Capital market crimes / Crimes contra o mercado de capitais

AUTOR(ES)
DATA DE PUBLICAÇÃO

2009

RESUMO

The need for efficient protection in the current Capital Market cannot be disregarded. The advent of new technologies and increasing international capital movements have rendered the contemporary Capital Market subject to extensive risks and damages. In this context, legislators have responded by criminalizing offensive conducts to the market, albeit through the establishment of criminal types that are not always adequate. Therefore, this thesis questions which legal good is legally protected by crimes against the Capital Market, in relation to the necessary State criminal intervention, and which are the adequate criteria for the verification of the legitimacy of such intervention. The thesis is divided into four chapters. The first chapter refers to the assessment of the dilemmas in classic criminal law in relation to the new risks arising out of post-modern society, especially regarding the expansion of the Capital Markets in a globalized society, in addition to the effects of the phenomenon referred to as Globalization in criminal law, and in economic criminal law. The second chapter focuses on the verification of the legal and judicial grounds for Capital Market regulation essential for the better understanding of its criminal protection specifically in relation to its control within the administrative scope. Furthermore, this chapter discusses the scientific criteria, external to the legal good, capable of providing for a legitimacy judgment of criminal protection of Capital Markets. The third chapter refers to the criminalization process of protection in Capital Markets, including a critical assessment of the symbolic use of criminal law and its internationalization without any dogmatic criteria. The chapter ends with the panorama on the criminal treatment given to Capital Markets in the United States of America and Continental Europe. Finally, the fourth chapter assesses criminal protection of the Capital Market in Brazil. In this context, beginning with the theory of the legal good developed by Hassemer, the asset interests of the investing public were identified as limiting material reference for the States criminal intervention. Once the protected legal good has been identified, an assessment on the criminal types in relation to the Capital Market is carried out, especially in reference to market manipulation and insider trading, as well as in regard to the use of excessively open criminal types and abstract danger crimes. This chapter also shows a proposal for the adequate typifying of market manipulation crimes and insider trading. Conclusions on the subject are drawn at the end.

ASSUNTO(S)

legal goods market manipulation informação sigilosa insider trading direito penal econômico mercado de capitais capital market crimes

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