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Abstract(s)
O presente estudo versa sobre a exclusão da negociação de ações em mercado regulamentado, matéria que, ao contrário do que se verifica em ordenamentos jurídicos estrangeiros, tem sido alvo de muito pouca atença por parte do legislador e dos estudiosos portugueses. Tal desinteresse traz consigo graves consequências, especialmente face à complexidade inerente ao equilíbrio dos vários interesses que gravitam em torno da exclusão da negociação em mercado regulamentado pelo que nas páginas seguintes, para além de uma análise introdutória ao conceito de delisting, será estudado com alguma profundidade o seu regime na ordem jus-mobiliária portuguesa: desde a admissibilidade de uma exclusão da negociação por simples vontade da sociedade emitente à (in)existência de mecanismos capazes de tutelar os interesses dos acionistas minoritários, sem impedir a evolução e o desenvolvimento da sociedade ou a prossecução dos interesses seus sócios dominantes.
The following essay will deal with the delisting of shares of the regulated markets, a subject that, unlike what happens in other legal systems, has been very little targeted by, not only the Portuguese doctrine but also by the Portuguese lawmaker. This lack of interest has serious consequences, especially when we look to the complexity inherent to the balance of the opposed interests that surround the delisting phenomenon. On the next pages, in addition to an introductory analysis of the concept, the delisting’ regime in Portugal will be deeply assessed: is a hot delisting admissible in Portugal? Are there any mechanisms capable of protecting the minority shareholders’ interests without neglecting the development of the issuing company or its dominant shareholders’ interests? These are the questions that we aim to answer.
The following essay will deal with the delisting of shares of the regulated markets, a subject that, unlike what happens in other legal systems, has been very little targeted by, not only the Portuguese doctrine but also by the Portuguese lawmaker. This lack of interest has serious consequences, especially when we look to the complexity inherent to the balance of the opposed interests that surround the delisting phenomenon. On the next pages, in addition to an introductory analysis of the concept, the delisting’ regime in Portugal will be deeply assessed: is a hot delisting admissible in Portugal? Are there any mechanisms capable of protecting the minority shareholders’ interests without neglecting the development of the issuing company or its dominant shareholders’ interests? These are the questions that we aim to answer.
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Keywords
Exclusão da negociação Interesses contrapostos Tutela das minorias Delisting Opposed interests Minority shareholders' protection