Brazil: Informativo Sobre A Atuação Sancionadora Da CVM

Last Updated: 15 June 2015
Article by Paula Magalhães and Luis O.F. Pinto

Keywords: CVM

O Informativo sobre a Atuação Sancionadora da CVM é um periódico bimestral preparado por profissionais de Tauil & Chequer Advogados e possui caráter meramente educacional. Qualquer consulta ou questão legal deve ser discutida diretamente com seus advogados.

Abaixo estão descritos, de forma objetiva, os processos administrativos sancionadores ("PAS"), instaurados pela Comissão de Valores Mobiliários ("CVM") e julgados por seu Colegiado no período entre abril e maio de 2015, e que foram considerados mais relevantes:

1. PAS CVM RJ 2013/9904, julgado em 28.04.2015

1.1. Assunto: Uso indevido de informação privilegiada ainda não divulgada ao mercado (insider trading), com base no §4º do artigo 155 da Lei nº 6.404 de 15 de dezembro de 1976, conforme alterada ("Lei das S.A.").

1.2. Parte Acusada: Funcionário da Amil Participações S.A. ("Amil").

1.3. Resumo dos Fatos: Funcionário da Amil negociou com ações de sua emissão, em nome de sua mãe que lhe outorgou procuração para tanto, dias antes da divulgação de fato relevante sobre a alienação de controle da Amil à UnitedHealth Group Incorporated ("United"), divulgado em 08.10.2012. O lucro obtido na operação foi de R$40.760,00.

1.4. Decisão: O Colegiado da CVM, por unanimidade de votos, decidiu pela condenação, com base em provas indiciárias, quais sejam: (i) o Acusado era funcionário da Amil, subordinado a pessoas que estavam diretamente envolvidas na operação; (ii) a negociação das ações ocorreu por intermédio de familiar direto; (iii) as operações de compra das ações ocorreram no mesmo dia em que Amil e United assinaram o contrato; (iv) tais operações de compra das ações da Amil foram as únicas realizadas pelo Acusado na condição de investidor no mercado de ações; e (v) a venda das ações da Amil foi realizada logo após a publicação do fato relevante sobre a concretização da operação de alienação de controle, demonstrando comportamento típico de investidor que age como insider. O Acusado foi condenado ao pagamento de multa no valor de R$122.280,00, correspondente ao tripo do lucro obtido.

2. PAS CVM08/2009, julgado em28.04.2015

2.1. Assunto: Omissão do diretor de relações com investidores da Telecomunicações Brasileiras S.A. ("Telebrás") em inquirir pessoas com acesso a atos ou fatos relevantes, nos termos do artigo 4, parágrafo único, da Instrução CVM nº 358 de 3 de janeiro de 2002, conforme alterada ("IN CVM 358"), e omissão de acionista em informar à companhia a aquisição de participação acionária relevante, nos termos do artigo 12, §2º, da IN CVM358.

2.2. Parte Acusada: Diretor de Relações com Investidores e um acionista minoritário da Telebrás.

2.3. Resumo dos Fatos: Em razão de notícias veiculadas na imprensa em 14.11.2007 sobre a Telebrás e a União Federal, que ocasionaram oscilação atípica na cotação e no volume negociado de ações de emissão da Telebrás, o DRI faltou com o seu dever ao não diligenciar junto ao acionista controlador da companhia, para verificar a existência de informações que devessem ser divulgadas ao mercado. Com relação ao acionista minoritário, este realizou negociações no mercado de capitais em que lhe renderam, em dois momentos, uma posição de acionista com mais de 5% das ações de emissão da Telebrás, sem no entanto haver enviado comunicação à companhia sobre as negociações efetuadas em 30.11.2007 e 07.01.2008, que conduziram à aquisição de participação acionária relevante no capital social da Telebrás.

2.4. Decisão: O Colegiado da CVM, por unanimidade de votos, decidiu pela condenação do: (i) DRI ao pagamento de multa no valor de R$100.000,00; e (ii) do acionista minoritário ao pagamento de multa no valor de R$70.000,00.

3. PAS CVM Nº RJ2013/6635, julgado em 26.05.2015

3.1. Assunto: Impedimento de voto por conflito de interesses, resultando em descumprimento ao artigo 115, §1º, da Lei das S.A.

3.2. Parte Acusada: União Federal.

3.3. Resumo dos Fatos: A manifestação de voto pela União Federal na Assembleia Geral Extraordinária das Centrais Elétricas Brasileiras S.A. – Eletrobrás ("Eletrobrás"), realizada em 03.12.2012, que decidiu sobre a renovação antecipada de contratos de concessão de geração e transmissão de energia elétrica celebrados entre subsidiárias da Eletrobrás, de um lado, e a própria União Federal, de outro (aquelas como concessionárias e esta última como poder concedente), no âmbito da Medida Provisória nº 591/2012, estando a União em suposta situação de conflito de interesses.

3.4. Decisão: O Colegiado da CVM decidiu, por unanimidade de votos, pela condenação da União Federal ao pagamento de multa pecuniária no valor de R$500.000,00, reconhecendo que a renovação antecipada dos contratos de concessão beneficiaria a União de forma particular, colocando-a em situação de conflito de interesses.

4. PAS CVMNº 03/2013, julgado em26.05.2015

4.1. Assunto: Abuso de poder de controle, com base no artigo 116, parágrafo único combinado com artigo 117, §1º, alínea "c", da Lei das S.A., e embaraço à fiscalização, com base no inciso I do parágrafo único do artigo 1º da Instrução CVM nº 491, de 22 de fevereiro de 2011.

4.2. Parte Acusada: Acionista controlador e administradores da Siderúrgica J.L. Aliperti S.A. ("Aliperti").

4.3. Resumo dos Fatos: Desde 2002, nas assembleias gerais da Aliperti, duas acionistas da companhia (que eram empresas offshores), participaram da votação de tais conclaves na condição de minoritários da companhia, sendo que os seus quotistas eram também os acionistas controladores da Aliperti, assim frustrando os direitos dos demais minoritários de referida companhia na eleição de representantes para os órgãos da administração, que desconheciam tal fato.

4.4. Decisão: O Colegiado da CVM decidiu pela condenação do acionista controlador e dos administradores à inabilitação temporária para o exercício do cargo de administrador em companhia aberta, que variou de 5 a 7 anos, conforme o caso, bem como ao pagamento de multa pecuniária nos valores de R$500.000,00, ao acionista controlador e de R$300.000,00, a um dos administradores da companhia.

5. PAS CVM Nº RJ2012/1131, julgado em 26.05.2015

5.1. Assunto: Apurar infrações por parte do acionista controlador da Empresa Metropolitana de Águas e Energia S.A. ("EMAE").

5.2. Parte Acusada: Estado de São Paulo.

5.3. Resumo dos Fatos: Trata sobre as operações realizadas entre a Companhia de Saneamento do Estado de São Paulo – SABESP ("SABESP") e a EMAE, sendo que ambas as empresas possuemo Estado de São Paulo como acionista controlador, referentes à retirada de água pela SABESP de dois reservatórios de propriedade da EMAE, gratuitamente e em detrimento da capacidade de geração hidrelétrica desta última. Neste processo, discute-se somente a conduta de inércia do Estado de São Paulo, como acionista controlador de ambas as companhias, e se tal inércia seria capaz de ensejar a violação do parágrafo único do artigo 116 da Lei das S.A.

5.4. Decisão: O Colegiado da CVM decidiu, por unanimidade, pela condenação do Estado de São Paulo ao pagamento de multa pecuniária no valor de R$400.000,00, por infração ao artigo 116, parágrafo único, da Lei das S.A., entendendo que o acionista controlador tem o dever de agir proativamente com todos os mecanismos que estão à sua disposição, orientando a atuação da companhia e dos administradores para consecução do objeto social e resguardando lealmente os direitos e os interesses dos demais acionistas da companhia.

Originally published 08 de junho de 2015

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© Copyright 2015. Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. All rights reserved.

This article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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