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A proteção do investidor : a vulnerabilidade do participante num OIA de capital de risco e o novo regime de gestão de ativos
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A presente dissertação analisa o enquadramento jurídico da figura do capital de risco em Portugal, atribuindo grande relevo ao estudo do “Regime de Gestão de Ativos” (“RGA”), aprovado pelo Decreto-Lei 27/2023. Como principal vetor da análise esteve a proteção do investidor, passando este texto pelo estudo das normas que a reforçam, bem como por tudo o que pode contribuir para a sua vulnerabilidade. Consciente das limitações do mercado de capitais português, tão marcado pela falta de modernidade e dinamismo em comparação com muitos dos demais EstadosMembros da União Europeia, dei por mim a questionar-me de onde vem o receio dos portugueses. Prende-se com uma questão cultural? Com a política económica do país? Ou com o simples conhecimento do risco inerente aos instrumentos disponíveis? E, nesse caso, será que o risco percecionado corresponde ao risco real? Foi com esta curiosidade em mente que conduzi o presente estudo, norteada pela análise crítica do Regime de Gestão de Ativos, ciente de que este diploma tanto poderia ter sido a rampa de lançamento para se alcançar um mercado mais competitivo como mais um instrumento legislativo desajustado da realidade. O grande propósito desta tese é entender qual o papel que o RGA ocupa, destrinçando as suas disposições, e por o emparelhar com as restantes normas que regulam a posição do investidor no mercado de capitais, de modo a perceber se, ao dia de hoje, o investimento em capital de risco tende a compensar, ou representa um potencial de perda demasiado elevado.
This dissertation shines a light on the legal framework for venture capital in Portugal, placing particular emphasis on the study of the ‘Regime de Gestão de Ativos’ (‘RGA’), approved by the Decree-Law 27/2023. The main focus of this assessment was investor protection, with this paper examining the rules that can safeguard investors, as well as all that enhances their vulnerability. Aware of the limitations of the Portuguese capital market, so clearly marked by a lack of modernity and dynamism when compared to many European Union Member States, I found myself wondering where the Portuguese hesitation comes from. Is it a cultural matter? Is it related to the country's economic policy? Or is it simply the recognition of the risk inherent to the available instruments? And, if so, does the perceived risk correspond to the actual risk? Driven by this curiosity, I conducted this study, guided by a critical analysis of the Regime de Gestão de Ativos, acknowledging this legislation could have been either a launch pad for achieving a more competitive market or yet another legislative instrument ill-suited to the reality. The main purpose of this thesis is to understand the role played by the RGA, unravelling its provisions and pairing it with other rules governing the position of investors in the capital market, in order to determine whether, at present, venture capital compensates or represents a too high potential loss.
This dissertation shines a light on the legal framework for venture capital in Portugal, placing particular emphasis on the study of the ‘Regime de Gestão de Ativos’ (‘RGA’), approved by the Decree-Law 27/2023. The main focus of this assessment was investor protection, with this paper examining the rules that can safeguard investors, as well as all that enhances their vulnerability. Aware of the limitations of the Portuguese capital market, so clearly marked by a lack of modernity and dynamism when compared to many European Union Member States, I found myself wondering where the Portuguese hesitation comes from. Is it a cultural matter? Is it related to the country's economic policy? Or is it simply the recognition of the risk inherent to the available instruments? And, if so, does the perceived risk correspond to the actual risk? Driven by this curiosity, I conducted this study, guided by a critical analysis of the Regime de Gestão de Ativos, acknowledging this legislation could have been either a launch pad for achieving a more competitive market or yet another legislative instrument ill-suited to the reality. The main purpose of this thesis is to understand the role played by the RGA, unravelling its provisions and pairing it with other rules governing the position of investors in the capital market, in order to determine whether, at present, venture capital compensates or represents a too high potential loss.
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