Submitted by Marcella Vaz (mcz@bmalaw.com.br) on 2016-01-21T14:04:58Z No. of bitstreams: 1 Dissertação Francisco Müssnich (clean).pdf: 1403440 bytes, checksum: 490bbad9a8ecdd796462048f14a079e7 (MD5) / Approved for entry into archive by BRUNA BARROS (bruna.barros@fgv.br) on 2016-02-16T17:19:02Z (GMT) No. of bitstreams: 1 Dissertação Francisco Müssnich (clean).pdf: 1403440 bytes, checksum: 490bbad9a8ecdd796462048f14a079e7 (MD5) / Approved for entry into archive by Maria Almeida (maria.socorro@fgv.br) on 2016-02-16T18:18:08Z (GMT) No. of bitstreams: 1 Dissertação Francisco Müssnich (clean).pdf: 1403440 bytes, checksum: 490bbad9a8ecdd796462048f14a079e7 (MD5) / Made available in DSpace on 2016-02-16T18:18:26Z (GMT). No. of bitstreams: 1 Dissertação Francisco Müssnich (clean).pdf: 1403440 bytes, checksum: 490bbad9a8ecdd796462048f14a079e7 (MD5) Previous issue date: 2015-12-15 / The potential damage caused by insider trading is very high, because the offense affects not only the parties directly related to the transaction carried out while in possession of inside information, but also the stock market as a whole, undermining investor confidence. Severe sanctions under the administrative, civil and criminal law are necessary to discourage the offense. In this, Brazil’s securities regulator, the CVM - Comissão de Valores Mobiliários, plays a particularly important role because it wields the state’s power to intervene in the capital markets. At the same time, liability for insider trading offense should be based on a strong body of evidence, even if the evidence of insider trading is indirect only. The use of information barriers, which reduces the potential for conflicts of interest by restricting access to undisclosed material information, is not in itself sufficient to exclude liability for insider trading. Theories such as the 'corporate mind' can make Chinese walls ineffective protection against liability, even if they properly perform their function of segregating information. The theory of constructive or imputed knowledge cannot be applied in determining liability for insider trading / O insider trading é ilícito de elevado potencial danoso, pois impacta não só as pessoas diretamente relacionadas com a operação realizada com a informação privilegiada, mas também o mercado de capitais como um todo, afetando a confiança dos investidores. É importante, portanto, a repressão severa do ilícito nas esferas administrativa, civil e penal, destacando-se o papel regulador da Comissão de Valores Mobiliários, enquanto representante da intervenção do poder estatal no âmbito do mercado de capitais. Não obstante, para a responsabilização pelo ilícito do insider trading, deve-se exigir um conjunto probatório robusto, ainda que apenas indiciário. A utilização de uma espécie de muralha segregadora, se minimiza situações de conflito de interesses ao evitar o acesso amplo a informações relevantes não divulgadas ao mercado, não é, por si só, capaz de excluir responsabilidade por eventual insider trading. Importante ter cuidado com construções teóricas, como a da 'mente corporativa', capazes de esvaziar de utilidade barreiras como uma Chinese Wall. Impossível transpor a teoria do domínio do fato à apuração de ilícitos de insider trading.

Le gouvernement d’entreprise a subi une modification radicale en Europe à partir des années 1990. Le changement est aujourd’hui consolidé et il fait partie du droit des sociétés modernes. Le droit brésilien s’est toujours inspiré des législations européennes. Notre étude pose la question de savoir, à partir d’une vue comparative, si le droit brésilien des sociétés se rattache au gouvernement d’entreprise européen. On se centre en Europe sur le droit allemand, le droit anglais, le droit français et le droit communautaire. Notre analyse dépasse le cœur du gouvernement d’entreprise et inclut des parties qui relèvent du droit des marchés de capitaux et du droit de l’environnement, qui ont évidemment aussi un lien avec le gouvernement d’entreprise et le droit des sociétés. Pour comprendre le cœur du gouvernement d’entreprise, à savoir l’organisation des organes d’administration de la société anonyme cotée sur un marché réglementé, il faut s’appuyer sur l’analyse du traitement juridique de sujets à la fois accessoires et rattachés, comme le régime de la responsabilité des administrateurs. Le gouvernement d’entreprise se partage principalement en gouvernements d’entreprise interne et externe. Le gouvernement d’entreprise interne est celui qui traite l’organisation des organes d’administration, les relations entre les administrateurs et les actionnaires. Il se préoccupe surtout des affaires internes des sociétés anonymes. Le gouvernement d’entreprise externe a plutôt à voir avec la société anonyme et ses relations externes, dans le cadre du droit des marchés de capitaux et du droit de l’environnement. La réglementation brésilienne n’a pas accompagné les évolutions du gouvernement d’entreprise interne, sauf par rapport à certains mécanismes de base, comme la publicité. Il y a une plus grande synchronicité dans le gouvernement d’entreprise externe, qui relève de sujets majoritairement poussés en priorité par un consensus international. Le Brésil devra, en fonction de l’évolution de la déconcentration de la structure de l’actionnariat, s’appuyer sur le droit européen et introduire davantage de concepts du gouvernement d’entreprise moderne. / Corporate governance has undergone a radical change in Europe since the 1990s. Change has now consolidated and is part of the company law. Brazilian law has always been inspired by European legislation. Our study asks, from a comparative perspective, if the Brazilian corporate law relates to the European corporate governance. In Europe, we focus on German law, English law, French law and Community law. Our analysis goes beyond the heart of corporate governance and includes parts of capital markets law and environmental law, because they obviously also have a connection with corporate governance and company law. The understanding of the core of corporate governance, which is the organization of administrative bodies of the listed company on a regulated market, depends on the analysis of the legal treatment of incidental subjects, but related, as the regime of liability.Corporate governance is divided into internal corporate governance and external corporate governance. Internal corporate governance deals with the organization of administrative bodies, the relationship between directors and shareholders. It is primarily concerned with the internal affairs of corporations. External corporate governance has rather to do with the corporation and its external relations, under capital markets law and environmental law. Brazilian law did not follow changes in the internal corporate governance, except with respect to certain basic mechanisms such as disclosure. There is a greater synchrony in the external corporate governance, whose main topics are first driven by an international consensus. Brazil will have to measure the evolution of shareholding structure. If the shareholding turns less concentrated, Brazil will have to rely on European law and introduce more modern concepts of corporate governance. / Corporate Governance hat einen radikalen Wandel in Europa seit den 1990er Jahren durchgemacht. Der Wandel ist konsolidiert und ist nun Teil des Rechts der modernen Aktiengesellschaften. Brasilianisches Recht wird immer durch die europäische Gesetzgebung inspiriert. Unsere Studie fragt, aus einer vergleichenden Sicht, ob sich das brasilianische Unternehmensrecht auf die europäische Corporate Governance bezieht. Wir konzentrieren uns in Europa auf das deutsche Recht, das englische Recht, das französische Recht und das europäische Recht. Unsere Analyse geht über die Herzen der Unternehmensführung und umfasst Teile, die dem Kapitalmarkt- und dem Umweltrecht angehören, da sie selbstverständlich auch eine Verbindung mit der Corporate Governance und dem Aktienrecht haben. Das Verständnis des Kerns der Unternehmensführung, welcher die Organisation der Verwaltungsorgane der börsennotierten Aktiengesellschaft ist, hängt von der Analyse der rechtlichen Behandlung von Neben-Themen, die aber verwandt sind, ab, wie die Regeln über die Haftung. Corporate Governance ist vor allem in interne und externe Corporate Governance unterteilt. Interne Unternehmensführung beinhaltet die Organisation der Verwaltungsorgane und die Beziehung zwischen Direktoren und Aktionäre. Sie ist in erster Linie die innere Angelegenheit der Konzerne. Die externe Unternehmensführung umfasst eher das Unternehmen und seine externen Beziehungen nach dem Recht der Kapitalmärkte und des Umweltrechts.

In the present round table, tax specialists from Peru, Colombia, Chile and Mexico discuss about the tax reforms carried out and outstanding in their respective countries on the tax treatment of capital gain within the framework of the Latin American integrated Market. / En la presente mesa redonda, destacados especialistas de Perú, Colombia, Chile y México comentan las reformas tributarias realizadas y pendientes por realizar en sus respectivos países en torno al tratamiento tributario de las ganancias de capital en el marco del Mercado integrado Latinoamericano (en adelante, “MILA”).

Corporate Governance hat einen radikalen Wandel in Europa seit den 1990er Jahren durchgemacht. Der Wandel ist konsolidiert und ist nun Teil des Rechts der modernen Aktiengesellschaften. Brasilianisches Recht wird immer durch die europäische Gesetzgebung inspiriert. Unsere Studie fragt, aus einer vergleichenden Sicht, ob sich das brasilianische Unternehmensrecht auf die europäische Corporate Governance bezieht. Wir konzentrieren uns in Europa auf das deutsche Recht, das englische Recht, das französische Recht und das europäische Recht. Unsere Analyse geht über die Herzen der Unternehmensführung und umfasst Teile, die dem Kapitalmarkt- und dem Umweltrecht angehören, da sie selbstverständlich auch eine Verbindung mit der Corporate Governance und dem Aktienrecht haben. Das Verständnis des Kerns der Unternehmensführung, welcher die Organisation der Verwaltungsorgane der börsennotierten Aktiengesellschaft ist, hängt von der Analyse der rechtlichen Behandlung von Neben-Themen, die aber verwandt sind, ab, wie die Regeln über die Haftung. / Corporate governance has undergone a radical change in Europe since the 1990s. Change has now consolidated and is part of the company law. Brazilian law has always been inspired by European legislation. Our study asks, from a comparative perspective, if the Brazilian corporate law relates to the European corporate governance. In Europe, we focus on German law, English law, French law and Community law. Our analysis goes beyond the heart of corporate governance and includes parts of capital markets law and environmental law, because they obviously also have a connection with corporate governance and company law. The understanding of the core of corporate governance, which is the organization of administrative bodies of the listed company on a regulated market, depends on the analysis of the legal treatment of incidental subjects, but related, as the regime of liability.

This thesis evaluates and constructs a general, product-neutral legal concept and model of financial instruments, as opposed to the product-dependent definitions currently employed in contemporary capital markets law. Through a combination of law and economics perspectives, legal history, and comparative analysis, the study examines the various types of financial instruments currently and previously in use. The legal characteristics and features of these instruments are evaluated and compared, leading to the identification of commonalities that can be used to define a product-neutral concept. The thesis argues that such a concept is more beneficial to the function of the capital markets by removing obstacles for financial innovation while also providing a consistent way to ensure that new financial products are governed by the same regulatory framework as comparable instruments.The thesis also examines the historical evolution of financial instruments and how it has been driven by the evolution of international trade and the demand and surplus of available capital. The proposed concept is applied to current financial instruments, including equity and debt, as well as pre-modern markets, and evaluated in terms of regulation, practical use, and legal characteristics such as transferability and negotiability.The research of this thesis encountered several challenges and limitations. Firstly, the historical and comparative analysis proved difficult to carry out, due to limitation in available source material and language related restrictions, respectively. These limitations were overcome by limiting the scope and by employing contacts with law firms in the respective jurisdictions. Secondly, several key issues proved to require further research to be able to provide definitive conclusions. Such research would have been out of scope and as such, simplified explanations and models were employed. The thesis concludes with a discussion of the practical implications of the proposed concept, including its application to cryptocurrencies and similar assets, and identifies potential areas for future research.