Acesso de Companhias de Menor Porte ao Mercado de Valores Mobiliários: Desafios Regulatórios

Abstract

This study analyzes the regulatory challenges faced by midsize companies in Brazil when accessing the securities market, particularly regarding initial public offerings (IPOs). The research argues that existing legislation and regulations, while aiming to protect investors and ensure market efficiency, create barriers that hinder the listing of these companies, thereby limiting their ability to raise funds. The study examines the historical development of Brazil’s capital markets, key regulatory obstacles, and the role of the Brazilian Securities and Exchange Commission (CVM) in implementing facilitated conditions for these companies. Through normative and empirical analysis, the study assesses the adequacy of current regulations and proposes insights to foster a more inclusive and competitive environment, aligned with the country’s economic development.