U Penn Law - Brazil Insider Trading Regulation

Journal of Comparative Corporate equity and Securities Regulation 4 (1982) 395-402 North-Holland Publishing Company 395 DISCLOSURE AND INSIDER TRADING REGULATION: young DEVELOPMENTS IN Brazilian LAW Modesto CARVALHOSA and Nelson EIZIRIK * 1. Introduction The aim of the hand over article is to describe and analyze the organic evolution of Brazilian law related to manifestation and insider trading regulation. Emphasis subtract be given to a recent case dealings with insider trading, since this case demonstrates the main difficulties courts have in the application of the law. normal nourishment regarding disclosure and insider trading restrictions were established in the Corporations subroutine of 1976 [1]. much(prenominal) provisions regulate the responsibility of directors and managers of publicly-held companies (Open Companies - Cias Abertas). According to share 4 of the Corporations Act, a corporation is defined as publicly held when its law securities are accepted for trading on a stock transposition or in the over-the-counter securities industry. The enforcement of legislation on disclosure and insider trading is carried out by the Securities counsel (Comissdo de Valores Mobilifsrios - CVM). The CVM was created by Law No. 6.385, December 7, 1976.

According to the Law, the CVM is suppose to (1) stimulate the brass of capital and its enthronement in stocks and debentures; (2) prove expansion and the efficient and level(p) operation of the stock market and promote permanent investment in stocks issued by domestic publicly-held companies; (3) get the efficient and standard functioning of ! the stock exchanges and the over-the-counter market; (4) in general, comfort stockholders and investors; (5) prevent frauds and manipulations in the market; (6) substantiate investors access to information on publicly-held companies; (7) assure observance of just practices in the market; and (8) assure the observance, in the markets, of credit ground fixed by the National Monetary...If you compliments to get a full essay, order it on our website: OrderCustomPaper.com

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