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Market Illicit


Combating abusive practices in the capital market is essential for a fair, transparent and equitable market. Such illicit acts are regulated, in particular, by CVM Instruction nº 08 of 1979, which specifies:


  • as artificial conditions of demand, supply or price of securities;

  • a price manipulation;

  • the fraudulent operation; It is

  • inequitable practice.


This research project intends to identify which market operations qualify as abusive practices based on the investigative and punitive activity of regulation and self-regulation, respectively of CVM and BSM - BM&FBovespa Supervisão de Mercados.

Researchers involved:


Participating in this research project are: Viviane Muller Prado, Renato Vilela, Victor Ribeiro and Maíra Schweling Scala.

Publications and results:


Within the scope of the research project on market illicit acts, the use of privileged information is the subject of the reports that can be accessed below:


1.  Radiography report de insider trading na CVM. (click here for download) 

Easy to view,  aims to serve the legal and lay public. Based on graphs that portray the main points of the research, it also brings brief descriptions that direct the understanding of the theme.

2. Report on data on CVM punitive activity (2002-2013). (Click here to download)


Also constructed in the form of graphs, it presents the collected data in an exhaustive way and  brings all the descriptions that the researchers considered relevant for the understanding of the theme and for the use of the database.

3. The principle offull disclosure in the capital market. (Click here to download)


Master's Dissertation by Nora Matilde Rachman. Introduces the principle do full disclosure in the capital market and conducts an empirical study on the repression of insider trading between 1978 and 1999:

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