O agente fiduciário como Gatekeeper

Resumo

This master's thesis aims to study the figure of the fiduciary agent in the Brazilian securities market, whose role has become more relevant in the last decade, with the increase in the issuance of fixed income securities that require their appointment. This resulted in legislative and regulatory changes, which culminated in its recent characterization by the Brazilian Securities and Exchange Commission as a gatekeeper in administrative decisions and by means of a Circular Letter from the technical area (Superintendence of Securities Registration – SRE). This work sought, at first, to understand what the fiduciary agent is, going back to its origin and outlining the history of its adoption, as well as the purpose of its appointment and the functions it performs, describing its basic characteristics, its duties, obligations and limitations. The study of the north american experience gained special importance, with the indenture trustees, which constitute the basis for the creation of the fiduciary agent in the Corporations Law. Then, the period prior to the regulation was analyzed and, later, with the edition of the Trust Indenture Act, of 1939, its revision was carried out, as well as an examination of the criticisms and current discussions. Through the study of the North American doctrine of gatekeepers, defining the basic features that characterize such a figure, it was possible to understand why the trustee, in view of the current legislation and the administrative decisions that dealt with it, can also be considered a gatekeeper.

Ficha do documento

Tipo

Dissertação

Ano

2021

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/31555

Palavras-chave

GatekeeperIndenture trusteeFiduciary agentRegulationSecurities marketInvestor’s protectionDebenturesBrazilian Financial and Capital Markets Association (ANBIMA)Brazilian Securities and Exchange Comission (CVM)Agente fiduciárioRegulaçãoMercado de Valores MobiliáriosProteção do investidorANBIMACVMDireitoMercado de valores mobiliários - LegislaçãoNegócio fiduciárioComissão de Valores Mobiliários (Brasil)Investidores (Finanças)