Stemming from the author’s doctoral thesis—which was approved with distinction by the USP examination board and recommended for publication—this book provides an in-depth analysis of the crime of reckless management of a financial institution, as defined in the sole paragraph of Article 4 of Law 7.492/86. This offense, characterized by the overly broad wording of its statutory definition, has long lacked a definitive reference work. The book examines the historical background of reckless management in Brazil (tracing its roots to the concept of negligent bankruptcy), classical commercial and bankruptcy law doctrine, and the legislative shifts ranging from the economic interventionism of the *Estado Novo* era—which led to the 1938 “popular economy” law—to the enactment of the 1986 White-Collar Crime Law amidst strong public outcry. It engages with administrative sanctioning law and financial regulation (covering prudential, systemic, and conduct-related aspects) by analytically comparing Central Bank decisions issued between 2016 and 2023 regarding management practices that ran counter to financial institutions’ interests or involved excessive risk-taking. The work critically analyzes new offenses codified in Germany (2014) and England (2016) in the wake of the last major financial crisis (2007–08), which penalize senior executives at banks and insurance companies for violating risk management rules. Furthermore, it addresses current and past legislative proposals under discussion in the National Congress, including the bill proposing to criminalize “breach of fiduciary duty regarding assets” (*infidelidade patrimonial*) in the wake of the Americanas scandal. Finally, by proposing a new understanding of the legally protected interest at stake—namely, the assets of the financial institution’s clients and shareholders—the book makes a significant and original contribution to the debate surrounding this offense. The National Financial System is undergoing rapid expansion. Financial regulators are grappling with the challenges posed by technological innovations, which have given rise to new types of institutions (e.g., exchanges, fintechs, insurtechs) offering more agile financial services to consumers. The downside is the potential for these new, less regulated asset managers to engage in reckless management—taking on excessive risks and causing financial loss. Furthermore, both in Brazil and abroad, there is significant demand for sanctions against acts of disloyal management. Following the Americanas scandal, Congress began debating the legal definition of the crime of breach of fiduciary duty regarding assets (Bill 4705/2023, rapporteur Deputy Orlando Silva). The book is not limited to criminal law scholars; by bridging criminal law and financial regulation, the work appeals to a broader audience, including financial regulators from various supervisory bodies. The research has been well received outside USP, having been cited in two recent articles on *Conjur* by Professor Alaor Leite of the University of Lisbon. There is no similar work in the Brazilian publishing market that covers the excessively risky management of banks, insurance companies, credit unions, pension funds, and the like.
- Publisher: Revista dos Tribunais
- Edition: 1ª
- Year of publication: 2024
- Number of pages: 234
