Navegando por Assunto "Conflito de interesses"
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ItemConflict of interests within the real estate funds industry: empirical evidence from trading behavior of financial institutions(2018-02-07) Morosine, Vitor MoraisUtilizing a database from B3 (formerly BM&FBOVESPA), we have analyzed if financial institutions that provide Custody and Asset Management within the Real Estate Funds industry and also have a distribution business such as a Private Banking or Financial Advisory unit tend to trade more of its own securities than what would be expected under a non-conflicted situation and without any informational advantage. Our study englobes all transactions realized through B3 from March of 2015 to April of 2017 for the 101 most liquid Real Estate Funds and the results indicate that all financial institutions that are prone to conflicts of interest tend to exploit it. Without exception, they negotiate much more of their own securities that what would be expected if the Distribution and Asset Management business were completely independent, whereas firms that are not conflicted tend to act more in line with what would be expected, although not uniformly. Our data also suggests that conflicted financial institutions tend to underperform the reference Index. ItemO conflito de interesse como causa de impedimento de voto do acionista(2019-03-27) Victer, Renata Bastos MaccaccheroBased on the decisions from the administrative proceedings of the Securities and Exchange Commission of Brazil (CVM) regarding self-dealing, the present paper analyzes the criteria used by CVM in determining the ban on conflict-of-interest voting. Evidence subsequent to the Tractebel decision – when the CVM started adopting the ex ante control of self-dealing – does not comply with the precedent established by Tractabel for determining the ban on conflict-of-interest voting, since the concept of self-dealing has been broadly applied. Based on this finding, the present paper correlates the broadening of the empirical coverage of the selfdealing with the prevailing context at the time the CVM decisions had been rendered, in light of the greater public demand that state agencies fully exercise punitive and supervisory activities, due to the Lava Jato Operation. This study indicates that the expansion of the normative definition of a conflict of interests means that the decisions of the CVM lack on predictability and, consequently, regulated corporations lose the ability to foresee the legal consequences of their acts, especially in relation to the delimitation of what is an extra-social interest capable of banning a shareholder vote. Finally, it is concluded that for the adoption of the ex ante control of self-dealing, there must be a clear and precise definition of the concept of self-dealing, which is proposed at the end of the work. ItemConflito de interesses entre acionistas: a indeterminação do artigo 115, §1º da lei nº 6.404/76 e o histórico de decisões no âmbito da Comissão de Valores Mobiliários(2022) Oliveira, Carolina Bueno deThe main focus of this study was the analysis of the most emblematic decisions of the Brazilian Securities and Exchange Commission (CVM) in the last seven years related to the interpretative dispute about the conflict of interests of shareholders in the resolutions of shareholders´ meetings of companies. It was not intended to make a merely case-by-case analysis and not to argue for or against the formal or material theory that split law scholars and, above all, the directors of the Securities and Exchange Commission. The intention was, in fact, to analyze the decisions in a systematic and objective way in order to find points of convergence and divergence of opinions, proposing a legislative amendment as a temporary solution to the dispute fought today. Thus, the study was structured as follows: (i) analysis of the main theoretical questions that is related to the article 115 of Law 6.404/76; (ii) systematization of the decisions and votes in the scope of the Brazilian Securities Commission in the last 7 (seven) years (analysis from the Eneva Case - Case RJ/2015/5021, judged on 25.08.2015); (iii) diagnosis of the decisions in order to find out points of divergence and convergence of understanding of the directors of the Brazilian Securities Commission; and (iv) conclusion on the possibility or not of amending article 115 of Law no. 6,404/76 and identification of themes that still need to have the discussion about them improved. ItemO conflito de interesses entre sócios e administradores no procedimento da recuperação judicial(2022-08-26) Tavares, Renato FermianoO presente trabalho pretende analisar os conflitos entre sócios e administradores no procedimento da recuperação judicial, partindo da perspectiva do conflito de agência. O estudo avalia o papel do sócio, seus deveres, responsabilidades e consequências após o deferimento do processamento da recuperação judicial e a relação com os administradores da sociedade em crise. O trabalho se utiliza da legislação societária e sua relação com a legislação que rege o procedimento da recuperação judicial, considerando o princípio da preservação da empresa em cotejo com o interesse social frente aos direitos e deveres dos sócios e administradores. Pretende-se também realizar uma avaliação de casos práticos e as soluções que foram adotadas. O papel do sócio e os efeitos do plano de recuperação judicial são conjuntamente avaliados. De forma prática, o trabalho avalia as possíveis consequências que determinados comportamentos e efeitos do plano de recuperação judicial podem ter sobre a decisão de ingressar ou não com o pedido de recuperação judicial. ItemConflito de interesses nas companhias de capital aberto e o novo padrão de transparência do IFRS: um estudo empírico dos mecanismos voluntários dedicados às transações entre partes relacionadas(2012-09-13) Vilela, RenatoThe work is situated in the large area of corporate law, specifically under the subject of conflicts of interest in the deliberations of listed companies. The assumed objective was to critically explore theoretical interpretation of the legal problem resulting from these conflicts, and then perform an empirical study about a potentially contentious negotiating mode, the related party transactions. After studying the logic from these doctrinal proposals, the thesis maintains the hypothesis that the explanations of the Brazilian legal literature vary the ratio of the open concept of 'best interests of the company', according to articulate the position of the party represented by counsel. Arbitrarily designed as 'formal' or 'substantial', such interpretations cares about the time of infringement of the Company's best interest, respectively, to prohibit or guarantee the exercise of voting from the interested party, through suitable arrangements at the dispute. Due to this impairment of abstract reasoning to the practice of law, it is suggested to approach the subject by another theoretical proposal, linked to a specific notion of Law. Understood as a provider of relevant information to stakeholders of the companies, it acts in the regulation of data required from these corporations and in the information produced by them, individually. Such transparency, along with the rules that bind the market, form the conceptual content of the expression 'corporate governance', developed around the proposal called by 'corporate governance system'. The interpretation of information from the various possible systems must offer the decision maker a chance to meet their powers, prerogatives, incentives, skills, limitations and prohibitions in order to assess whether their choice is a good government practice for the business, according the system in which the company operates. For interested third parties, the system should serve to verify if the decision-making process follows the expectation of the business environment designed by the governance system. On the issue of conflicts of interest, the suggestion to think the problem through this notion of Law intended to support the creation and disclosure of rules conceived by the listed companies, which feed the alluded governance system and serve to guide the decision making oriented by the alignment of dissonant goals involved in the company, without the use of external arbitration. So, the empirical work focuses on studies of these particular rules applicable to related party transactions, such mechanisms were collected in the annual report of the 100 most liquid corporations listed at BM&FBovespa in 2011. The results show that only 6% of companies have procedures to identify conflicting relationships arising from related party transactions and 29% to address the problem. The figures relating to companies that establish rules for managing conflicts of interest in the deliberations of the general assembly and board of directors are also low, respectively, 7% and 13% present identification mechanisms, 4% and 11% for treatment. The low frequency showed by the results lighted with the built theoretical proposal identifies an opportunity, namely, to think of mitigating the problem using this private and extrajudicial route. ItemConflitos de agência e alinhamento de interesses: enforcement e incentivos sob uma análise econômica(2022-10-24) Cardoso, Matheus Filipe PolettoThe delegation of powers between principals (shareholders, owners) and agents (directors, administrators), separating control from the ownership of a company, is fertile ground for opportunistic behavior and conflicts of interest. Considering that the structural basis of these relationships is composed, as a rule, by legal, corporate governance and contractual norms, the impact of such regulations was analyzed, as well as the existence of flaws that would allow the facilitation of opportunism in business relationships. We have found that the fiduciary relationship must be guided by the sum of positive and negative incentives, rules and standards, reputational risks, and rewards, etc. In addition, it was found that several incentive strategies have great chances of distortion, increasing the benefit of opportunistic behavior, as well as that governance norms and Laws, without due enforcement, do not have a broad effectiveness, in isolation, to mitigate these problems. This work demonstrates the importance of using interdisciplinarity between Law and Economics, as well as strategic thinking when drawing up rules of behavior, the importance of incentives and enforcement, and the need for joint use of control and inspection mechanisms and contractual instruments. We seek to demonstrate that, and how, internal institutions, if formulated in an economically skillful way, are able to impose positive incentives, aligning the interest between the parties, and negative ones, increasing the cost of dishonesty among those who have fiduciary duties in the business environment. ItemImpedimento de voto na companhia aberta: proposta de um novo marco regulatório(2022-06-29) Cavalcanti, Eduardo Porto Carreiro CoelhoO presente trabalho se propôs a analisar o tema do conflito de interesse em companhias abertas, com o objetivo de avaliar a necessidade de reforma do atual arcabouço legal sobre a matéria. Para tanto, estruturou-se em quatro eixos: 1) análise da regulação do assunto no Brasil, bem como das correntes doutrinárias no Brasil e nos Estados Unidos, em especial a partir da confrontação entre a adoção do critério formal ou do material; 2) estudo da evolução dos precedentes norte-americanos ao longo de mais de cinco décadas; 3) apreciação das decisões proferidas pela CVM nos últimos cinco anos; 4) conclusão sobre a pertinência e viabilidade de se alterar o marco normativo da matéria no Brasil. A discussão inicia-se com a interpretação do artigo 115, parágrafo primeiro, da LSA, em que parcela dos operadores do Direito leem a integralidade do dispositivo sob a ótica do critério formal e outra parte o faz apenas parcialmente. No caso do item 1, constatou-se uma forte divergência no Brasil acerca do critério aplicável para endereçar as transações com conflito de interesses ou mediante a presença de benefício particular, o que se traduz em um cenário de incerteza e de insegurança jurídica. Após explorar os pilares acima, concluiu-se pela manutenção do critério formal para deliberações sobre: (i) laudo de avaliação de bens com que o acionista concorrer para a formação do capital social; (ii) análise de contas do acionista-administrador; (iii) ajuizamento de ação de responsabilidade em face do acionista-administrador; e (iv) suspensão da assembleia reunida para tratar de qualquer dos temas acima. Já nas transações em que o benefício particular ou o conflito de interesses estiverem presentes, adotar-se-ia a análise substancial, a qual deverá demonstrar, dentro outros aspectos, que a transação foi justa para a companhia. ItemA indústria de fundos de investimento no Brasil: um estudo teórico e empírico sobre a relação fiduciária entre o administrador-gestor e os respectivos cotistas de fundos de investimentos(2015) Coelho, Alexandre RamosAccording to data, from the Brazilian Association of Financial and Capital Market – ANBIMA, accumulated of 12 months, as of July 7, 2014, the sum of investments, redemptions and capital raised, the fund industry in Brazil transacted more than 11 billion Brazilian Reais. It is a considerable financial value, making the industry fund an important tool to channel savings and to invest in the most diverse projects of the economy. In addition, the collapse of some financial conglomerates in Brazil in recent years involving investment funds managed by companies belonging to such conglomerates has highlighted the importance of rules and studies addressing the relationship between the asset manager / fund administrator and the respective investors in those funds. In fact, the research conducted over the years 2013 and 2014 with regulators, academics and other participants in the securities market have demonstrated that there are few studies that can provide assistance in solving problems of this nature, including situations involving conflicts of interest between asset managers / fund administrator and investors. Thus, in face of the economic importance of the fund industry to Brazil and the relevance of the rights of investors / shareholders in the fund industry, and also due to the lack of studies, this work aims at conducting a theoretical and empirical research on the fiduciary relationship between the fund administrator, the asset manager and the respective shareholders of the investment funds. Along these lines, the goal will be to identify the origin, the essential characteristics of this relationship, the risks it can bring to the investor, and the duties it imposes on administrators and managers. We propose to evaluate the historical origin of the fiduciary relationship and understand the theoretical foundations that support its application to investment funds in the United States and Brazil. Based on this theoretical knowledge and under the focus of fiduciary duties applicable to administrators and managers, we develop an evaluation of the standards of conduct contained in the rulings of the Brazilian Securities Commission (CVM), to test the fiduciary relationship characteristics on the CVM rules. Finally, was conducted a study of cases where administrators and managers were convicted for breaking the fiduciary relationship and for failing to comply with specific duties embedded in the standards of conduct previously evaluated. On the basis of theoretical and empirical studies described, it is finally concluded that there are, indeed, essential characteristics in determining a fiduciary relationship between fund administrator / asset manager and the shareholder, and once this relationship is established, fund administrators and asset managers will have to observe the duty of diligence and loyalty to the shareholder. Also on the basis of theoretical and empirical studies, it is possible to say that the CVM standards establish the fiduciary relationship between the fund administrators / asset managers and the shareholder of investment funds, as well as fiduciary duties related to this relationship. ItemO posicionamento dos tribunais perante às sociedades por ações (1986-1997)(2005-11-24) Messina, Paulo De Lorenzo; Buccioli, Paula Andrea ForgioniThis case research and analysis aimed to identify (i) the main issues related to Brazilian corporations ('sociedades por ações') challenged in Courts during 1986 to 1997; (ii) Courts rationale about such issues and (iii) eventual decision tendencies. A 'case brief' was made for each decision analyzed. ItemRelações de consumo: resolução consensual de conflitos em tempos de Covid-19(2021-06) Mendes, André Pacheco Teixeira; Brandão, Bárbara Bueno; Boccaletti, Alexandre; Carneiro, CristianeImbuído de seu compromisso com a responsabilidade social, em 27 de maio de 2020, o Núcleo de Prática Jurídica da FGV Direito Rio realizou, em conjunto com a Comissão de Mediação de Conflitos da OAB/RJ, o webinar “Relações de consumo: resolução consensual de conflitos em tempos de Covid-19”, e agora compartilha com a sociedade o presente material. O livreto que ora se apresenta reflete o tema debatido na ocasião da realização do webinar, privilegiando no texto o caráter da oralidade. Dessa forma, traz indagações, informações e orientações, tais como: 1. Quais são os nossos direitos e deveres diante desse cenário que vivemos agora (pandemia de Covid-19)?; 2. O Poder Judiciário como última opção: recorra primeiro aos métodos consensuais de solução de conflitos; 3. Como um consumidor pode agir, diante de uma conta que ele não concorda, após tentar uma negociação direta e não conseguir? As agências reguladoras também podem auxiliar nesse cenário?; 4. Como o consumidor pode registrar e acompanhar reclamações?; 5. O advogado deve ter um perfil conciliador, não se restringindo ao clássico perfil de litígio. ItemThree essays on conflicts of interest in financial markets(2017-02-23) Marques, Felipe TumenasThis thesis aims to explore possible conflicts of interest between the activities of agents in the Brazilian financial market, especially banks, investment funds and analysts. In the first chapter, the focus is the possible lack of a Chinese Wall between the investment banking activities and the asset management unit of the same bank during the bond underwriting process. The conflict of interest analyzed is the possible use of funds under management of the same bank to allocate bond issuances that would not have sufficient demand in the market. The paper proposes an empirical study of bonds issued in Brazil between 2005 and 2015. The results show that bond 'excess return' at the time of issuance is negative when there is allocation of funds associated with the underwriter, supporting the thesis of conflict of interest. However, when the associated funds are for Institutional Investors, the 'excess return' is positive indicating that the better monitoring of the fund's activities could serve as mitigation for the conflict of interest. In the second chapter the assessed conflict of interest is the funding activities of banks and the rates obtained by investment funds from fixed income assets issued by banks. The hypothesis tested is that affiliated funds obtain a lower yield than non-affiliated funds on the same assets. To test this hypothesis, an empirical study was conducted in Brazil with the rates of Letra Financeira, from the beginning of its emergence in 2010 until the end of 2015. The results point that funds, when investing in Letras Financeiras of the controlling bank, obtain a lower yield than that obtained by funds not affiliated to the same bank. However, like the results obtained in the previous chapter, this effect is not observed in funds for Institutional Investors. Corroborating the idea that better monitoring can mitigate the conflict of interest involved. Finally, the third chapter analyzes two possible conflicts of interest derived from the relationship between the opinions of stock analysts and the investments of the funds affiliated to the same bank. The first hypothesis is about optimism of the analysts as the affiliated funds have a large volume of investment in the stock. The second hypothesis is about Front Running, where funds anticipate changes in analysts' opinions of the same bank. The database used in this study was the opinion of all analysts covering Brazilian stocks for 10 years, from 2005 to 2015. The results suggest that: (i) there is an optimism of analysts associated with Brazilian banks related to the volume invested by affiliated funds, and (ii) the evidence does not support the hypothesis of front running by the funds.