Fundos de investimento no Brasil

Abstract

This thesis deals with a subject of great interest to the financial and capital markets for the reason that it is considered an important means of people s investment and fund raising. Aiming at analyzing the emergence, evolution, main characteristics and legal status of the investment funds industry in Brazil, our research covers the various different legal and historical aspects of the theme, from the Anglo-Saxon institution of the trust, in which the investment funds found a favorable environment for their development, to the various types of funds existing in our current financial system: both those regulated by the Central Bank of Brazil and those regulated by the Securities Exchange Commission. The journey reaches the activities performed by the financial institutions and by agents that operate investment funds, as well as the institution of condominium. We further approach the role of independent regulatory bodies like ANBID, the foreign investment in Brazilian funds. The journey also takes us to the consumer protection of the investors, their defense elements, the liabilities and duties of the officers and the international liability systems in the investment sector. Only after determining the legal and regulatory basis supporting the investment funds its is possible to analyze how they operate as an institution and to understand their structure, their varied characteristics and the assets ownership, as well as the involved parties and their respective rights and liabilities towards third parties. The multiplicity of subjects covered and the lack of published legal studies on the investment funds industry have also motivated the challenge of writing about this subject