Português

Abstract

Since 2019, the Comissão de Valores Mobiliarios – CVM (the Brazilian entity which is similar to the United States Securities and Exchange Commission – SEC) has been admitting that standardized strategies offered by automated systems or by logical and mathematical algorithms, with the aim of indicating opportunities and adequate moments for entering into transactions involving securities, are characterized as a privative analyst activity accredited by the Associação dos Analistas e Profissionais de Investimento do Mercado de Capitais – APIMEC (Association of Capital Market Investment Analysts and Professionals). Considering that these services are rendered by software allegorically called ‘order robots’, this paper intends to offer organized knowledge about its regulation in Brazil. To achieve this objective, it was conducted a bibliographical review and study of the regulation of the analysis of securities and computer programs. Additionally, three terms of use of licenses for order robots offered to the market were briefly analyzed. As a result, it was found that although the CVM controls this offer, demanding compliance with rules related to the analysis of securities, it leaves plenty space to the license contracts, allowing their creation and commercialization under various types. Also, it was verified that in the case of robots in which the investor has complete autonomy to parameterize them, the CVM does not admit them as a regulated activity and in this situation waives the accreditation of the offeror as an analyst. In the cases studied, it was found that the three providers are analysts accredited by APIMEC, and that the offered robots varied between types a) closed (black box), in which the investor does not have the possibility of parameterize it, as this task is responsibility of the offering specialist, b) the open robot (white box), in which it is widely possible to parameterize it, based on users’ own criteria or criteria provided by third parties and c) the semi-open robot (grey box), in which the interference of the investor is partial, since there is only relative margin for its parameterization.