| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 736.54 KB | Adobe PDF |
Authors
Advisor(s)
Abstract(s)
A presente dissertação analisa e discute a proposta de Diretiva Unshell, num momento em que esta iniciativa legislativa está ainda em fase de aprimoramento. Neste sentido, por forma a perceber como é que a Unshell se comporta perante situações concretas e reais, testamos empiricamente os seus limites. Em concreto, centramos a nossa abordagem na aplicação de algumas normas da proposta a uma empresa holding. Optámos por delimitar a nossa análise às holdings puras, que apenas procedem à gestão das participações sociais de outras empresas, daí retirando dividendos ou registando mais valias aquando do desinvestimento. Desta primeira abordagem resultam indícios de que as holdings puras podem não ser visadas pela proposta Unshell. Procurando desvendar o verdadeiro sentido e alcance deste (futuro) normativo legal, optámos por seguir dois rumos distintos, mas complementares. Assim, procedemos a uma análise do elemento literal e posteriormente do elemento teleológico de algumas normas da proposta Unshell.
This dissertation analyzes and discusses the proposed Unshell Directive, at a time when this legislative initiative is still being refined. Thus, in order to understand how the Unshell behaves in concrete and real situations, we empirically test its limits. Specifically, we focus our approach on the application of some of its rules to a holding company. We have chosen to delimit our analysis to pure holding companies, whose only activity is to manage its participation in other companies, withdrawing dividends or registering capital gains when divested. This first approach provided us indicia that pure holding companies may not come under the scrutiny of the Unshell proposal. In an attempt to unveil the true meaning and scope of this (future) legal norm, we have chosen to follow two distinct but complementary paths. Thus, we proceeded to an analysis of the literal element and then to the teleological element of some norms of the Unshell proposal.
This dissertation analyzes and discusses the proposed Unshell Directive, at a time when this legislative initiative is still being refined. Thus, in order to understand how the Unshell behaves in concrete and real situations, we empirically test its limits. Specifically, we focus our approach on the application of some of its rules to a holding company. We have chosen to delimit our analysis to pure holding companies, whose only activity is to manage its participation in other companies, withdrawing dividends or registering capital gains when divested. This first approach provided us indicia that pure holding companies may not come under the scrutiny of the Unshell proposal. In an attempt to unveil the true meaning and scope of this (future) legal norm, we have chosen to follow two distinct but complementary paths. Thus, we proceeded to an analysis of the literal element and then to the teleological element of some norms of the Unshell proposal.
Description
Keywords
Proposta Unshell Holding Holding pura Requisitos de substância económica Unshell proposal Holding company Pure holding company Economic substance requirements