Contratos de investimento coletivo no Direito Brasileiro

Abstract

The scope of this thesis is to describe the outlines of investment contract definition in Brazilian Law, based on the legal-theoretical and exploratory research, with a bibliographic and documentary character, using the deductive method. For this purpose, it will be analyzed the historical aspects, the legal nature and the way in which investment contract are structured in Brazilian Law, based on the North American experience, that influenced the local system, and the concept of securities. Considering that the Brazilian Law does not objectively detail the contours of this definition, granting Comissão de Valores Mobiliários CVM (the equivalent in Brazil of the Securities and Exchange Comission SEC) the competence to do so, it will be examined the most relevant CVM precedents, in order to structure the configuration of the current scenario for the theme. In sequence, it will be pointed out the most relevant inconsistencies and the lack of regulatory or doctrinal alternatives for its overcoming. The research pursuits to demonstrate that the current definition of investment contract is based on criterial that should be improved in order to succeed its functional role in attracting resources and increasing national economic development, with positive repercussions throughout society, according the main line of research that consists of empresa e atividades econômicas (enterprise and economic activities). Finally, a possible solution to the problem of the definition of an investment contract is presented.