Auto-regulação dos serviços qualificados ao mercado de capitais

Abstract

Regulation, the topic of this paper, is a very important subject when it comes to the financial and capital market, once it is a sector ruled by reliance among the agents. In this sense, a trauma in such relationships could cause irreversible problems to the market. This study explores the regulation aspect sponsored by participants of a market niche themselves, that is, the self-regulation, by means of an existing bibliographical review on the topic and the initiative approach by the National Investment Banks Association (ANBID), in the Selfregulation Code for Qualified Custody Services. Resulting from the newest seggregation of functions in the Brazilian Capital Market, the rendering of custody services by an agent more independent than others may they be pension funds, insurance companies, corporations or third-party resource administrators have been excluded from the regulation via governmental entities since 1989, when the CVM 88 instruction was published, leaving an empty space to the self-regulation practice. As there is no agreement on the definition of the custodian role found in the legislation and academic literature, this study detailed such role, adopting a definition that consolidates the previous ones, by assuming the Self-regulation Code perspective. Keywords: Bank; Regulation; Financial services.