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标题：Aplicação da teoria processual administrativa no procedimento de consulta no âmbito da Comissão de Valores Mobiliários (CVM): análise da decisão sobre a natureza jurídica da incorporação de ações pela CVM
其他标题：Implementation of Administrative Process Theory in the Consultation Process within the Brazilian Securities and Exchange Commission (CVM): Analysis of the CVM’s Decision on the Juridical Nature of the Merger of Shares
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作者：Rodrigo Moreira Lopes
期刊名称：Revista de Direito Setorial e Regulatório
印刷版ISSN：2446-550X
电子版ISSN：2446-5259
出版年度：2018
卷号：4
期号：1
页码：213-234
出版社：Universidade de Brasília
摘要：Purpose – The purpose of this article is to investigate whether the Brazilian Securities and Exchange Commission (CVM), in ruling on the legal nature of the merger of shares, observed the elements of the administrative procedure, described in the administrative process theory of regulation developed by Steven Croley. More precisely, it was analyzed the decision-making process that culminated in the publication of Relatório RA / CVM / SEP / GEA-3 / Nº 21/14 and Parecer No 2014 / GJU-2 / PFE-CVM / PGF / AG – which addressed the legal nature of the merger of shares –, in order to identify which elements of the administrative procedure are present in the decision of the CVM. Methodology – First, the bases of the administrative process theory will be described, notably the elements of the administrative procedure indicated by Steven Croley as essential for a socially satisfactory regulation. After that, it will be analyzed how happened the decision process that culminated in the publication of Relatório RA / CVM / SEP / GEA-3 / Nº 21/14 and Parecer No 2014 / GJU-2 / PFE-CVM / PGF / AG. Next, a critical analysis of the CVM decision will be presented, from the perspective of the administrative process theory. Findings – At the end of the analysis it was shown that some of the assumptions of the administrative process theory were not duly respected by the CVM when issuing Relatório RA / CVM / SEP / GEA-3 / Nº 21/14 and Parecer No 2014 / GJU-2 / PFE-CVM / PGF / AG, which may raise questions about the reliability and legal acceptance of the decision issued by the regulatory authority.↓Propósito – O presente artigo tem como objetivo averiguar se a Comissão de Valores Mobiliários (CVM), ao se pronunciar sobre a natureza jurídica da incorporação de ações, observou os elementos do procedimento administrativo, descritos na teoria processual administrativa da regulação desenvolvida por Steven Croley. Mais precisamente, foi analisado o processo de tomada de decisão que culminou na publicação do Relatório RA/CVM/SEP/GEA-3/Nº 21/14 e do Parecer Nº 2014/GJU-2/PFE-CVM/PGF/AG – que trataram da natureza jurídica da incorporação de ações –, a fim de identificar quais os elementos do procedimento administrativo estão presentes nas referidas manifestações da CVM. Metodologia – Primeiramente, serão descritas as bases da teoria processual administrativa, notadamente os elementos do procedimento administrativo indicados por Steven Croley como essenciais para uma regulação socialmente satisfatória. Em seguida, será examinado como aconteceu o processo decisório que culminou com a publicação do Relatório RA/CVM/SEP/GEA-3/Nº 21/14 e do Parecer Nº 2014/GJU-2/PFE-CVM/PGF/AG. A seguir, será apresentada a análise crítica da decisão da CVM, sob a perspectiva da teoria processual administrativa. Resultados – Ao final da análise, restou demonstrado que alguns dos pressupostos da teoria processual administrativa não foram devidamente respeitados pela CVM, ao emitir o Relatório RA/CVM/SEP/GEA-3/Nº 21/14 e o Parecer Nº 2014/GJU-2/PFE-CVM/PGF/AG, o que pode suscitar questionamentos sobre a confiabilidade e aceitação jurídica da decisão proferia pela autarquia reguladora.
其他摘要：Purpose – The purpose of this article is to investigate whether the Brazilian Securities and Exchange Commission (CVM), in ruling on the legal nature of the merger of shares, observed the elements of the administrative procedure, described in the administrative process theory of regulation developed by Steven Croley. More precisely, it was analyzed the decision-making process that culminated in the publication of Relatório RA / CVM / SEP / GEA-3 / Nº 21/14 and Parecer No 2014 / GJU-2 / PFE-CVM / PGF / AG – which addressed the legal nature of the merger of shares –, in order to identify which elements of the administrative procedure are present in the decision of the CVM. Methodology – First, the bases of the administrative process theory will be described, notably the elements of the administrative procedure indicated by Steven Croley as essential for a socially satisfactory regulation. After that, it will be analyzed how happened the decision process that culminated in the publication of Relatório RA / CVM / SEP / GEA-3 / Nº 21/14 and Parecer No 2014 / GJU-2 / PFE-CVM / PGF / AG. Next, a critical analysis of the CVM decision will be presented, from the perspective of the administrative process theory. Findings – At the end of the analysis it was shown that some of the assumptions of the administrative process theory were not duly respected by the CVM when issuing Relatório RA / CVM / SEP / GEA-3 / Nº 21/14 and Parecer No 2014 / GJU-2 / PFE-CVM / PGF / AG, which may raise questions about the reliability and legal acceptance of the decision issued by the regulatory authority.
关键词：teoria processual administrativa;incorporação de ações;decisão regulatória;Comissão de Valores Mobiliários (CVM)
其他关键词：administrative process theory; merger of shares; regulatory decisionmaking; Brazilian Securities and Exchange Commission (CVM).