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O presente trabalho parte duma perspetiva pós-crise financeira de 2007 para efetuar uma análise à celebração de contratos swap de taxa de juro e aos deveres de informação que impendem sobre os intermediários financeiros, no seguimento desta.
Mantendo o foco sempre na especial posição que o intermediário financeiro assume no mercado, enquanto guia e, muitas vezes, contraparte do investidor, visa observar quais as normas que estes devem respeitar e, mais importantemente, se o fazem.
Centrado particularmente no contexto jurídico-económico português, o presente trabalho contacta com diversas áreas do Direito, entre as quais frisamos o Direito Civil, o Direito do Mercado de Capitais e dos Valores Mobiliários e o Direito da União Europeia.
A abordagem assenta em três vértices do mercado de capitais: o produto financeiro, o intermediário e o investidor. Não obstante, a mesma pauta-se por um estudo comparativo, tentando, sempre que possível, contrapor os diversos entendimentos que vigoram no Direito Português e da União Europeia, entre outros.
Através deste trabalho, foi possível retirar duas conclusões. A primeira remete para uma progressiva exigência legislativa a nível comunitário quanto aos deveres de informação dos intermediários financeiros, enquanto agentes do mercado. A segunda conclusão prendeu-se com a existência de tendências jurisprudenciais totalmente diversas consoante o país, destacando-se o contraste entre os tribunais portugueses e espanhóis.
The following works starts from a post-2007 financial crisis point of view, in order to analyze the information duties that financial intermediaries are subject to when celebrating interest rate swap contracts. Maintaining its focus on the special role that the financial intermediary has in the market, as a guide and, several times, as a counterpart to the investor, it intends to observe which rules they are bound to and, most importantly, if they are followed. Particularly centered around the Portuguese legal and economical context, the present work interacts with several areas, especially Civil Law, Capital Markets and Securities Law and European Union Law. The subject is approached while keeping in mind three main points of the capital market: the financial product, the intermediary and the investor. However, the present work also does a comparative study between several points of view that are rooted within Portuguese and European Union Law, amongst others. From this work, two conclusions arose. The first one relates to progressively demanding criteria implemented by law-makers, on an European Union level, on duties that financial intermediaries are subject to. The second one observes that there are totally different jurisprudential decision tendencies, depending on the country, while underlining the sharp contrast between Portuguese and Spanish courts.
The following works starts from a post-2007 financial crisis point of view, in order to analyze the information duties that financial intermediaries are subject to when celebrating interest rate swap contracts. Maintaining its focus on the special role that the financial intermediary has in the market, as a guide and, several times, as a counterpart to the investor, it intends to observe which rules they are bound to and, most importantly, if they are followed. Particularly centered around the Portuguese legal and economical context, the present work interacts with several areas, especially Civil Law, Capital Markets and Securities Law and European Union Law. The subject is approached while keeping in mind three main points of the capital market: the financial product, the intermediary and the investor. However, the present work also does a comparative study between several points of view that are rooted within Portuguese and European Union Law, amongst others. From this work, two conclusions arose. The first one relates to progressively demanding criteria implemented by law-makers, on an European Union level, on duties that financial intermediaries are subject to. The second one observes that there are totally different jurisprudential decision tendencies, depending on the country, while underlining the sharp contrast between Portuguese and Spanish courts.
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Informação Swap de taxa de juro Intermediário financeiro Derivados financeiros Instrumento financeiro Information Interest rate swap Financial intermediaries Financial derivatives Financial instruments