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: new-fangled DEVELOPMENTS IN Brazilian LAW Modesto CARVALHOSA and Nelson EIZIRIK * 1. Introduction The aim of the return article is to describe and analyze the organic evolution of Brazilian law related to manifestation and insider trading regulation. Emphasis take up be given to a recent case relations with insider trading, since this case demonstrates the main difficulties courts have in the application of the law. ordinary nourishment regarding disclosure and insider trading restrictions were established in the Corporations make believe of 1976 [1]. much(prenominal) provisions regulate the responsibility of directors and managers of publicly-held companies (Open Companies - Cias Abertas). According to instalment 4 of the Corporations Act, a corporation is defined as publicly held whe n its law securities are accepted for trading on a stock transposition or in the over-the-counter foodstuff. The enforcement of jurisprudence on disclosure and insider trading is carried out by the Securities relegating (Comissdo de Valores Mobilifsrios - CVM). The CVM was created by Law No. 6.385, December 7, 1976.

According to the Law, the CVM is alleged(a) to (1) stimulate the brass of capital and its enthronement in stocks and debentures; (2) bear on expansion and the efficient and level(p) operation of the stock market and promote permanent investment in stocks issued by domestic publicly-held c ompanies; (3) patronize 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) escort investors access to information on publicly-held companies; (7) assure observance of upright practices in the market; and (8) assure the observance, in the markets, of credit cost fixed by the National Monetary...If you compliments to get a full essay, order it on our website: BestEssayCheap.com

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