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This empirical study updates and extends research published in 2014 on the use of arbitration clauses by publicly traded companies in Brazil to elucidate the current state and recent developments in the field of arbitration in Brazilian capital markets. In 2021, 234 publicly traded companies had arbitration clauses in their corporate charter, amounting to 61% of companies listed on B3. Even in the Traditional and Level 1 segments, where arbitration is not mandatory, 27% of the companies had arbitration clauses in their corporate charter, compared to only 15% in 2013. In addition, among the 41% listed companies with shareholder agreements, 77% opt for arbitration, compared to 70% in 2013. Although a significant proportion of companies have not yet adopted arbitration clauses, we observe a small increase in the adoption of arbitration by publicly traded companies between 2013 and 2021. In the last quarter of 2021, 18% of the companies comprising the Ibovespa index had no arbitration clause in their corporate charter. When arbitration not mandatory, the Câmara de Arbitragem do Mercado was selected by 76% of companies listed on Traditional and Level 1 segments, as well as by 61% of the total number of companies that have an arbitration clause in their shareholder agreements. Empirical study; capital market; publicly traded companies; arbitration clause; arbitration; corporate charter; shareholder agreement.

ResumoNa esfera internacional, governamentais, agentes estatais e reguladores se encontram para discutir e aprovar padrões e recomendações sobre como regular o mercado de valores mobiliários. Esses produtos regulatórios não integram o rol das normas reconhecidas pelo direito internacional público, diferentemente daquelas dos tratados e dos costumes internacionais. Embora formalmente não obrigatórios, pelo fato de condicionarem o comportamento dos reguladores brasileiros e por influenciarem a regulação nacional, tais produtos não estão livres de mecanismos de controle. O objetivo deste trabalho é identificar esses mecanismos no processo de internalização de produtos regulatórios transnacionais. Para tanto, parte-se do estudo do caso de implementação das recomendações e diretrizes formuladas pela International Organization of Securities Commissions -IOSCO por parte da Comissão de Valores Mobiliários -CVM, entidade com competência de regular o mercado de valores mobiliários brasileiro. O caso revela que o Brasil participa de foros transnacionais e, também, internaliza os seus produtos. A entrada desses produtos regulatórios ocorre com o exercício do poder normativo da CVM, que se utiliza dos seus mecanismos de controle (accountability) usuais na sua produção normativa, tais como audiências públicas, justificativas e relatórios. A principal contribuição do trabalho é anunciar elementos concretos que permitem avançar na reflexão sobre a complexidade do fenôme-no da regulação produzida nos espaços transnacionais. Ademais, levanta a dúvida quanto à transferência do poder normativo do plano doméstico para as redes transnacionais e sua legitimidade.Palavras-chave: Regulação transnacional. Direito internacional. Accountability. Mercado de capitais. IOSCO. CVM. AbstRActIn the international arena, governmental authorities, state agents and regulators get together to establish standards and recommendations on the regulation of securities markets. Such regulatory products are not part of Brasília, v. 13, n. 1, 2016 p. 267-283 269 the recognized norms of public international law, unlike those contained in treaties and customary law. Despite being non-binding, because they help determining the behavior of the Brazilian regulator and because they influence the content of domestic regulations, such products are not exempt from accountability mechanisms. The aim of this paper is to identify these mechanisms in the process of internalization of transnational regulatory products. It does so by studying the implementation process for the recommendations and guidelines set by the International Organization of Securities Commissions -IOSCO that is used by Comissão de Valores Mobiliários -CVM, the Brazilian body responsible for regulating the domestic securities market. The case study reveals that Brazil takes part in transnational regulatory fora and also internalizes its outputs. The insertion of these regulatory outputs in Brazilian territory occurs through the exercise by CVM o its given regulatory powers. As it operates this in...

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