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Revista Da PGBC Revista Da Procuradoria-Geral Do Banco Central Volume 14 • Número 1 • Junho 2020 Revista da PGBC Revista da Procuradoria-Geral do Banco Central Volume 14 • Número 1 • Junho 2020 Ficha catalográfica elaborada pela Biblioteca do Banco Central do Brasil Revista da Procuradoria-Geral do Banco Central. / Banco Central do Brasil. Procuradoria-Geral. Vol. 14, n. 1, jun. 2020. Brasília: BCB, 2020. Semestral (junho e dezembro) ISSN 2595-0894 1. Direito econômico – Periódico. 2. Sistema financeiro – Regulação – Periódico. I. Banco Central do Brasil. Procuradoria-Geral. CDU 346.1(05) Procuradoria-Geral do Banco Central Banco Central do Brasil SBS, Quadra 3, Bloco B, Edifício-Sede, 11º andar 70074-900 Brasília – DF Telefones: (61) 3414-1220 e 3414-2946 E-mail: [email protected] Revista da Procuradoria-Geral do Banco Central Volume 14. Número 1. Junho 2020 Editor-Chefe da Revista da Procuradoria-Geral do Banco Central Leandro Novais e Silva – Banco Central, MG Editor Adjunto da Revista da Procuradoria-Geral do Banco Central Marcelo Madureira Prates – Banco Central, DF Corpo Editorial da Revista da Procuradoria-Geral do Banco Central Conselheiros Dr. Álvaro Augusto Camilo Mariano – Universidade Federal de Goiás e Pontifícia Universidade Católica do Paraná, GO e PR Dr. Bruno Meyerhof Salama – Fundação Getulio Vargas, SP Dr. Edil Batista Junior – Banco Central, PE Dr. Ivo Teixeira Gico Junior – Centro Universitário de Brasília, DF Me. Jefferson Siqueira de Brito Álvares – Banco Central, DF Dr. Marcos Antônio Rios da Nóbrega – Universidade Federal de Pernambuco, PE Dr. Rubens Beçak – Universidade de São Paulo, SP Dr. Vincenzo Demétrio Florenzano – Banco Central, MG Me. Yuri Restano Machado – Banco Central, RS Consultores Dra. Ana Rachel Freitas da Silva – Centro Universitário de Brasília, DF Dr. Daniel Brantes Ferreira – SUNY Buffalo Law School, EUA Me. Diogenis Bertolino Brotas – Instituição Toledo de Ensino, SP Dra. Evanilda Nascimento de Godoi Bustamante – Universidade do Estado de Minas Gerais, MG Me. Filipe Mendes Cavalcanti Leite – Universidade Federal da Paraíba, PB Dr. Flávio Garcia Cabral – Escola de Direito do Ministério Público do Mato Grosso do Sul, MS Dr. Frederico de Carvalho Figueiredo – Centro Universitário Una, MG Me. Glenyo Cristiano Rocha – Universidade de Coimbra, Portugal Me. Gustavo Viegas Marcondes – Centro Universitário Barão de Mauá, SP Dr. Guilherme Centenaro Hellwig – Banco Central, RS Me. Haroldo Mavignier Guedes Alcoforado – Banco Central, RJ Dr. Jesualdo Eduardo de Almeida Junior – Universidade de Marília, SP Dr. João Manoel de Lima Junior – Fundação Getulio Vargas, RJ Me. Juliana Bortolini Bolzani – Banco Central, DF Dr. Leandro Sarai – Banco Central, SP Me. Luciano Medeiros de Andrade Bicalho – Instituto Brasiliense de Direito Público, DF Dr. Luciano Monti Favaro – Centro Universitário Projeção, DF Dr. Luis Felipe Vidal Arellano – Universidade de São Paulo, SP Me. Luiz Eduardo Dias Cardoso – Universidade Federal de Santa Catarina, SC Me. Marcelo Farias Larangeira – Universidade Federal Fluminense e Universidade Salgado de Oliveira, RJ Me. Márcia Maria Neves Corrêa – Banco Central, RJ Me. Marcus Freitas Gouvea – Procuradoria Geral da Fazenda Nacional, MG Dra. Patricia Helena dos Santos Carneiro – Universidade Federal de Rondônia, RO Me. Pedro Vinicius Giordano Eroles – Universidade de São Paulo, SP Me. Rafael Folador – Universidade Federal do Rio Grande do Sul, RS Me. Rafael Bezerra Ximenes de Vasconcelos – Banco Central, DF Dr. Renato Maso Previde – Universidade do Estado de Minas Gerais, MG Me. Rodrigo da Silva Brandalise – Fundação Escola Superior do Ministério Público do Rio Grande do Sul, RS Me. Taís Ramos – Universidade Presbiteriana Mackenzie, SP Me. Thiago Álvares Feital – Universidade Federal de Minas Gerais e Faculdades Milton Campos, MG Dr. Vicente de Paulo Augusto de Oliveira Júnior – Universidade de Fortaleza, CE Me. Victor Guedes Trigueiro – Advocacia-Geral da União, DF * Consultores que participaram de procedimento de exame de artigo concluído pelas instâncias pertinentes, conforme o Regulamento da Revista, no curso dos trabalhos de preparação da presente edição. As opiniões emitidas nos artigos assinados são de inteira responsabilidade dos autores, não refletindo necessariamente o posicionamento do Banco Central do Brasil. Os pronunciamentos da Procuradoria-Geral do Banco Central passaram por padronização editorial, sem alterações de sentido ou conteúdo. Procuradoria-Geral do Banco Central Procurador-Geral Cristiano de Oliveira Lopes Cozer Procurador-Geral Adjunto da Seção de Consultoria e Representação Extrajudicial Marcel Mascarenhas dos Santos Procurador-Geral Adjunto da Seção de Contencioso Judicial e Gestão Legal Flavio José Roman Subprocurador-Geral Chefe de Gabinete do Procurador-Geral Filogonio Moreira Junior Subprocuradora-Geral da Câmara de Consultoria em Regulação e Supervisão do Sistema Financeiro Walkyria de Paula Ribeiro de Oliveira Procuradora-Chefe da Procuradoria Especializada de Consultoria em Supervisão do Sistema Financeiro Eliane Coelho Mendonça Procurador-Chefe da Procuradoria Especializada de Consultoria em Regulação do Sistema Financeiro Alexandre Forte Maia Subprocurador-Geral da Câmara de Consultoria Monetária, Internacional e Penal Nelson Alves de Aguiar Júnior Procurador-Chefe da Procuradoria Especializada de Consultoria Internacional, Monetária e em Regimes Especiais Igor Arruda Aragão Subprocurador-Geral da Câmara de Consultoria Administrativa Leonardo de Oliveira Gonçalves Procuradora-Chefe da Procuradoria Especializada de Consultoria Administrativa Chiarelly Moura de Oliveira Subprocurador-Geral da Câmara de Contencioso Judicial e Dívida Ativa Erasto Villa-Verde de Carvalho Filho Procurador-Chefe da Procuradoria Especializada de Processos da Dívida Ativa e Execução Fiscal Marcus Vinícius Saraiva Matos Procurador-Chefe da Procuradoria Especializada de Processos Judiciais Relevantes Lucas Farias Moura Maia Procurador-Chefe da Procuradoria-Regional do Banco Central no Distrito Federal Ériton Bittencourt de Oliveira Rozendo Procurador-Chefe da Procuradoria-Regional do Banco Central no Ceará Francisco Ponte de Almeida Junior Procurador-Chefe da Procuradoria-Regional do Banco Central em Minas Gerais José Luciano Jost de Moraes Procuradora-Chefe da Procuradoria-Regional do Banco Central no Paraná Fernanda Rosa de Oliveira Rodrigues Procurador-Chefe da Procuradoria-Regional do Banco Central em Pernambuco Marcelo Labanca Corrêa de Araújo Procuradora-Chefe da Procuradoria-Regional do Banco Central no Rio de Janeiro Fátima Regina Maximo Martins Gurgel Procurador-Chefe da Procuradoria-Regional do Banco Central no Rio Grande do Sul Guilherme Centenaro Hellwig Procuradora-Chefe da Procuradoria-Regional do Banco Central em São Paulo Tânia Nigri Gerente-Geral de Gestão Legal Leonardo Campos Coutinho Gerente da Gerência de Gestão e Planejamento Alessandra Barros Monteiro Gerente da Gerência de Registros Jurídicos e Controles Financeiros Ana Paula Mendes Lobo Paes Lima Sumário Editorial Nota da Edição Leandro Novais e Silva, 10 Open Banking e o Modelo de Banco em Plataforma: a necessidade de reavaliação da definição jurídica de atividade bancária Carlos Goettenauer, 13 Aplicabilidade dos Smart Contracts nas Instituições Financeiras Bianca dos Santos de Cavalli Almeida, 28 Bitcoin e o Sistema Financeiro Internacional: a busca por um modelo regulatório do ciberespaço Lucelaine dos Santos Weiss Wandscheer, Bruno Bastos de Oliveira e Marisa Rossignoli, 39 A Compreensão do Crédito como Bem de Capital na Lei 11.101/2005 e suas Consequências para o Mercado Financeiro: esvaziamento de garantia fiduciária e implicações na mensuração de risco em operações financeiras Eduardo de Carvalho Lima, Lucas Alves Freire e Bernardo Henrique de Melo Rezende, 57 Negociação de Créditos por Sociedade de Fomento Mercantil (faturizadora), Sociedade de Crédito Direto (fintech de mútuo) e Empresa Simples de Crédito (ESC): regulação estatal e atuação do Banco Central do Brasil Rubia Carneiro Neves e Fernanda Marinho A. de Carvalho, 74 Debêntures de Infraestrutura: uma análise sob a ótica do fomento no Estado Regulador Luciana Najan Silva da Cruz, 92 O Crime de Insider Trading nas Operações de Equity Crowdfunding Robson Fernando Santos e Vinícius dos Santos Neres da Cruz, 112 A Dosimetria da Penalidade Administrativa Aplicada pelo Banco Central, após a Vigência da Lei 13.506, de 13 de novembro de 2017 Humberto Cestaro Teixeira Mendes, 127 Críticas à Função Regulatória da Licitação: conhecendo limites para uma aplicação informada Pedro Henrique Christofaro Lopes, 144 Parecer 139/2020-BCB/PGBC Parecer apresentado pelo Banco Central do Brasil (BCB), perante o Superior Tribunal de Justiça (STJ) no Recurso Especial (REsp) 1.821.182/RS, por meio do qual, a Autarquia, na qualidade de amicus curiae, manifesta-se contra o pleito, deduzido pelo Ministério Público do Rio Grande do Sul (MPRS), de limitação de juros remuneratórios à taxa média de mercado, acrescida de um quinto. Bernardo Henrique de Mendonça Heckmann, Lucas Farias Moura Maia e Flavio José Roman, 156 Parecer 209/2020-BCB/PGBC Parecer que analisa o reflexo, no âmbito da Procuradoria-Geral do Banco Central (PGBC), das medidas temporárias decretadas pelo Ministro de Estado da Economia relacionadas aos atos de cobrança da dívida ativa da União, em decorrência da pandemia declarada pela Organização Mundial da Saúde (COVID-19). Hilário Barbosa Falleiros Júnior, Marcus Vinícius Saraiva Matos, Lucas Farias Moura Maia e Flavio José Roman, 176 Parecer 258/2020-BCB/PGBC Parecer que examina consulta formulada pelo Diretor de Organização
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