Worldwide: Instrução 607 dá contornos mais claros aos processos sancionadores da CVM

Last Updated: 29 July 2019
Article by Julio Dubeux
Most Read Contributor in Brazil, August 2019

A Comissão de Valores Mobiliários (CVM), após longo processo de audiência pública, no último mês de junho editou a Instrução 607, que estabelece novas regras para seus processos administrativos sancionadores — aqueles conduzidos contra pessoas acusadas de infringir a legislação do mercado de capitais brasileiro. A instrução entra em vigor em setembro e incorpora as regras da Lei 13.506/17, que fortaleceu a CVM em diversos aspectos.

A multa — sanção mais comumente aplicada pela CVM — pode agora ser fixada até os seguintes limites: 50 milhões de reais (antes o teto era de 500 mil reais), o dobro do valor da emissão ou operação irregular (antes o limite era de metade da operação irregular), o triplo da vantagem econômica obtida ou da perda evitada com a infração (não houve alteração desse parâmetro) ou o dobro do prejuízo causado aos investidores em decorrência do ilícito (parâmetro criado pela Lei 13.506/17). Na hipótese de reincidência, a multa, fixada conforme esses parâmetros, continua podendo ter seu valor triplicado.

Como grande novidade da Instrução 607, a CVM estabeleceu critérios mais objetivos para a fixação da sanção de multa, levando em conta penas-base máximas conforme a categoria do ilícito, circunstâncias agravantes e/ou atenuantes (que aumentam ou reduzem as penas-base em até 25%) e causas de redução de pena. É cedo para saber se os novos critérios criarão suficiente segurança jurídica a respeito da fixação das sanções, pois ainda não está claro como serão fixadas as penas-base nos casos concretos. De qualquer maneira, é uma tentativa válida.

Também é relevante a determinação de que as sanções podem ser reduzidas de um a dois terços caso os eventuais danos financeiros causados pelo infrator sejam indenizados até o julgamento do processo. Trata-se de importante novidade, pois quase sempre é preferível o efetivo ressarcimento de danos em vez da aplicação pela CVM de vultosas multas — que não se revertem em benefício dos prejudicados. A autarquia deveria inclusive explorar mais esse ponto, pensando em incentivos equivalentes para redução de pena também em relação a ilícitos que não geram danos financeiros, frequentemente objeto de processos.

Com a Instrução 607, a CVM pode ainda aplicar cumulativamente diferentes sanções para um mesmo ilícito. A medida por um lado gera importante flexibilidade para o regulador encontrar a solução mais justa para cada caso; de outro, cria imensa responsabilidade no que diz respeito à manutenção da proporcionalidade entre a gravidade do ilícito e as sanções aplicadas.

A Instrução 607 regulamenta, ainda, o “acordo de supervisão”, espécie de “colaboração premiada” prevista na Lei 13.506/17 e que pode ser acordada por um infrator com a CVM em troca de extinção ou de redução de sanções administrativas. É um instituto novo, nunca utilizado pela CVM, e que em tese poderia constituir importante elemento de investigação, a exemplo do que a colaboração premiada já produziu no âmbito penal brasileiro. Os desafios para a colaboração, porém, são enormes, especialmente porque o acordo de supervisão no âmbito da CVM não protege os colaboradores contra iniciativas do Ministério Público ou de outras autoridades.

Diante das novas regras, fica claro que as superintendências da CVM podem decidir não abrir processos sancionadores quando considerarem que a conduta investigada tenha menor relevância, impacto ou gravidade. A análise deve levar em conta a boa-fé dos investigados e o ressarcimento de possíveis lesados, dentre outros fatores. Deveria ter sido sempre assim. Afinal, diante de suas limitações de recursos e de pessoal, a CVM deveria focar sua atuação sancionatória em ilícitos de maior gravidade e repercussão, e não despender tempo e recursos humanos em pequenas irregularidades. A Instrução 607 pode ajudar a mudar essa cultura.

A nova norma busca também modernizar os procedimentos a serem observados nos processos, em linha com as novidades da Lei 13.506/17. Por exemplo: citações, intimações e publicações poderão ser feitas por canais digitais, e diretores da CVM poderão participar de julgamentos por meio de videoconferência. O uso de ferramentas digitais pode ser salutar por abreviar a duração dos processos, mas deve suscitar cuidados e permanente vigilância, para que não prejudique o direito sagrado ao contraditório e à ampla defesa dos acusados.

Novidade alvissareira é o fato de que, com a Instrução 607, a CVM finalmente reconhece o posicionamento, já há muito reclamado pelos advogados, no sentido de que, em caso de empate em julgamento, deve prevalecer a posição mais favorável ao acusado, uma consequência elementar do princípio fundamental in dubio pro reo. É um grande acerto.

A CVM ganhou amplos poderes com a Lei 13.506/17. Fazer uso adequado deles é uma tarefa difícil. Mas o cuidado da autarquia na elaboração da Instrução 607 parece revelar que está atenta à dimensão de sua responsabilidade.

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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