A insuficiência do modelo tradicional de full disclosure diante da nova dinâmica informacional do mercado de capitais brasileiro

Abstract

This study aims to analyze the sufficiency of the full disclosure regulatory model – the cornerstone of the informational framework of the capital market – in light of the new informational reality that has been consolidating in this environment, marked by the exponential growth of individual investors and the increasing influence of social media and so-called digital influencers. Based on official data from the Brazilian Securities and Exchange Commission (CVM), self-regulatory entities, and national and international empirical studies, the research demonstrates that investors’ decision-making processes and the price formation of securities have been progressively influenced by information produced by unregulated agents operating outside the mandatory disclosure regime. This shift in the center of information is precisely what challenges the sufficiency of the traditional disclosure model, whose normative structure assumes that issuing companies are the primary sources of information in the capital market. The central hypothesis is that, although the full disclosure model remains essential to the capital market, it must be complemented by new regulatory instruments capable of reaching these emerging informational sources and thereby reducing the misalignment between the legal model and actual market practice. This hypothesis was confirmed by the results of a qualitative, theoretical-descriptive, and exploratory research, which indicate the need to expand the regulatory perimeter in order to ensure the informational integrity of the capital market