A vedação à negociação de valores mobiliários por conflito de interesses no contexto de oferta pública: reflexões sobre a interpretação e o alcance do artigo 54 da Resolução CVM nº 160/2022

Abstract

This article has the purpose of analyzing the interpretation and reach of article 54 of CVM’s Resolution No. 160/2022, which establishes the prohibition of negotiation, by intermediaries, consultants and sellers, of securities of the same issuer and type as those offered in a public offering of securities. To that end, the paper examines the many changes implemented in the provision throughout the years, demonstrating that their goal was to adjust the reach of the rule to its fundamental purpose of avoiding conflict of interests and use of privileged information. The study concludes that, despite the fact that the changes already implemented in the wording of the provision have adjusted its scope and reach, new changes are necessary to address situations in which there is no relevant risk of conflict of interests or use of privileged information by consultants and intermediaries of the offering.