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A presente dissertação, realizada no âmbito do Mestrado de Direito e Gestão, tem como objetivo expor a figura das licenças de emissão, analisando a sua equiparação aos instrumentos financeiros/valores mobiliários, conforme consta do art. 1º n.º 1 g) do CVM e da respetiva regulamentação comunitária, bem como a análise do seu regime jurídico, e uma perspetiva desta figura nos anos vindouros. Assim, esta dissertação começa com uma perspetiva geral desta figura, passando pela sua apresentação, relevância e evolução histórica. O segundo capítulo, irá abordar as questões doutrinais relacionadas com os termos instrumentos financeiros e valores mobiliários, assim como a categorização das licenças de emissão como instrumentos financeiros, quer pelo direito nacional, quer pelo direito comunitário e comparado. O terceiro capítulo, irá consistir numa breve análise do regime jurídico das licenças, com especial enfoque no regime de atribuição e de transferência. O quarto e último capítulo, terá como objetivo apresentar as mais recentes alterações que ocorreram em matéria de licenças de emissão, nomeadamente as alterações trazidas pelo programa Fit for 55, que irão consistir em novas metas, na introdução de novos setores e, mais importante, na criação do Mecanismo de Ajustamento das Emissões de Carbono nas Fronteiras (MACF).
The present dissertation, conducted within the framework of the Master's Degree in Law and Business Administration, aims to present the concept of emission allowances, analyzing their equivalence to financial instruments/securities as outlined in article 1.º, n.º 1 g) of the securities code and the corresponding European regulations, as well as an analysis of their legal framework, and a perspective on this concept in the coming years. Therefore, this dissertation begins with a general overview of this concept, covering its presentation, relevance, and historical evolution. The second chapter will address doctrinal issues related to the terms financial instruments and securities, as well as the categorization of emission allowances as financial instruments, under national law and both European and comparative law. The third chapter will consist of a brief analysis of the legal framework of the allowances, with a special focus on the allocation and transfer regime. The fourth and final chapter aims to present the most recent changes in the field of emission allowances, notably those introduced by the "Fit for 55" program, which will involve new targets, the introduction of new sectors, and, most importantly, the creation of the Carbon Border Adjustment Mechanism (CBAM).
The present dissertation, conducted within the framework of the Master's Degree in Law and Business Administration, aims to present the concept of emission allowances, analyzing their equivalence to financial instruments/securities as outlined in article 1.º, n.º 1 g) of the securities code and the corresponding European regulations, as well as an analysis of their legal framework, and a perspective on this concept in the coming years. Therefore, this dissertation begins with a general overview of this concept, covering its presentation, relevance, and historical evolution. The second chapter will address doctrinal issues related to the terms financial instruments and securities, as well as the categorization of emission allowances as financial instruments, under national law and both European and comparative law. The third chapter will consist of a brief analysis of the legal framework of the allowances, with a special focus on the allocation and transfer regime. The fourth and final chapter aims to present the most recent changes in the field of emission allowances, notably those introduced by the "Fit for 55" program, which will involve new targets, the introduction of new sectors, and, most importantly, the creation of the Carbon Border Adjustment Mechanism (CBAM).
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Licenças de emissão Valores mobiliários Instrumentos financeiros Gases de efeito de estufa (GEE) Comércio europeu de licenças de emissão (CELE) Mercado de carbono (EU ETS) Emission allowances Securities Financial instruments Greenhouse gases (GHG) Private autonomy European Union (EU) legislation Member states (MS) European emission allowance trading (EU ETS) Carbon market (EU ETS)