土地增值稅自民國九十一年二月一日起兩年內減徵百分之五十（民國九十三年一月又延長一年至九十四年一月三十一日止）。以往研究發現，當稅制改變時，股市會反應稅制變動所帶來的影響，但鮮少有研究探討稅制變動是否帶來公司實際交易改變之影響。本研究針對土地增值稅減半徵收對我國上市櫃公司土地交易的影響進行實證分析。研究結果發現（1）在減徵政策宣布之後，但實際生效之前，我國上市櫃公司傾向延後處分所持有的土地（2）整體統計資料顯示，土地增值稅減徵政策有助於刺激上市櫃公司進行土地交易以及處分具有較高未實現持有利得之土地之現象，但實證迴歸的結果並不支持。（3）本文實證迴歸結果顯示，營業虧損的公司以及擁有較多出售用土地的公司較會在土地增值稅減徵期間進行土地交易。 基於上述實證結果，本文推論，在減徵正式實施後所增加的土地交易，其背後的動機多為彌補本業虧損或藉由在減徵期間進行土地交易，墊高土地成本以降低未來租稅負擔。因此，由我國上市櫃公司土地交易情形觀之，此次土地增值稅減徵對於欲達到刺激經濟成長的目標，成效並不顯著。 / The Land Value Increment Tax (LVIT) has been halved for two years from Feb. 1, 2002. (The tax cut policy has been extended from two years previously to three years until Jan. 31, 2005). Prior studies found that the impacts of change in tax rate will be reflected on company stock prices, but fewer studies were aimed at the impacts of change in tax rate on real transactions. This study examines the impacts of LVIT cut on Taiwan’s listed and OTC companies land transactions. It is found that (1) According to the empirical results, listed and OTC companies deferred their land transactions after the announcement of the tax cut policy. (2) Based on the descriptive statistics results, it is found that the tax cut policy induces listed and OTC companies to sell land in the implementation period and to postpone selling land with higher holding gains during the announcement period to gather greater disposal gains. However, the regression results do not support the same conclusions. (3) The empirical results of this study provides evidence that higher Land-for-sale and Operating loss are important motives behind increased land transactions by listed and OTC companies in response to the tax cut policy. Based on the above-mentioned empirical results, this study infers that, as a result of the LVIT cut, the motives behind increased land transactions conducted by listed and OTC companies are for the purpose of reducing tax burden in the future or covering loss from operating activities. Consequently, this tax cut policy contributes little to efforts to stimulate economic upturn, since most of the listed and OTC companies only take advantage of the policy to gather tax benefit or to cover loss -- a development that is not beneficial for overall economic growth.

本研究主要係針對跨國企業以非常規交易掏空資產之議題進行探討，包括非常規交易之型態、操作工具之經濟誘因分析、世界各國防制對策介紹、相關案例探討及結論與建議等主要部分，茲依各章次序分述其主要內容如次： 第一章「緒論」：包括研究動機、目的、內容、方法、範圍、限制與架構等，並透過文獻探討，分析相關文獻之價值及其不足之處。並於本章未節將本研究之重要名詞予以定義及說明。 第二章「非常規交易之探討」：首先分析跨國企業操作非常規交易所需使用之主要工具，並探討選擇該等工具之經濟誘因，使讀者瞭解跨國企業經營者選擇非常規交易操作工具之考量何在。其次介紹既有研究成果所歸納之非常規交易類型，並介紹相關學理及實務上之分類，並分析既有文獻分類之不足。最後介紹，美國關係企業交易規範及沙賓法案（Sarbanes-Oxley Act）、德國公司治理之防制對策，如雙層委員會制、銀行監控主體性及職工參與制等，最後則介紹經濟合作暨發展組織(Organization for Economic Cooperation and Development, OECD)之公司治理準則（Principles of Corporate Governance）及有害的稅制競爭（Harmful Tax Competition）等反租稅天堂措施等，希望能夠以國外相關制度作為吾國之借鏡。 第三章「掏空公司資產之國內案例研究」：本章首先介紹博達及久津等兩個典型案例，其次介紹政府當時對於博達案之因應作為，並作相關評析。最後輔以近年來實務上發生之案例，並歸納分析其主要之犯罪手法，再加以綜整為一整合之模式雛型，希望能使讀者透過閱讀簡單之圖型，加深對非常規交易之概念。 第四章為「跨國企業掏空公司資產之共通特徵及犯罪成因分析」：分析前述博達等類似案件之特徵，並從當時之時空背景、公司治理及外部監督機制面向，分析弊端發生之原因及制度上之不足。 第五章「結論」：本研究認為阻斷操作工具之經濟誘因能有效防制掏空資產行為，及強化公司內部治理及外部監督能有效改善企業舞弊現象；文末並針對吾國現行偵辦及相關防制實務，提出具體建議。 / The objevtives of this study aims at misappropriating assets of transnational corporations with non-arm’s length transactions, containning its categorizations, analysis of economic inducements of means, strategies of prevention economic crimes of America, German and OECD, introducing cases concerned, conclusions and suggestions. They can be found in the following: Chapter 1. This chapter explains the author’s motive and purpose of writing this thesis, ranges, methods, limits and frameworks of this study, discussing the values and deficiencies of the existing literatures, and definitions of terminology. Chapter 2. In this chapter, the author introduces the means of non-arm’s length transactions. Then, he analyzes the economic inducements of them and introduces the categorizations of non-arm’s length transactions, strategies of prevention economic crimes of America, German and OECD, such as Sarbanes-Oxley Act, and so on. Chapter 3. In Chapter 3, the author does case studies on “Procomp Informatics Ltd. Event” and “Bomy Company Event”, etc. Then inducts new categorizations of economic crimes and establishes a notional model of non-arm’s length transactions. Chapter 4. The author analyzes the backgrounds, characteristics of the 2 events mentioned before from the view points of corporate governance. Chapter 5. “To block the economic inducements of non-arm’s length transactions can prevent companies from misappropriating assets.“ and “to strengthen corporate governance inside and out can reduce fraudulence effectively.”are conclusions of the study. Based on them, the author proposes some suggestions to the authorities concerned.

本論文為管理層收購法律規範理論與實務之研究，比較台灣與日本兩國法律規範及實務運作方式，借鏡上市公司股權結構及管理層收購發動背景與我國相似之日本，檢討我國管理層收購之相關法規範，並試提出修正建議。 在管理層收購下，管理層一方面為收購方，一方面亦為目標公司之決策機構，其間之利益衝突不言而喻，且管理層收購亦伴隨著逐出少數股東之下市交易，如何能確保交易公平並保障少數股東之利益，為各國法規範管理層收購之一大重點。 本文以2011年國際私募基金Kohlberg Kravis Roberts & Co. L.P.來台收購我國半導體大廠國巨股份有限公司一案帶入我國管理層收購之法規範及實務運作，並點出該案及其後一連串之修法下我國法仍存在之問題，再探討日本法下管理層收購之相關規範及實務運作模式，並以日本兩實務案例：日立集團旗下之日立機材株式會社創始股東聯合國際私募基金凱雷集團發動管理層收購事件、日本判決著名案件Rex Holdings管理層收購事件兩案，深入探討日本法之管理層收購實務運作及相關判決，最後則以兩國實務案例比較，進一步檢討我國法之問題。

The diploma thesis "The Payment services and their legal regulation" deals with payment services, their definition and description of the legislation. Furthermore it treats payment services contract and focuses further on payment transactions (transfer of funds), in particular payment orders and their requirements. The aim of the paper is analysis of various payment services and related institutions, including a short presentation of persons authorized to provide a payment service. The paper itself consists of introduction, three chapters and conclusion. The author presents the topic and his motives along with short example of literature in the introduction. First chapter deals with a theoretical introduction to the topic and explains key concepts and relations, including specific notion of payment (contact). Furthermore, the first chapter includes description of the persons authorized to provide payment services and introduces legislation dealing with payment services, including European legislation and its comparison with the preceding regulation covering payments. In the second part, the author presents, defines and describes the various payment services, including examples. Also so-called negative list of payment services, as results from the Payment Act, is presented. The second chapter also...

<div> <div> <div> <p>The performance bottlenecks in modern data-intensive applications have induced database implementors to forsake high-level abstractions and trade-off simplicity and ease of reasoning for performance. Among the first casualties of this trade-off are the well-known ACID guarantees, which simplify the reasoning about concurrent database transactions. ACID semantics have become increasingly obsolete in practice due to serializable isolation – an integral aspect of ACID, being exorbitantly expensive. Databases, including the popular commercial offerings, default to weaker levels of isolation where effects of concurrent transactions are visible to each other. Such weak isolation guarantees, however, are extremely hard to reason about, and have led to serious safety violations in real applications. The problem is further complicated in a distributed setting with asynchronous state replications, where high availability and low latency requirements compel large-scale web applications to embrace weaker forms of consistency (e.g., eventual consistency) besides weak isolation. Given the serious practical implications of safety violations in data-intensive applications, there is a pressing need to extend the state-of-the-art in program verification to reach non- serializable data-intensive applications operating in a weakly-consistent distributed setting. </p> <p>This thesis sets out to do just that. It introduces new language abstractions, program logics, reasoning methods, and automated verification and synthesis techniques that collectively allow programmers to reason about non-serializable data-intensive applications in the same way as their serializable counterparts. The contributions </p> </div> </div> <div> <div> <p>xi </p> </div> </div> </div> <div> <div> <div> <p>made are broadly threefold. Firstly, the thesis introduces a uniform formal model to reason about weakly isolated (non-serializable) transactions on a sequentially consistent (SC) relational database machine. A reasoning method that relates the semantics of weak isolation to the semantics of the database program is presented, and an automation technique, implemented in a tool called ACIDifier is also described. The second contribution of this thesis is a relaxation of the machine model from sequential consistency to a specifiable level of weak consistency, and a generalization of the data model from relational to schema-less or key-value. A specification language to express weak consistency semantics at the machine level is described, and a bounded verification technique, implemented in a tool called Q9 is presented that bridges the gap between consistency specifications and program semantics, thus allowing high-level safety properties to be verified under arbitrary consistency levels. The final contribution of the thesis is a programming model inspired by version control systems that guarantees correct-by-construction <i>replicated data types</i> (RDTs) for building complex distributed applications with arbitrarily-structured replicated state. A technique based on decomposing inductively-defined data types into <i>characteristic relations</i> is presented, which is used to reason about the semantics of the data type under state replication, and eventually derive its correct-by-construction replicated variant automatically. An implementation of the programming model, called Quark, on top of a content-addressable storage is described, and the practicality of the programming model is demonstrated with help of various case studies. </p> </div> </div> </div>

Le blanchiment d'argent est considéré comme un crime organisé international. Du fait des progrès techniques et technologiques, il a connu un développement rapide. Ce qui a eu pour conséquence une évolution croissante de sa diffusion pendant vingt ans, en particulier après les attentats du 11 septembre 2001. Ceci a incité la communauté internationale à envisager soit au niveau régional soit au niveau mondial un certain nombre d'accords et de traités. Afin de lutter contre le blanchiment d'argent et le financement du terrorisme en tant que crime organisé du fait de leurs effets d'autant plus négatifs en temps de crise économique et internationale, il fut nécessaire de faire des efforts régionaux et internationaux dans le but d'en limiter l'expansion. La lutte contre le blanchiment d'argent inclut donc les obligations des professions juridiques et comptables et les professions bancaires et financières afin de rechercher et révéler les sources d'argent illicite qui ont été « lavées » et démasquer non seulement leur origine véritable mais également leur réutilisation. Le contenu de la lutte contre le blanchiment d'argent et le financement du terrorisme comporte trois obligations qui sont profondément attachées. Une obligation classique qui est l'obligation de secret professionnel, une obligation de vigilance allégée ou renforcée, fondée sur la qualité ou le degré du risque qui apparaît au cours de l'exécution d'opérations juridiques, comptables et bancaires, et une obligation de déclaration de soupçon sur les opérations suspectes envers les autorités compétentes visées par l'État. Il s'agit d'une étude comparative, analytique et critique des droits français et koweïtien dans une perspective législative, juridique et procédurale. / The crime of money laundering is not only considered to be an organized international crime but also an advanced and sophisticated task of fast and remarkable technology, which led to its spread globally over twenty years, particularly after 11 September 2001 attacks. Hence, the international community has called for the need to confront it at the regional and global level through the treaties and agreements, to prevent money laundering and terrorism funding. Money laundering is considered an organized crime as it has negative effects like economic crises. So it is necessary to exert efforts to stop its spread. There are three obligations to fight this crime, either it is for legal, accounting, or investment banking careers. These obligations aim at looking for sources of illegal and laundering money so as not to hide its illegal source but also to prevent its reuse or recycling. To confront this crime, there are three interrelated and interdependent obligations. First, traditional obligation of professional secrecy. Secondly, censorship or monitoring obligation can be diluted or intensive to fit (be adapted to) the dangerous degree which is shown through its implementation either in the legal, accounting, or banking transactions. Thirdly, the notification's obligation of suspicious transactions to the state's authorities to receive the suspicious notification of money laundering. This study is a critical and analytical comparison of French and Kuwait law through legal, legislative and procedure perspective.

A Contabilidade, na qualidade de Ciência voltada à administração e a economia, envolve, a um tempo, um valor específico e uma prática abrangente, na medida em que tem por função orientar, controlar e registrar eventos econômicos proporcionando informações para a tomada de decisões. Esse conceito exige, portanto, dos seus profissionais, uma visão sistêmica, holística e interdisciplinar, que lhes possibilite um desempenho de qualidade. No entanto, as estratégias de ensino utilizadas, ainda hoje, têm priorizando os aspectos operacionais da Contabilidade, em detrimento da sua capacidade informativa, que implica necessariamente juízo de valor. Visando contribuir para dotar o ensino da Contabilidade Geral em nível de 3º grau de um instrumento de aproximação entre a teoria e a prática que reflita melhor a realidade das empresas e suas necessidades das informações contábeis para a tomada de decisões, esta pesquisa objetiva a apresentação de um simulador de transações, em forma de jogo, aplicado ao ensino da Contabilidade Geral. Por meio da pesquisa-ação, desenvolve-se a modelagem de um simulador de transações, em forma de jogo, desdobrando analiticamente a tomada de decisão num processo de planejamento, execução e controle, valendo-se para isso da teoria dos jogos, levando o aprendiz a tomar decisões e fazer julgamento de valor. Ao elaborarmos um simulador de transações e aplicá-lo em sala de aula, a nossa contribuição reside não na estratégia em si, mas, antes, no processo de comunicação, motivando o aluno a participar de uma situação simulada. Importa, sobretudo, a representação, ou seja, a ficção que obriga a trabalhar não apenas tendo em vista o real, mas aquilo que tem a aparência de real, e que possibilita o interesse do jogo para o aluno. Conclui-se da pesquisa que o uso do simulador de transações, em forma de jogo, estimula e favorece o aprendizado dos conteúdos propostos pela disciplina de Contabilidade Geral, proporcionando ao aprendiz a visão abrangente desejada. / Accountancy as a Science oriented to management and economy involves at the same time an specific value and more encompassing practices based on the purpose to guide, control and record economic events providing information for decision making. This concept demands, however, a systemic, holistic and interdisciplinary view from professionals to achieve high quality performance. Nevertheless, teaching strategies used both in the past and today have prioritized the operational aspects of Accountancy to the detriment of its informative ability which involves a judgment of value. The goal of this study is to help in providing an instrument that can bring together theory and practice in the teaching of General Accounting Level 3 that better expresses business reality and the needs of accountable information for decision making. In addition to the presentation of a simulator of business transactions as a game applied to the teaching of General Accounting. This model representation of business transactions as a game will be developed by means of action-research. This game will analytically unfold the decision making during the planning, performance and control of a process using the theory of games and leading the learners to make decisions and judge values. The key factor of this representation of business transactions and its application in class will not be the strategy itself, but the communication process. It will encourage the students to participate in a simulated situation. All in all, the key aspect is the role play, or in other words, the fiction that encourages the work not only having real facts, but also with the representation of real-life situation and this will increase students interest in the game. The final conclusion of this study is that the use of a simulator of business transactions as a game encourages and favors the learning process of the subjects proposed by General Accounting, therefore providing the students with the desirable comprehensive view.

Made available in DSpace on 2015-12-03T18:35:33Z (GMT). No. of bitstreams: 1 Renata_Joyce_Theodoro.pdf: 1357930 bytes, checksum: 54705fca8944a34b97e4748ffab125f9 (MD5) Previous issue date: 2014-04-17 / The research objective is to determine the tax advantage of the goodwill in the corporate restructuring operations and its relevance in decision making by businesses. The research methodology is classified qualitatively and quantitatively; the first held by the literature and document review; effected by the second crossing of the information collected. With the combination of these techniques was possible to achieve the research objective. Most of the improper use of tax goodwill in corporate restructuring operations has been identified by the amount of tax credit released on assessments due by practitioners and companies planning abusive. However, this credit also reveals the importance of the use of goodwill in these operations if it were representative of a tax elision economy. The feared extinction of goodwill did not occur, but their deduction was maintained only for transactions that occurred between unrelated parties. / O objetivo da pesquisa ?? apurar o aproveitamento tribut??rio do ??gio nas opera????es de reorganiza????o societ??ria e a sua relev??ncia na tomada de decis??o pelas empresas. A metodologia da pesquisa ?? classificada qualitativa e quantitativamente; a primeira realizada pela revis??o bibliogr??fica e documental; a segunda efetivada pelo cruzamento das informa????es coletadas. Com a combina????o dessas t??cnicas foi poss??vel atingir o objetivo da pesquisa. Na sua maioria, o aproveitamento tribut??rio indevido do ??gio nas opera????es de reorganiza????o societ??ria foi identificado pelo montante de cr??dito tribut??rio lan??ado em autua????es e devido pelas empresas praticantes de planejamentos abusivos. Em contrapartida, referido cr??dito tamb??m revela a import??ncia do aproveitamento do ??gio nessas opera????es se fosse representativo de uma economia elisiva tribut??ria. A temida extin????o do ??gio n??o ocorreu, mas sua dedu????o foi mantida apenas para as opera????es ocorridas entre partes independentes

Atualmente, verifica-se um momento de grande reflexão dos aplicadores do Direito Tributário, em decorrência do impacto trazido pelos novos métodos e critérios contábeis aplicados à apuração do lucro societário das empresas no Brasil. A aplicação dos princípios contábeis geralmente aceitos passou a estabelecer novos paradigmas para o reconhecimento e mensuração do lucro, influenciando a forma de interpretar a legislação tributária. Esse contexto ganha grande relevância no que tange à apuração e tributação da renda no setor imobiliário. Isto porque esse setor da economia é cuidadosamente regulamentado, do ponto de vista contábil, tanto pela legislação societária quanto pela fiscal. Com efeito, o presente estudo analisa a delimitação da competência constitucional para tributação da renda pela União, sobretudo os limites oferecidos pelos princípios constitucionais tributários. Também se analisam as definições de renda pelo CTN e os critérios de definição do momento de realização. Ocorre que a definição do fato gerador do imposto de renda muitas vezes se vale de conceitos previstos em outras áreas do Direito, especialmente no Direito Privado. Dessa forma, são analisados os conceitos estabelecidos pelo Direito Contábil Societário, pois são fundamentais para a quantificação da matéria tributável. Após o estabelecimento da base teórica para a tributação da renda, passa-se à análise dos principais aspectos jurídicos das operações imobiliárias (negócios que envolvem a exploração econômica, direta ou indireta, da propriedade imobiliária). Essa primeira análise é necessária para se estabelecerem os parâmetros adequados para o reconhecimento e a mensuração da renda, intrinsecamente relacionada à transferência de riscos e benefícios. Um segundo passo importante, para a apuração da renda do setor imobiliário, corresponde à análise dos principais métodos e critérios contábeis estabelecidos pela legislação societária, pois esse é o parâmetro inicial para a apuração do montante a ser tributado. Por fim, analisam-se a coerência e a adequação das regras de tributação da renda no setor imobiliário, para as pessoas físicas e as pessoas jurídicas. Também serão abordados os regimes específicos de tributação previstos na legislação brasileira. / In recent years, tax law practitioners have been forced to rethink due to the impact of new accounting methods and criteria applied to the calculation of corporate profits in Brazil. The application of generally accepted accounting principles has established new parameters for the recognition and measurement of profits, thereby influencing the interpretation of tax law. This ontext has acquired great relevance regarding the calculation and taxation of income in the real estate sector. This is due to the fact that this economic sector is carefully regulated from an accounting standpoint, as much by corporate law as by tax law. Indeed, this work analyzes the limits of the constitutional authority for Federal taxation of income, especially as regards the bounds set out by constitutional principles of taxation. It also analyses the Brazilian National Tax Code (CTN) definition of income, as well as the definition of the moment when income is realized. It happens that the definition of the tax-triggering event for income tax often relies on concepts derived from other areas of law, especially privet law. Therefore, the concepts established by corporate accounting law are analyzed here, as they are fundamental concepts for the quantification of the tax bases. After establishing the theoretical basis for income taxation, the main legal aspects of real estate transactions are analyzed (those involving direct or indirect real estate economic exploration). This first analysis is necessary in order to establish the appropriate parameters for the recognition and measurement of income, intrinsically related to the transfer of risks and benefits. A second important step for the calculation of income in the real estate sector corresponds to the analysis of the main accounting methods and criteria established by corporate law, as this is the initial parameter for the calculation of the tax basis. Finally, this work analyzes the coherence and proportion of the income taxation rules in the real estate sector, for individuals and corporations. The special tax regimes established by Brazilian law will also be addressed.

O presente trabalho tem por objetivo traçar os principais contornos do instituto do benefício particular, positivado na legislação brasileira por meio do artigo 115, §1º, da Lei n. 6.404/76, diferenciando-o do instituto relativo ao interesse conflitante nas sociedades, insculpido no mesmo dispositivo supra citado. A partir da análise do Direito Comparado, constatou-se que o benefício particular, tal como o conhecemos hoje no Brasil, tem origem na legislação francesa, especificamente nas Leis de 17 de julho de 1956 e 24 de julho de 1867. Os contornos de sua conceituação, portanto, estão intimamente ligados às razões de ordem histórica e teleológica que levaram o legislador estrangeiro a criá-lo, o qual visava, à época, afastar os abusos e inconveniências decorrentes da aprovação, em assembleia, de vantagens especiais e exclusivas pelo próprio sócio beneficiário dessas vantagens. Complementarmente, por meio da análise e interpretação sistemática da legislação societária brasileira e de outras fontes de direito disponibilizadas, como a doutrina e a jurisprudência, pôde-se definir algumas das características mais marcantes do instituto, das quais se pode destacar a licitude, a gratuidade e o caráter social das vantagens a ele associadas, garantindo ao beneficiado acesso aos fundos sociais. Em paralelo, para fins de mera comparação com o instituto do benefício particular, foram abordados alguns aspectos relativos ao instituto do conflito de interesses, reafirmando conceitos doutrinários já sedimentados acerca do alcance do interesse social e procurando, a partir da análise da legislação brasileira e comparada, fixar alguns elementos intrínsecos a esse instituto, tal como a ilicitude e o caráter extrassocial da vantagem visada pelo acionista conflitado. Comparando as características do benefício particular e do conflito de interesses, pode-se concluir que, apesar da aparente semelhança que carregam, tratam-se de institutos distintos, que regulam situações diversas, não podendo ser confundidos ou tomados um pelo outro, sendo possível, de fato, se estabelecer um critério relativamente seguro para distingui-los entre si, conferindo uma maior segurança jurídica aos aplicadores do direito, evitando-se, assim, algumas interpretações equivocadas acerca dos institutos, tais como aqueles constantes nos posicionamentos da Comissão de Valores Mobiliários analisados ao final desse trabalho. / The current paper has the sole purpose of designing the main lines of the private benefits regulation, reaffirmed by means of Act 115, §1st, in the Brazilian law number 6.404/76, distinguishing it from institutions that relate to conflicting partnership interests, comprehended by the same aforementioned Act. From assessing the Paired Law regulation, it has been understood that the private benefits, such as it is currently recognized in Brazil, is based on the French legislation, more specifically on the July 17, 1956 and July 24, 1867 Acts. Therefore, the contours of its conceptualism are intimately connected to historic and teleological reasoning that took the foreign regulator to create it and which aimed, at that time, to keep away abuse and inconveniences resulting from the approval, in an shareholders meeting, of special and exclusive advantages by their own beneficiary parties. In addition, by means of systematically assessing and interpreting the Brazilian Corporate Law and other Law resources made available, such as the Law doctrine and jurisprudence, it was possible to determine some of the most outstanding characteristics of such an institute, among which the lawfulness, gratuity and social character of the advantages associated with it can be highlighted, thus assuring the access of the beneficiary party to social funds. In parallel, by means of solely comparing the private benefits regulation, some aspects regarding the conflict of interests were also assessed, reaffirming doctrine concepts about the reach of social interests that are already established and trying to determine, by means of analyzing the Brazilian Corporate Law and Paired Law, some of the elements that are inherent to that establishment, such as its wrongfulness and the extrasocial character of the advantage pledged by the conflicting party. By pairing the characteristics of private benefits and the conflict of interests, it is concluded that, despite their apparent similarities, those are distinct institutes that regulate diverse situations, which cannot be confused or taken by one another and, in fact, it is possible to establish a relatively safe criteria to differentiate both, thus providing greater judicial accuracy to Law enforcers, and this way avoiding misinterpretation of regulation, such as those that are common to the positioning of the Brazilian Securities and Exchange Commission that are analyzed in the end of this paper.