Brazil: Coluna Do Levy & Salomão – As FinTechs E O Ovo De Colombo

Last Updated: 2 September 2016
Article by Luiz Roberto de Assis
Most Read Contributor in Brazil, July 2017

Chamamos de ovo de Colombo aquelas realizações que parecem simples mas pressupõem uma ideia engenhosa, supostamente original. Seria uma alusão ao expediente de achatar uma das extremidades do ovo para colocá-lo em pé, demonstrado por Colombo em um jantar oferecido por ocasião de seu regresso da América.

No mundo dos negócios surgem de vez em quando ovos de Colombo. Alguns são verdadeiramente revolucionários. Outros, nem tanto. Tomemos o exemplo das FinTechs, como são conhecidas as empresas que usam alta tecnologia com o objetivo de prestar serviços financeiros de maneira mais eficiente.

É possível que algumas FinTechs sejam capazes de desafiar o setor financeiro tradicional, oferecendo serviços inovadores, mais baratos e mais cômodos ao usuário – pelo menos até que elas se tornem grandes o suficiente para dominar o mercado e ditar preços. Mas, em um setor altamente regulado como o financeiro, de duas, uma: ou as FinTechs se limitarão a prestar serviços secundários, de menor valor agregado, como a organização de despesas pessoais; ou a ideia revolucionária redundará em algum tipo de atividade ou serviço regulamentado, sujeito a autorização e fiscalização governamentais, exatamente como as instituições tradicionais.

FinTechs que pretendam oferecer serviços financeiros propriamente ditos precisam de autorização do Banco Central do Brasil para operar como banco, sociedade de crédito, corretora, distribuidora ou instituição de pagamento, conforme o tipo de serviço. Caso envolva títulos e valores mobiliários, será necessário registro na Comissão de Valores Mobiliários (CVM) ou enquadramento em alguma das hipóteses de dispensa previstas na regulamentação.

Por esse motivo, diversas FinTechs operam em parceria com instituições financeiras autorizadas, sendo estas as verdadeiras prestadoras do serviço. Outras buscam suas próprias licenças de operação. Em outras palavras, por trás de FinTechs modernas e descoladas, onde tudo pode ser feito com poucos toques na tela do smartphone, em qualquer lugar do mundo e longe da burocracia e custos dos velhos bancões, existe um bom e velho bancão.

Alternativa seria operarem na ilegalidade. O que pode ter sérias consequências administrativas e criminais no Brasil.

A imprensa noticia, por exemplo, intermediários (operando aparentemente no exterior) que oferecem pela internet serviço de transferência de recursos entre países sem os altos custos cobrados pelos bancos. E sem impostos. Funciona basicamente assim: Caio, morador de São Paulo, deseja enviar mesada a seu filho Tício que estuda em Roma. Cadastra sua ordem de transferência no tal site. Este, por seus poderosos computadores, logo descobre que Júlio, funcionário de uma pizzaria na Via Appia, necessita transferir fundos para o sustento de seu pai César, residente em Juiz de Fora. Feito esse encontro, o intermediário transfere reais da conta bancária de Caio para a conta de César no Brasil, e transfere os correspondentes euros da conta de Júlio para a conta de Tício na Itália, descontando modesta comissão de cada um. Como num passe de mágica.

Seria um ovo de Colombo, não fosse pelo fato de que muitos já pensaram nisso antes. Por exemplo, o legislador. Troca de moeda nacional por estrangeira, ou vice-versa, atende pelo nome de operação de câmbio, e como tal, sua realização é privativa das instituições autorizadas pelo Banco Central do Brasil. Norma em vigor há mais de oitenta anos (Decreto nº 23.258, de 19 de outubro de 1933) prevê multa de até duas vezes o valor da operação de câmbio realizada sem intermediação de instituição autorizada.

Isso sem falar que a atividade do intermediário é tipificada como crime de operação irregular de instituição financeira pelo artigo 16 da Lei nº 7.492, de 16 de junho de 1986 ("Lei dos Crimes do Colarinho Branco"). O fato de o site ser operado no exterior pode dificultar a persecução dos responsáveis, mas não exclui o crime. A lei brasileira aplica-se aos crimes cometidos no território nacional. Ocorre que o crime se considera cometido tanto no lugar em que ocorreu a ação ou omissão, no todo ou em parte, como no lugar onde se produziu ou deveria produzir-se o resultado (artigo 6º do Código Penal). No caso, pelo menos parte da conduta – movimentação da moeda nacional – e do resultado ocorrem no Brasil.

Mesmo o serviço de transferência de recursos em reais, que não envolve câmbio, é atividade própria de instituição de pagamento, entidade sujeita a autorização de funcionamento expedida pelo Banco Central do Brasil, conforme artigo 6º, inciso III, letra "f" da Lei nº 12.865, de 9 de outubro de 2013.

Encontra-se em audiência pública minuta de instrução da CVM relativa à captação de recursos por meio da emissão de valores mobiliários por empreendedores de pequeno porte ofertados por meio de plataformas eletrônicas de investimento participativo, o chamado investment-based crowdfunding. Esse tipo de empreendimento dificilmente se amolda às hipóteses de dispensa de registro existentes atualmente, motivo pelo qual a CVM propõe a criação de novo regramento, que isentaria de registro a oferta e o emissor que preencham determinados requisitos, um deles ser a procura de investidores realizada exclusivamente em ambiente digital.

Na seara dos serviços financeiros, pensamos que seria oportuna a reflexão sobre possíveis dispensas ou simplificações de registro para empreendimentos de pequeno porte e risco limitado, na linha do que propõe a CVM para a modalidade de crowdfunding baseada na emissão de valores mobiliários.

Colombo pode não ter sido o primeiro a colocar o ovo em pé e certamente não foi o primeiro a chegar à América. Os ameríndios já estavam por aqui e faziam câmbio com os europeus antes mesmo dasFinTechs.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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