O crime do art. 27-E da lei n.6.385/1976 praticado por influenciadores digitaisuma análise sob o prisma da acessoriedade administrativa no direito penal

Resumo

This paper aims to analyze the objective elements of the crime set forth in Article 27- E of Law No. 6. 385/1976 from the perspective of digital influencers operating in the capital markets, known as finfluencers. It starts from the scenario in which finfluencers concurrently and irregularly perform typical activities of analysts, advisors, and consultants — functions regulated by the Securities and Exchange Commission and which require prior authorization for their exercise. This context is analyzed in light of administrative accessoryship, based on the examination of infra-legal normative acts issued by the Securities and Exchange Commission. The requirements for characterizing the activities provided for in Article 27-E of Law No. 6,385/1976 are explored. The analysis of the crime adopts a typicalmaterial perspective, considering the legally protected interest and the dangerousness of the conduct. The study also proposes a reflection on the administrative tolerance regarding finfluencers, especially because the CVM, although recognizing the performance of these agents as a regulatory issue, consciously chooses not to regulate them as an autonomous category. Finally, based on the findings, three cases involving digital influencers are analyzed.

Ficha do documento

Tipo

Dissertação

Ano

2025

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/38004

Temas

EconomiaTecnologia

Palavras-chave

AnalistasAcessoriedade administrativaMercado de capitaisFinfluencersDigital influencersCapital marketUnlawful practiceSecurities and exchange commissionDireitoMercado de capitais - Brasil - LegislaçãoBrasil. [Lei n. 6.385, de 07 de dezembro de 1976]Comissão de Valores Mobiliários (Brasil)Direito penal econômicoCelebridades da internet