INSIDER TRADING NO BRASIL: UMA PERSPECTIVA A PARTIR DO CASO JBS

Abstract

This article seeks to analyze the practice of insider trading in Brazil and the different sanctions that can be applied to those responsible for practicing such unlawful conduct, which cover the administrative, civil and criminal scopes. Initially dealing with preliminary concepts, the article intends to contribute to the definition of information asymmetries, in order to enable a better understanding for the conceptualization of the practice of insider trading and possible insiders, as well as presenting the historical context of such conduct, emphasizing the North American pioneering spirit. Subsequently, the article sought to bring the analysis of the inclusion of this practice in the Brazilian legislation, through the analysis of Law No. 6.404/76 under Business Law and possibilities towards making company administrators responsible. Aiming to carry out a critical analysis, the article establishes a discussion on the applicability and expansion of Criminal Law and the greater state interference in the economy and in the securities market. Finally, as a means of demonstrating the subjects relevance and applicability, the article starts with the detailing of Habeas Corpus nº 416.785, a precedent involving JBS S/A, a case which exemplifies the provisions of this article, through the use of privileged information to obtain an undue advantage. As a procedural method, the article is built from a literature review allied to documentary and jurisprudential research, analyzed from a deductive perspective allied to the dogmatic technique of the legal sciences.