Um exercício de verificação da observância dos objetivos estatais para regular os mercados bancário e de valores mobiliários em normas do CMN e da CVM

Abstract

This paper was dedicated to research what are the objectives of the Brazilian State to regulate the banking and securities markets and to verify their compliance by the Conselho Monetário Nacional (CMN) and the Comissão de Valores Mobiliários (CVM) in their rules. The research based on data of 3 years ago, in the case of CMN, from 9/1/2016 to 9/1/2019, and of 1 year ago, in case of the CVM, from 8/27/2018 to 8/27/2019. To establish an express reference to the objectives in a bibliographic review, in the Constitution/1988, laws number 4.595/1964, 4.728/1965 and 6.385/1976. By adopting specific indicators and methodology, a mention of those objectives founded only in the CMN rules and those published by the CVM, none mention was found. This result suggests that the regulators don ́t concern to mention the State objectives for the markets studied regularly in those rules. However, at this stage of the research, the mapped data it was not possible to verify the hypothesis according to which the CMN and the CVM to verify if the norms edited by them mention the State objectives of the regulation. On the other side, this paper revealed the need to reformulate the methodological approach in order to achieve the purpose established in this research, in addition to allowing the cataloging of the objectives of the state definition for the target markets and which perform relevant insights on the process of producing rules of CMN and CVM.