Responsabilidade de administradores e gestores em Fundo de Investimentos em Participações (FIP)

Abstract

The work deals with the responsibility of administrators and managers in Equity Investment Funds, dealt with in CVM Instruction No. 578/2016. The exposition will be made on the concept of capital market and its characteristics, and its 7 areas, (i) the primary market, (ii) secondary market, (iii) spot market, (iv) forward market, (v) future market, (vi) options market and the (vii) derivative market. Presentation of the concept of Investment Funds, their types, the (i) foreign exchange and gold fund, (ii) multi-market fund, (iii) fixed income fund, (iv) pension fund, (v) real estate fund, (vi) credit rights fund and (vii) equity fund, focal point of the work to be developed, their structure, on their operation and taxation. In addition, there will be the analysis of the rules for investment fund administrators and managers set forth in CVM Resolution No. 21, as well as the discussion of how the liability of investment fund administrators and managers should occur, in light of objective or subjective liability and the analysis of the concept of business judgment rule and its applications in this case. Analysis of the peculiarities of Equity Investment Funds, and the distinct rules of administrators and managers in relation to common investment funds. The objective is to understand how and if the differences presented by private equity funds affect the liability of the administrators and managers of this type of fund