern economic criminality. The fifth and final chapter deals with the relationship between punitive administrative law and insider trading crime. In this chapter it is explained the model proposed to penalize the misuse of inside information, starting with the definition of punitive administrative law and its distinction from criminal law. Following reference is to the possible configuration of bis in idem currently existing in the application of the criminal and administrative sanction for the same offense, same individual and on the same basis. In addition, it is also discussed the strengthening of the Comissão de Valores Mobiliários (the Brazilian Securities and Exchange Commission) as the regulatory agency authorized to regulate, inspect and punish effectively the misuse of inside information, leaving to the penal sphere only the criminal law offenses that are entitled to put the capital market in risk. Finally, the dissertation conclusions are exposed.

Ne bis in idem est bien défini dans les droits nationaux comme un principe fondamental du procès pénal selon lequel un individu ne peut pas être poursuivi deux fois pour les mêmes faits. Mais, en passant au niveau international, le principe familier se change en objet juridique non identifié. Les cours supranationales qui l'abordent en matière pénale (Cour interaméricaine des droits de l'homme, Cour européenne des droits de l'homme, Cour de justice de l'Union européenne, Cour pénale internationale) interprètent des formulations disparates de ne bis in idem à partir desquelles elles forgent leurs variantes. Si l'identité de ne bis in idem semble alors se déliter, il ne s'agit pas d'une disparition. Modelé par les discours de ces cours qui se croisent, se rencontrent ou s'ignorent, ne bis in idem se métamorphose. Au-delà des variantes il est possible d'identifier des mouvements communs dans la fabrique de ne bis in idem : la recherche de cohérences spatiale et temporelle ainsi que le besoin de répondre à la dialectique du bis et de l'idem. De plus, la métamorphose est tantôt création tantôt déconstruction. Les cours consacrent ne bis in idem autant qu'elles le malmènent en établissant de nouveaux contournements. Par exemple, elles permettent de plus en plus de rejuger pour lutter contre l'impunité après une parodie de procès. Ces mouvements contraires conduisent à interroger la nature ambivalente de ne bis in idem entre facettes garantiste et structurelle et entre règle et principe. Enfin, ne bis in idem étant un catalyseur de leurs échanges, cette étude offre une perspective unique sur le rôle des cours supranationales dans l'internationalisation de la justice pénale. / Ne bis in idem (prohibition of double jeopardy) is well defined in national legal frameworks as a fondamental principle of criminal proceedings according to which an individual cannot be prosecuted twice for the same conduct. But, when moving to the international level, the familiar principle becomes an unidentified legal object. The supranational courts that deal with it in criminal matters (Inter-American Court of Human Rights, European Court of Human Rights, Court of Justice of the European Union and International Criminal Court) interpret disparate ne bis in idem formulations from which they construct their variations. If the identity of ne bis in idem then seems to be diluting, it is not disappearing. Shaped by the discourses of these courts that cross paths, meet or ignore each other, ne bis in idem is metamorphosed. Despite the variants, it is possible to identify common movements in the making of ne bis in idem : the search for spatial and temporal coherency and the need to respond to the dialectics of bis and idem. Moreover, metamorphosis is construction as much as deconstruction. The courts enshrine ne bis in idem as much as they circumvent it by establishing new limits and bypasses. For instance, they allow more and more a second procedure to fight impunity if the first procedure constituted a sham trial. These contrary movements lead to questioning the ambivalent nature of ne bis in idem between its two facets as guarantee and structural element and between rule and principle. Finally, as ne bis in idem is a catalyst for their exchanges, this study offers a unique perspective on the role of supranational courts in the internationalization of criminal justice.