JUDICIARY INTERFERENCE OVER THE REGULATION OF SECURITIES MARKET: THE CASE OF EXECUTIVES’ REMUNERATION DISCLOSURE IN BRAZIL

Authors

  • Viviane Muller Prado Escola de Direito de São Paulo da Fundação Getúlio Vargas

DOI:

https://doi.org/10.5380/rfdufpr.v61i1.43133

Keywords:

Judiciary. Securities Commission. IOSCO. Executive Remuneration.

Abstract

This paper aims to shed light on the role of the Judiciary in the Brazilian capital markets regulation. The study is based on the analysis of the only important case in the last ten years that shows there is great potential for judicial interference. This interference, through injunctions, tends to favour the protection of individual rights over regulatory policies for the development of the securities market. However, the case shows that judicial decisions for the protection of individual rights contrary to CVM regulatory policies can be mitigated by initiatives of market participants, whether they are investors or listed companies. The case study suggests that in the process of internalizing international regulatory standards the judiciary may be the local institution to consider and analyse the suitability of rules in the Brazilian judicial system.

Author Biography

Viviane Muller Prado, Escola de Direito de São Paulo da Fundação Getúlio Vargas

Graduada em Direito pela Universidade Federal do Paraná (1995). Doutora em Direito Comercial pela Universidade de São Paulo (2004). Professora da Escola de Direito de São Paulo – Fundação Getúlio Vargas (Direito GV, São Paulo, SP, Brasil). E-mail: viviane.prado@fgv.br

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Published

2016-04-29

How to Cite

Prado, V. M. (2016). JUDICIARY INTERFERENCE OVER THE REGULATION OF SECURITIES MARKET: THE CASE OF EXECUTIVES’ REMUNERATION DISCLOSURE IN BRAZIL. Revista Da Faculdade De Direito UFPR, 61(1), 247 – 272. https://doi.org/10.5380/rfdufpr.v61i1.43133

Issue

Vol. 61 No. 1 (2016)

Section

Artigos

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