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Os organismos de investimento alternativos imobiliários, sob a forma societária, as designadas sociedades de investimento coletivo, têm vindo a ganhar uma cada vez maior relevância no mercado de gestão de ativos nacional. Estas sociedades, não obstante, adotarem o tipo de SA podem optar por uma de duas formas de gestão, mais propriamente, a autogestão, quando a gestão e administração, se encontram a cargo dos próprios órgãos sociais e a heterogestão, quando contratam uma entidade terceira, a sociedade gestora, para o exercício das referidas funções. No presente estudo propomo-nos a aprofundar estes organismos, passando pela legislação que lhes é aplicável e tratando as diferenças dos respetivos regimes, os quais divergem, nomeadamente, quanto aos deveres e obrigações e, consequentemente, quanto ao regime de responsabilidade que lhes é aplicável e, assim tentar descortinar se os mesmos são causa justificativa da atual organização do mercado nacional. Não obstante, independentemente do tipo de gestão eleito, os titulares do referido cargo encontram-se vinculados a adotar um comportamento que assegure a proteção dos legítimos interesses dos participantes, segundo ditames de boa-fé, da eficiência do mercado e de acordo com elevados padrões (aplicáveis a um gestor criterioso e ordenado) de diligência, lealdade e transparência. Finalmente, atendendo à assimetria informativa entre a sociedade e os participantes, o legislador criou uma panóplia de direitos e deveres para cada um dos intervenientes do mercado, visando assim proteger os participantes, princípio basilar da gestão de ativos.
Real estate alternative investment companies in corporate form, known as collective investment companies, have become increasingly important in the national asset management market. Although these companies are public limited companies, they can opt for one of two forms of management: self-management, in which the management and administration are carried out by the governing bodies themselves, or heteromanagement, in which they appoint a third party, the management company, to carry out these functions. In this study, we intend to take a closer look at these entities, by analysing the legislation applicable to them and the differences in their respective regimes, which differ in particular in terms of duties and obligations and, consequently, in terms of the liability regime applicable to them, in order to try to find out whether they justify the current organisation of the national market. Regardless of the type of management chosen, however, the holders of this position are obliged to behave in such a way as to ensure the protection of the legitimate interests of the participants, in accordance with the dictates of good faith, market efficiency and high standards (applicable to a prudent and orderly manager) of diligence, loyalty and transparency. Finally, given the asymmetry of information between the company and the participants, the legislator has created a set of rights and obligations for each of the market players, with the aim of protecting the participants, a fundamental principle of asset management.
Real estate alternative investment companies in corporate form, known as collective investment companies, have become increasingly important in the national asset management market. Although these companies are public limited companies, they can opt for one of two forms of management: self-management, in which the management and administration are carried out by the governing bodies themselves, or heteromanagement, in which they appoint a third party, the management company, to carry out these functions. In this study, we intend to take a closer look at these entities, by analysing the legislation applicable to them and the differences in their respective regimes, which differ in particular in terms of duties and obligations and, consequently, in terms of the liability regime applicable to them, in order to try to find out whether they justify the current organisation of the national market. Regardless of the type of management chosen, however, the holders of this position are obliged to behave in such a way as to ensure the protection of the legitimate interests of the participants, in accordance with the dictates of good faith, market efficiency and high standards (applicable to a prudent and orderly manager) of diligence, loyalty and transparency. Finally, given the asymmetry of information between the company and the participants, the legislator has created a set of rights and obligations for each of the market players, with the aim of protecting the participants, a fundamental principle of asset management.
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Sociedade de investimento coletivo Autogestão Heterogestão Sociedade gestora Participantes CMVM Collective investment company Self-management Heteromanagement Management company Participants