As políticas de negociação das companhias abertas brasileiras e a prevenção à prática de insider trading

Resumo

The present study has the purpose to analyse trading policies for insiders of publicly traded corporations from the perspective of prevention of insider trading. Moreover, the study seeks to understand how those policies may be useful for the companies as an affirmative defense within the scope of administrative proceedings, as well as an internal mechanism, complementary to regulation, that provides guidelines to avoid the trading of securities by people who have access to material and nonpublic information regarding the company’s businesses. This paper also studies how capital markets participants, such as regulatory entities or the public traded companies, look at trading plans before the illicit practice of insider trading. In this regard, precedents of CVM will be examined in order to identify and outline the understandings of this regulatory entity on the topic discussed herein. Last, but not least, elements of existing trading plans of public traded companies will be presented to support the analysis of which elements are contemplated by those plans and also to raise the questions about the functionality and effectiveness of trading plans in capital markets.

Ficha do documento

Tipo

Outro

Ano

2016

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/19951

Palavras-chave

Insider tradingTrading policiesMaterial nonpublic informationSecurities and exchange commissionCapital marketUso de informação privilegiadaComissão de valores mobiliáriosPolítica de negociaçãoMercado de capitaisDireitoMercado de valores mobiliáriosSociedades por ações - BrasilInformações privilegiadas - Uso indevido