Purpose
The purpose of this study is a comparison of anti-insider trading regulations in the European Union (EU) and in Brazil.
Design/methodology/approach
The subject of the comparison are three key elements that define the shape of the protection against insider trading, namely, the definition of inside information, the definition of insiders and the kinds of behaviours that are forbidden.
Findings
There are both differences and similarities between EU and Brazilian legislations on insider trading. The main discrepancies found in the three foci of the analysis seem to relate strongly to the different rationales for the prohibition of insider trading adopted in the two legal systems. In the EU, market egalitarianism and thus the parity of information, are the central concepts, whereas fiduciary duties originally constituted the point of reference in Brazil, although it has been losing importance over time owing to subsequent changes in the legislation. In sum, while anti-insider trading regulations in the EU have a well-defined identity, in Brazil their policy basis seems to be in the process of redefinition.
Originality/value
As of the time of submission of this study no published academic works dedicated substantially to a comparison of the anti-insider trading legislation of the EU and Brazil could be found.
Iniciamos com um breve estudo histórico sobre as drogas em sociedade, para depois procedermos a uma análise do Recurso Extraordinário no 635.659 em trâmite no Supremo Tribunal Federal, onde se questiona a constitucionalidade do artigo 28 da lei 11.343/2006 com relação aos princípios constitucionais da intimidade e da vida privada, que são corolários dos direitos da personalidade. Concentramo-nos sobre o voto do ministro Luiz Roberto Barroso que optou pela descriminalização dessa conduta no que diz respeito à cannabis sativa, limitando como parâmetro objetivo para distinção entre as condutas de uso e tráfico a quantia máxima de 25 gramas do entorpecente. Na sequência, com apoio no direito comparado, elencamos alternativas ao uso do direito penal como meio regulamentador da questão
The objective of this essay is identifying the circulation of ideas in Rio Grande do Sul at the end of the 19th century, in the first republican decade, specially through an analysis of Antônio Augusto Borges de Medeiros, well known political and jurist, idealizer of the Criminal Procedure Code of 1898 of the state of Rio Grande do Sul, in order to outline the origin and path of the project design and elaboration that gave rise to the aforementioned code. As a result of that era, the code came out from many translations of European and American legal doctrines at the time, and particularly, we shall investigate the forms of the translation of the italian Scuola positiva, which advocated the scientific positivism through the new discipline of Criminology.
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