THE INSIDER TRADING IN PORTUGAL AND BRAZIL

COMPARATIVE ANALYSIS

Abstract

This research intends to contribute the regulation of financial markets contributes directly to the performance of the economy. It is true that the defense of public and private assets is one of the primary functions of the State, which, in addition to ensuring the efficient functioning of markets, in order to ensure balanced competition between companies, must counter monopoly forms of organization and suppress abuses dominant position, among other practices detrimental to the general interest. It is in this scenario that the Securities Markets Commission, in order to supervise and discipline the securities market, applies punishment to those who do not comply with the established rules. In this context, Economic Criminal Law should not be restricted to the simple role of repressing criminal facts, especially as regards the figure of insider trading, but it constitutes a new prototype of legal order: the emergence of an essentially preventive proposal , in which the state regulatory action starts to impose on the particular duties with a view to avoiding the criminal risks. Thus, criminal compliance can be understood as the element responsible for criminal matters embedded in a generic compliance program, in order to ensure compliance with the legal norm, specifically criminal law, in order to mitigate existing criminal risks in business activity.