Justificativas para a exigência de autorização estatal para a liberação do exercício de atividade econômica de analista de valores mobiliários, consultor de valores mobiliários, assessor de investimentos e administrador de carteira de valores mobiliários

Abstract

In this work, the objective was to verify the conformity of the control exercised by the Brazilian State to release the exercise of the activities of Financial Analyst, Financial Advisor, Securities Broker and Portfolio Manager, with the constitutional objectives set for regulate the market in which they operate. For this purpose, were mapped the justifications put forward by the Brazilian Security and Exchange Commission for requiring that prior authorization (registration) be granted before starting the regular exercise of such activities in the securities market. The research was based on a bibliographical review, document analysis and on the study of constitutional, legal and infra-legal norms that deal with the subject and that govern the exercise of the four activities. Therefore, an attempt is made to describe and explain the activity of each professional, the limits of their activities, the procedure for requesting the registrations to become participants in the securities market and the main rules of conduct for each one. It was concluded that the requirement of registration is justified due to the risks that the absence of this state control can cause to investors and the financial market, which is mainly due to the high possibility of having harmful influence by four professionals in the process taken investor's decision on securities.