Darbuotojų apsauga darbdavio nemokumo atveju viena iš šiuo metu Lietuvoje aktualiausių ne tik įmonės bankroto teisės, bet ir darbo teisės instituto problemų. Bankrutuojančių ir bankrutavusių įmonių skaičius kiekvienais metais išlieka aukštas, o pastaruoju metu ėmė didėti. Didėja ir darbuotojų, su kuriais įmonės iš dalies arba visiškai neatsiskaitė skaičius. Tarptautiniai, Europos Sąjungos standartai jau yra numatę darbuotojų teisių apsaugos darbdavio nemokumo atveju būdus, pagrindiniai būdai išskiriami du: teikiant privilegiją ir įsteigiant garantinę instituciją, iš kurių darbuotojų reikalavimų gynimas per garantinę instituciją yra efektyviausias. Tuo tarpu mišri sistema derinant tiek privilegijos, tiek garantinės institucijos būdą, sudaro palankiausias sąlygas darbuotojų teisėtiems interesams apsaugoti. Lietuva taip pat teisės aktais įgyvendinusi palankiausią darbuotojų apsaugos modelį darbdavio nemokumo atveju, t.y. įtvirtindama tiek darbuotojų reikalavimų tenkinimą pirmąja eile bankroto proceso metu, tiek reikalavimų tenkinimą iš Garantinio fondo lėšų. Įmonių bankrotų gausa bei nepakankamas darbuotojų teisių užtikrinimas jas ginant teisme, pasinaudojimas Lietuvos ratifikuotais TDO standartais, bei Europos Sąjungos Direktyvų įgyvendinimas šioje darbuotojų teisių apsaugos srityje lėmė Garantinio fondo įkūrimą. Tik įkurtas Garantinis fondas neišsprendė visų įsiskolinimų įmonių darbuotojams, darbuotojų reikalavimai buvo tenkinami pažeidžiant tarptautinius standartus. Tačiau... [toliau žr. visą tekstą] / The list of the enterprises which are bankrupt or facing bankruptcy is getting longer and longer. Guarantees assured to employees in the event of insolvency of the employer form one of the most urgent themes in Lithuania both for the corporate bankruptcy law institute and for the labour law institute. Insolvency of the employer produces the greatest negative impact on employees: the employer fails to settle payments with the employees or at times settlements are not executed at all. Law stipulates quite a few guarantees to employees. International standards and European Union directives provide protection of employees in the event of the insolvency of their employer. There are two key institutions defending the interest of employees, i.e.: the court, with which the employee may lodge a claim on demands and guarantee funds, which would meet the minimum demands of employees targeted against insolvent employers. The ILO and EU requirements have been interpreted and implemented in myriad ways. Most developed countries use a hybrid system that gives workers’ predetermined entitlements some priority in bankruptcy, but also provides unemployment insurance in acknowledgement that the remaining assets are often insufficient to cover outstanding entitlements. Lithuania has also accepted aforementioned Bankruptcy Priority - Guarantee Fund Approach model. However, at the beginning Guarantee Fund Law has some shortcomings why it does not act ant the Guarantee Fund was not possible at... [to full text]

O presente trabalho estuda a proposta de criação de um Fundo de Garantia das Execuções Trabalhistas no Brasil. Partindo de considerações acerca da efetividade processual e da crise da execução trabalhista, estudamos os Projetos de Lei regulamentadora do artigo 3º da Emenda Constitucional n. 45 de 2004. Para tanto, analisamos as instituições de garantia de créditos trabalhistas no Direito Internacional e no Direito Comunitário (União Europeia), sobretudo o Fondo de Garantía Salarial, instituição de garantia de créditos trabalhistas existente na Espanha que inspirou a disposição constitucional derivada. A seguir, foram analisados o Projeto de Lei n. 4.597-A, de 2004, o Projeto de Lei n. 6.541, de 2006, e o Projeto de Lei do Senado n. 246, de 2005. Finalmente, foram feitas considerações sobre a regulamentação do Fundo de Garantia das Execuções Trabalhistas no Brasil. / This dissertation studies the proposal to establish a Guarantee Fund for Labor Enforcement Proceedings in Brazil. Based on considerations about the effectiveness of proceedings and the labor enforcement proceedings crisis, we studied the bill drafts to regulate the Article 3 of the Constitutional Amendment 45/2004. To this end, we analyze the labor credit guarantee institutions in International Law and in Community Law (EU), especially the Fondo de Garantía Salarial, a labor credit guarantee institution existing in Spain that inspired the Constitutional Amendment. Next, we analyzed the Bill Draft 4.597-A/2004, the Bill Draft 6.541/2006, and the Senate Bill Draft 246/2005. Finally, we present our considerations on the regulation of the Guarantee Fund for Labor Enforcement Proceedings.

75 Abstract: The investor compensation scheme is one of the indispensable elements contributing to the stability of capital markets. Protection of retail investors by providing the minimal guarantee in case of investment firm's inability to return securities or money to investors became an essencial instrument in order to restart the economy, particularly in times of economic recession. Given the transboundary nature of investments a single European legislation is not only appropriate, but also practically necessary measure to restore investors' confidence in investment firms and to increase the competitiveness of markets in financial services within the European continent. The investor compensation scheme is still not receiving full attention of Czech legal theory, therefore it is one of the ambitions of this thesis to provide its comprehensive analysis. The aim of my thesis is also to compare whether the Czech legislation of Securities Brokers Guarantee Fund complies with the requirements of European legislation and to analyse proposal for a directive of the European Parliament and of the Council amending Directive 97/9/ES on investor-compensation schemes and its effect on Securities Brokers Guarantee Fund. This thesis is composed of five chapters. Chapter One deals with the genesis of the investor...

This thesis focuses on liability for damage caused by vehicles with emphasis on the settlement of claims in nestadradních cases. Work maps ensure the process of liquidation in the event of damage caused by an uninsured vehicle, or vehicle insured by a foreign insurer. The aim is to assess practices and their effectiveness due to the victim.

É preciso conhecer os problemas enfrentados pelo Poder Judiciário para buscar soluções satisfatórias e não paliativos. Esta pesquisa está fundamentada na efetivação do princípio constitucional da duração razoável do processo à luz da satisfação do jurisdicionado, sendo o fundo de garantia das execuções trabalhistas um instrumento capaz de concretizar os direitos sonegados aos trabalhadores na Justiça do trabalho, apresentando possíveis soluções para a morosidade na prestação jurisdicional, garantindo uma tutela justa, útil e adequada. Com o passar do tempo vem aumentando o número de demandas no judiciário e com o advento da Emenda de n 45, que atribuiu novas competências à Justiça do Trabalho, observou-se a dificuldade processual de concretização deste princípio na Justiça do trabalho. Assim, pela falta de institutos capazes de fornecer subsídios que efetivem a prestação jurisdicional com a satisfação do jurisdicionado cria-se com a Emenda Constitucional de n 45 em seu artigo 3 o fundo de garantia das execuções trabalhistas que pretende garantir os créditos sonegados aos empregados pela força de trabalho. Vale destacar que no direito alienígena a discussão sobre este princípio é de suma importância para uma prestação jurisdicional, apesar de já estar bastante avançada tendo até alguns países, como a exemplo da Itália que já colacionaram ao seu ordenamento jurídico uma sanção pelo desrespeito a este princípio. Contudo, o enfoque referente às possíveis soluções fundamenta-se no Fundo de Garantia das Execuções Trabalhistas. Ao longo desta pesquisa, pretende-se explorar a forma qualitativa, visando produzir conhecimentos para aplicação prática dirigida à solução dos problemas. Espera-se com o aprofundamento deste trabalho, garantir e propor à sociedade mecanismos que viabilizem uma prestação jurisdicional adequada, justa, útil e condizente com um tempo razoável, alcançando a satisfação do jurisdicionado. / You need to know the problems faced by the judiciary to seek satisfactory solutions rather than palliative. This research is based on the realization of the constitutional principle of reasonable duration of proceedings in the light of the satisfaction jurisdicionado, having the guarantee fund of labor plays an instrument to realize the rights evaded justice for workers in the work by presenting possible solutions to the delay in adjudication, ensuring a fair tutelage, useful and appropriate. With the passage of time comes to increasing the number of demands in judiciary and with the advent of the Amendment n. 45, which gave the courts new powers of labor, there was the difficulty of procedural justice in the implementation of this principle of work. Thus, the lack of institutions capable of providing subsidies to effect the adjudication with the satisfaction of creating with jurisdiction over the constitutional amendment of 45 in his article 3 of the guarantee fund is intended to ensure that executions labor credits to employees evaded the workforce. Deplores the right to point out that the alien discussion on this principle and of paramount importance to provide a jurisdictional, is already well advanced with even some countries, such as Italy already collated with its legal penalty for the violation of this principle. However, the focus regarding possible solutions is based on the Guarantee Fund executions of Labor. For carrying out this research, we intend to explore a qualitative research aimed at producing knowledge for practical application addressed to solve problems. It is hoped that the deepening of this work, ensuring the company and propose mechanisms that enable an adjudication proper, fair and useful and consistent with a reasonable time, achieving the satisfaction of the courts.

Made available in DSpace on 2017-06-01T18:18:20Z (GMT). No. of bitstreams: 1 andre_vitaliano_de_carvalho_rocha.pdf: 988736 bytes, checksum: bf3220e820b1ca3c67cf450c86bec192 (MD5) Previous issue date: 2013-05-07 / You need to know the problems faced by the judiciary to seek satisfactory solutions rather than palliative . This research is based on the realization of the constitutional principle of reasonable duration of proceedings in the light of the satisfaction jurisdicionado, having the guarantee fund of labor plays an instrument to realize the rights evaded justice for workers in the work by presenting possible solutions to the delay in adjudication, ensuring a fair tutelage, useful and appropriate. With the passage of time comes to increasing the number of demands in judiciary and with the advent of the Amendment n. 45, which gave the courts new powers of labor, there was the difficulty of procedural justice in the implementation of this principle of work. Thus, the lack of institutions capable of providing subsidies to effect the adjudication with the satisfaction of creating with jurisdiction over the constitutional amendment of 45 in his article 3º of the guarantee fund is intended to ensure that executions labor credits to employees evaded the workforce. Deplores the right to point out that the alien discussion on this principle and of paramount importance to provide a jurisdictional, is already well advanced with even some countries, such as Italy already collated with its legal penalty for the violation of this principle. However, the focus regarding possible solutions is based on the Guarantee Fund executions of Labor . For carrying out this research, we intend to explore a qualitative research aimed at producing knowledge for practical application addressed to solve problems. It is hoped that the deepening of this work, ensuring the company and propose mechanisms that enable an adjudication proper, fair and useful and consistent with a reasonable time, achieving the satisfaction of the courts. / É preciso conhecer os problemas enfrentados pelo Poder Judiciário para buscar soluções satisfatórias e não paliativos . Esta pesquisa está fundamentada na efetivação do princípio constitucional da duração razoável do processo à luz da satisfação do jurisdicionado, sendo o fundo de garantia das execuções trabalhistas um instrumento capaz de concretizar os direitos sonegados aos trabalhadores na Justiça do trabalho, apresentando possíveis soluções para a morosidade na prestação jurisdicional, garantindo uma tutela justa, útil e adequada. Com o passar do tempo vem aumentando o número de demandas no judiciário e com o advento da Emenda de nº 45, que atribuiu novas competências à Justiça do Trabalho, observou-se a dificuldade processual de concretização deste princípio na Justiça do trabalho. Assim, pela falta de institutos capazes de fornecer subsídios que efetivem a prestação jurisdicional com a satisfação do jurisdicionado cria-se com a Emenda Constitucional de nº 45 em seu artigo 3º o fundo de garantia das execuções trabalhistas que pretende garantir os créditos sonegados aos empregados pela força de trabalho. Vale destacar que no direito alienígena a discussão sobre este princípio é de suma importância para uma prestação jurisdicional, apesar de já estar bastante avançada tendo até alguns países, como a exemplo da Itália que já colacionaram ao seu ordenamento jurídico uma sanção pelo desrespeito a este princípio. Contudo, o enfoque referente às possíveis soluções fundamenta-se no Fundo de Garantia das Execuções Trabalhistas . Ao longo desta pesquisa, pretende-se explorar a forma qualitativa, visando produzir conhecimentos para aplicação prática dirigida à solução dos problemas. Espera-se com o aprofundamento deste trabalho, garantir e propor à sociedade mecanismos que viabilizem uma prestação jurisdicional adequada, justa, útil e condizente com um tempo razoável, alcançando a satisfação do jurisdicionado.

Submitted by Biblioteca Central (biblioteca@unicap.br) on 2018-07-12T14:33:10Z No. of bitstreams: 2 patricia_alves_silva.pdf: 956276 bytes, checksum: 6096461d0d30d5b86f0d459a7864bde5 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-07-12T14:33:10Z (GMT). No. of bitstreams: 2 patricia_alves_silva.pdf: 956276 bytes, checksum: 6096461d0d30d5b86f0d459a7864bde5 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2018-06-07 / This end of course paper has the objective to analise the decision of Supreme Federal Court of Brasil whom judged unconstitutional the norm which provides trinary for the judicial collection of deposits not done from FGTS (Employment Time Guarantee Fund). It treats from a decision that generated a lot of criticism as, many workers felt impaired with the new point of Supreme Court. In the begining, will be analysing the concept of presciption in labor law, the influence in interpretation of norms and the definition of protector principle. Then, it will be study the concept of legal nature of FGTS. It will be observed the prescription of the FGTS in the law 8.036/90, the prescription of labor credits in the CF/88(Federal Constitution of Brazil) and the possibility of conflits among constitutional norm about prompt prescription and the principle most favourable norm. The study will be carried out through empirical, bibliographic, qualitative, exploratory, descriptive and documentary research. The methodology to be adopted will be critical analysis of legal discourse through which the decision pronounced by the STF is investigated in an attempt to understand the change of a jurisprudential understanding consolidated for years. Finaly, we hope to identify the consequences of the aplicability from the new prescriptional promt could bring to the legal effectiveness about the worker´s rights. / O trabalho tem como objetivo analisar a decisão do Supremo Tribunal Federal que julgou inconstitucional a norma que prevê a prescrição trintenária para a cobrança judicial dos depósitos não efetuados do FGTS. Trata-se de uma decisão que gerou críticas já que muitos trabalhadores se sentiram prejudicados com o novo posicionamento da Suprema Corte. De início, serão analisados os conceitos de prescrição no direito do trabalho, a influência na interpretação das normas e a definição do princípio protetor. Em seguida, serão estudados o conceito e a natureza jurídica do FGTS. Será observada a prescrição do FGTS na lei 8.036/90, a prescrição dos créditos trabalhistas na CF/88 e o possível conflito existente entre a norma constitucional sobre o prazo prescricional e o princípio da norma mais favorável. O estudo será realizado por meio de pesquisas empírica, bibliográfica, qualitativa, exploratória, descritiva e documental. A metodologia a ser adotada será a Análise Crítica do Discurso Jurídico por meio da qual se investiga a decisão proferida pelo STF na tentativa de entender a mudança de um entendimento jurisprudencial consolidado há anos. Como resultado, espera-se identificar as consequências que a aplicabilidade do novo prazo prescricional possa vir a trazer tanto à eficácia da justiça, quanto aos direitos dos trabalhadores.

新經濟體系的來臨，以技術為基礎的新創科技公司如雨後春筍般的出現，這些新創科技公司的價值已非過去龐大的有形資產，取而代之的是無形資產，如專利權、商標權、著作權、授權契約或公司的研發團隊等，然而傳統的財務報表係儘反映公司過去的財務狀況和經營成果，對於自行研發而非外購的智慧財產權，卻無法認列在財務報表上，使得公司的價值被嚴重低估，有潛力的公司無法獲得所需資金而功敗垂成，十分可惜。 本研究係以實際經營管理的觀點切入，探討以智慧財產權做為融資擔保標的時所會遭遇到的困難為何？再經由所得知的實際困難找出智慧財產權融資所需營運機制和可行之營運模式。 由於智慧財產權融資大部份的風險都處於資金供給方，因此融資可行與否大致上都決定於資金供給者必須在那些條件具備的情況下才願意接受以智慧財產權做擔保的融資模式，因此本研究主要探討的問題從資金供給者的角度出發，主要研究的資金供給對象為國內銀行和創業投資公司。 透過次級文獻蒐集、集體焦點訪談、個別訪談和郵寄問卷等方法得到主要發現如下： 一、國外智慧財產權融資尚在起步階段，且西方國家與東方國家有關智慧財產權的營運模式皆不盡相同。 二、國內缺乏智慧財產權融資實際個案，雖然有關智慧財產權融資擔保有其基本法源可茲適用，但相關配套法規欠缺。 三、國內創業投資公司多以整體性評估新創科技公司，除少數新創科技公司（如生物科技公司）外，智慧財產並非單一關鍵性考量因素。 四、智慧財產權融資模式對創業投資公司有其間接性影響，其中有關鑑價機制和技術交易市場為創業投資公司所關切重點。 五、國內傳統銀行以利差為主要獲利來源之營運特性使智慧財產權融資高風險之融資形式不易為銀行所接受。 六、銀行本身缺乏智慧財產權鑑價能力和管理能力，此為銀行承做智慧財產權融資首要解決之務。 七、銀行傾向以政府保證的方式來進行智慧財產權融資，以降低本身所承擔風險。 八、以目前整體的環境而言，智慧財產權融資在智慧財產權觀念上、鑑價機制、管理能力、交易市場和法令規範等方面有著許多實行上的困難有待解決。 由以上可知智慧財產權融資以目前各方面的環境而言具有高風險性，其可行性的營運模式建議分為短期和長期來看： 一、初期營運模式： 1、初期政府可用保證基金的形式來分散資金供給者的風險。 2、初期可先透過國外的鑑價機制和交易市場來進行。 二、遠期營運模式： 建立具有國際化的鑑價機構和交易市場，根據「契約自由化」原則，只要交易雙方對於契約內容達成一致性的決議，則交易即可完成，以促進自由市場高流動性的運作。 關鍵字：智慧財產權融資、新創科技公司、創業投資公司、銀行、鑑價機制、技術交易市場、信用保證基金、關鍵要素。 / By the coming of the new economy, high-tech start-ups are mushrooming like bamboo shoots after a spring rain. The value of high-tech start-ups does not base on hard assets, but of their principal assets. The principal assets contain both the intangible assets and intellectual property right (IPR), such as patent, trademark, copyright, license contract as well as R&D team. However, traditional financial statements record only the past financial profile and operating results of companies. They've invested large amount of money on R&D, and therefore, to obtain the IPR. But the right obtained can not be shown on the financial statements. As a result, a large number of high-tech start-ups are underestimated, and unfortunately, most of the potential high-tech start-ups were not able to survive due to the inability to find the fund needed. From the view of the practical operating management, this study discusses problems that should be confronted when operating the financing IPR. Moreover, according to the problems found, the study anticipates by offering the operating mechanism and feasible business models for financing IPR. As we know, the majority of risk lies in the fund suppliers when financing IPR, so mostly the feasibility of financing IPR depends on fund suppliers that will receive IPR as collateral under a certain number requirements possessed. Thus, the study will then offer suggestions mainly in terms of fund suppliers, and the focus will be on domestic banks and venture capitalists. Based on the literature review, group focus interview, individuall interview, posted survey and so on are conducted for the study. Some of insights are derived as bellow: 1. For overseas countries, the financing IPR is just at the beginning period. There are differences in the business models of financing IPR between western countries and eastern countries. 2. There are few real cases about financing IPR in Taiwan although there are some basic laws to apply for financing IPR. Nevertheless, more related regulations are needed. 3. Most of the venture capitalists evaluate high-tech start-ups in an overall way. Hence, excluding a small numbers of high-tech start-ups such as bio-tech companies, IPR is not the only key evaluation factor. 4. The model of financing IPR has an indirect influence to venture capitalists. They emphasize more on the valuation mechanism and the technology marketplace. 5. The profit of traditional banks in Taiwan comes from the interest. From the conservative operating system, these banks are hard to accept the financing IPR that is with high risk. 6. The domestic banks are in short of the IPR valuation and IPR management capabilities. Thus, these problems should first be solved, and then the financing IPR will be able to be taken into action. 7. The domestic banks are in favor of reducing risk by getting guarantee from the government. 8. In terms of the whole financial environment in Taiwan, there are lots of difficulties in the concepts of IPR, valuation mechanism, management capability, technology marketplace, laws and decrees and so forth to be confronted. Above all, financing IPR has high risk in Taiwan at the moment. Therefore, this paper recommends that feasible business models of financing IPR should be divided as follow: 1. Short-run business model: (1) Diversify the risk of the fund suppliers from the guarantee fund offered by the government. (2) Finance IPR by foreign valuation mechanism and technology marketplace. 2. Long-run business model: First, more efforts should be put to set up our own international valuation institutions and technology marketplace. Second, the financing IPR should be taken by contract liberalization principle in compliance with the mechanism of the free market. When both sides agree to the contract, then the deal will be done. By doing so,the IPR financing will be highly promoted at the same time. Key words: Financing IPR, High-tech Start-ups, Venture Capitalists, Domestic Banks, Valuation Mechanism, Technology Marketplace, Credit Guarantee Fund, Key factors.

A questão habitacional vem ocupando, recentemente, lugar de destaque entre as políticas públicas prioritárias no país, configurando um movimento de revitalização - apoiado por um marco regulatório aprimorado e um ambiente macroeconômico favorável, além do restabelecimento da Política Nacional de Habitação (PNH) - que exibe vertiginoso crescimento do crédito habitacional na última década. O Sistema Brasileiro de Poupança e Empréstimo (SBPE) e o Fundo de Garantia por Tempo de Serviço (FGTS), fontes arregimentadas para serem os pilares do Sistema Financeiro da Habitação (SFH), criado em 1964, ainda sustentam preponderantemente o crédito habitacional no Brasil e constituem, conjuntamente, a espinha dorsal de funding do atual Sistema Nacional de Habitação (SNH). Esta tese analisa essas duas fontes de captação de recursos a partir do pressuposto de que ambas devem ser dedicadas, de modo estratégico, ao financiamento habitacional. As justificativas residem, de um lado, na observação do potencial de captação dessas fontes - que acumulam R$ 685 bilhões (set./2012) - a taxas abaixo do \"livre mercado\" e, de outro, no reconhecimento de que há um segmento de famílias que possui condição de acessar crédito habitacional, desde que em condições especiais em relação às oferecidas pelo \"livre mercado\". A universalização do acesso à moradia digna, meta máxima estabelecida pela nova PNH, requer o atendimento a essas famílias. Dessa forma, este trabalho parte da hipótese de que o SFH, apesar de regulamentado, constituindo um circuito direcionado de crédito habitacional, não tem o seu potencial estratégico utilizado plenamente para realizar esse atendimento. Ou seja, o SFH não está aderente à atual Política. As análises confirmam a hipótese postulada: apesar de o SFH ser mantido sob regulamentação específica, preservando a vinculação de suas fontes ao crédito habitacional, tanto o SBPE quanto o FGTS vêm apresentando desempenho abaixo do seu potencial, comprometendo a necessária expansão downmarket. Se reformulada a regulação dessas fontes, essa expansão ganhará um ritmo muito mais adequado ao objetivo da universalização. Este trabalho abarcou, ainda, a revisão do desenho proposto para o SNH e considerações sobre limitações do financiamento e suas interfaces com o território. / The housing issue has recently been occupying center stage in Brazil\'s social policies, supported by the revamp of the country\'s Housing Finance System (SFH), favored by a refined regulatory framework, by income growth and a stable macroeconomic environment. The Brazilian Savings and Loan System (SBPE) and the Severance Indemnity Guarantee Fund (FGTS) instituted to be the pillars of the SFH, created in 1964, predominantly support, even today, the housing credit in Brazil and together constitute the backbone of funding for the new National Housing Policy (PNH), established in 2004. This paper attempts to analyze both the SBPE and the FGTS based on the assumption that they should be strategically targeted to expand housing finance downmarket. This depository-based system has accumulated assets of around BRL 685 billion (Sept/2012) and can offer below market interest rates, while a significant portion of families can only access housing finance in subsidized conditions. The main hypothesis that guides this analysis is that notwithstanding current regulations which still make the SFH an earmarked finance market, its funding is not being efficiently used to extend housing finance to those families. Thus, the SFH lacks better alignment with the present national housing policy and its main target of promoting universal access to \"decent homes\". The analyses undertaken confirm the postulated hypothesis: although the SFH has been kept under specific regulation, thus preserving its links to housing credit, both the SBPE and the FGTS have been underperforming in expanding mortgage finance to lower income groups. This paper also includes a critical overview of the design of the National Housing System and reflects on the limits of Brazil\'s finance system in reaching downmarket.

A questão habitacional vem ocupando, recentemente, lugar de destaque entre as políticas públicas prioritárias no país, configurando um movimento de revitalização - apoiado por um marco regulatório aprimorado e um ambiente macroeconômico favorável, além do restabelecimento da Política Nacional de Habitação (PNH) - que exibe vertiginoso crescimento do crédito habitacional na última década. O Sistema Brasileiro de Poupança e Empréstimo (SBPE) e o Fundo de Garantia por Tempo de Serviço (FGTS), fontes arregimentadas para serem os pilares do Sistema Financeiro da Habitação (SFH), criado em 1964, ainda sustentam preponderantemente o crédito habitacional no Brasil e constituem, conjuntamente, a espinha dorsal de funding do atual Sistema Nacional de Habitação (SNH). Esta tese analisa essas duas fontes de captação de recursos a partir do pressuposto de que ambas devem ser dedicadas, de modo estratégico, ao financiamento habitacional. As justificativas residem, de um lado, na observação do potencial de captação dessas fontes - que acumulam R$ 685 bilhões (set./2012) - a taxas abaixo do \"livre mercado\" e, de outro, no reconhecimento de que há um segmento de famílias que possui condição de acessar crédito habitacional, desde que em condições especiais em relação às oferecidas pelo \"livre mercado\". A universalização do acesso à moradia digna, meta máxima estabelecida pela nova PNH, requer o atendimento a essas famílias. Dessa forma, este trabalho parte da hipótese de que o SFH, apesar de regulamentado, constituindo um circuito direcionado de crédito habitacional, não tem o seu potencial estratégico utilizado plenamente para realizar esse atendimento. Ou seja, o SFH não está aderente à atual Política. As análises confirmam a hipótese postulada: apesar de o SFH ser mantido sob regulamentação específica, preservando a vinculação de suas fontes ao crédito habitacional, tanto o SBPE quanto o FGTS vêm apresentando desempenho abaixo do seu potencial, comprometendo a necessária expansão downmarket. Se reformulada a regulação dessas fontes, essa expansão ganhará um ritmo muito mais adequado ao objetivo da universalização. Este trabalho abarcou, ainda, a revisão do desenho proposto para o SNH e considerações sobre limitações do financiamento e suas interfaces com o território. / The housing issue has recently been occupying center stage in Brazil\'s social policies, supported by the revamp of the country\'s Housing Finance System (SFH), favored by a refined regulatory framework, by income growth and a stable macroeconomic environment. The Brazilian Savings and Loan System (SBPE) and the Severance Indemnity Guarantee Fund (FGTS) instituted to be the pillars of the SFH, created in 1964, predominantly support, even today, the housing credit in Brazil and together constitute the backbone of funding for the new National Housing Policy (PNH), established in 2004. This paper attempts to analyze both the SBPE and the FGTS based on the assumption that they should be strategically targeted to expand housing finance downmarket. This depository-based system has accumulated assets of around BRL 685 billion (Sept/2012) and can offer below market interest rates, while a significant portion of families can only access housing finance in subsidized conditions. The main hypothesis that guides this analysis is that notwithstanding current regulations which still make the SFH an earmarked finance market, its funding is not being efficiently used to extend housing finance to those families. Thus, the SFH lacks better alignment with the present national housing policy and its main target of promoting universal access to \"decent homes\". The analyses undertaken confirm the postulated hypothesis: although the SFH has been kept under specific regulation, thus preserving its links to housing credit, both the SBPE and the FGTS have been underperforming in expanding mortgage finance to lower income groups. This paper also includes a critical overview of the design of the National Housing System and reflects on the limits of Brazil\'s finance system in reaching downmarket.