O abuso de informação privilegiada (insider trading)

In the stock market, information takes on special relevance, due to the market’s permanent updating and the great fluidity of information existent therein. Just as in any other negotiations, the party with the better information has a bargaining advantage, as it is able to make more advantageous business decisions. However, unlike most other markets, the proper functioning of the stock market is greatly dependent on investors’ trust in the market itself. As such, if there are investors who, due to any condition they possess or office they hold, have access to relevant information which is not accessible to the general public, distrust is bred within the market and, consequently, investment is lessened. Thus, there is a need to prevent those who hold privileged information from using it in abusive ways. In Portugal, abuse of privileged information is set out and punished criminally in Article 378. of the Portuguese Securities Code (‘Código dos Valores Mobiliários’). In this dissertation, I have set out, firstly, to analyze the inherent conditions for there to be a crime of abuse of privileged information; secondly, to analyze two well-known cases, which took place and were decided in other jurisdictions, and attempt to understand how these cases would fall under Article 378. of the Portuguese Securities Code. Whereas the first case, Chiarella v. United States, was scrutinize under Article 378 of the Portuguese Securities Code, in the second, Lafonta v. AMF, the conclusion arrived at was that the crime taken place was different. This analysis allowed, on one hand, the application to a particular case of prerequisites and concepts which were explained, at a first approach, from a more theoretical perspective; on the other hand, it also allowed the further development of specific aspects of the regime, namely the difference between an insider and a tipee, as well as to more clearly set out the limits to the precise character of the information at hand.

O âmbito de aplicação material da legislação de proteção de dados pessoais e o tratamento de imagem por pessoa singular

Images have gained a never before seen importance. Technological changes have given the Information Society extraordinary means to capture, treat and transmit images, wheter your own or those of others, with or without a commercial purpose, with no boundaries of time or country, without “any kind of eraser”. From the several different ways natural persons may engage in image processing with no commercial purpose, the cases of sharing pictures through social networks and video surveillance assume particular relevance. Consequently there are growing legitimate concerns with the protection of one's image, since its processing may sometimes generate situations of privacy invasion or put at risk other fundamental rights. With this in mind, the present thesis arises from the question: what are the existent legal instruments in Portuguese Law that enable citizens to protect themselves from the abusive usage of their own pictures, whether because that image have been captured by a smartphone or some video surveillance camera, whether because it was massively shared through a blog or some social network? There is no question the one's right to not having his or her image used in an abusive way is protected by the Portuguese constitution, through the article 26th CRP, as well as personally right, under the article 79th of the Civil Code, and finally through criminal law, articles 192nd and 193rd of the Criminal Code. The question arises in the personal data protection context, considering that one's picture, given certain conditions, is personal data. Both the Directive 95/46/CE dated from 1995 as well as the LPD from 1998 are applicable to the processing of personal data, but both exclude situations of natural persons doing so in the pursuit of activities strictly personal or family-related. These laws demand complex procedures to natural persons, such as the preemptive formal authorisation request to the Data Protection National Commission. Failing to do so a natural person may result in the application of fines as high as €2.500,00 or even criminal charges. Consequently, the present thesis aims to study if the image processing with no commercial purposes by a natural person in the context of social networks or through video surveillance belongs to the domain of the existent personal data protection law. To that effect, it was made general considerations regarding the concept of video surveillance, what is its regimen, in a way that it may be distinguishable from Steve Mann's definition of sousveillance, and what are the associated obligations in order to better understand the concept's essence. The application of the existent laws on personal data protection to images processing by natural persons has been analysed taking into account the Directive 95/46/CE, the LPD and the General Regulation. From this analysis it is concluded that the regimen from 1995 to 1998 is out of touch with reality creating an absence of legal shielding in the personal data protection law, a flaw that doesn't exist because compensated by the right to image as a right to personality, that anyway reveals the inability of the Portuguese legislator to face the new technological challenges. It is urgent to legislate. A contrary interpretation will evidence the unconstitutionality of several rules on the LPD due to the obligations natural persons are bound to that violate the right to the freedom of speech and information, which would be inadequate and disproportionate. Considering the recently approved General Regulation and in the case it becomes the final version, the use for natural person of video surveillance of private spaces, Google Glass (in public and private places) and other similar gadgets used to recreational purposes, as well as social networks are subject to its regulation only if the images are shared without limits or existing commercial purposes. Video surveillance of public spaces in all situations is subject to General Regulation provisions.

Modern piracy

A definição de pirataria ou a desmistificação da sua origem, no tempo e espaço, revela maiores dificuldades do que atualmente. Com este trabalho propusemo-nos a estudar como é que a pirataria era perpetrada e entendida no passado, bem como no presente. Também nos propomos a identificar limitações legais e as medidas operativas no combate à pirataria, como por exemplo: limites conceptuais, lacunas, estratégias, entre outros. Por outro lado, atendemos as soluções encontradas no combate à pirataria sem deixar de observar fraqueza da lei e conflitos entre jurisdições. Por fim, o curso da história dá-nos a seguinte percepção: a pirataria era tida como crime se fosse contra os interesses das nações. O desinteresse dos Estados para reprimir a pirataria possibilitou o seu aumento, proliferação, domínio e sofisticação em certas regiões do Mundo. O presente trabalho tem como objetivo trazer para o centro da discussão os direitos humanos numa perspetiva tripla: proibição da pirataria, supressão e raízes, aliando o estudo de possíveis respostas a dar a esta epidemia.

Cláusulas de garantia e segurança

Contractual provisions directed towards the fulfillment of the contract itself or concerning the promisor’s conduct are nowadays widespread (both geographically and regarding the situations in which they are used), posing interpretative problems that demand the consideration of private autonomy’s extent and its limits on their application. A number of such clauses or covenants proliferate on all sectors of juridical activity, although with different configurations in each particular situation, whereby the study of negative pledge, pari passu, cross-default and ownership clauses merely constitutes a conceptual framework for considerations concerning the virtues and challenges of this type of contractual arrangements, particularly in relation to the precepts of the legal system as a whole. This study also aims to display the special characteristics that justify their prevalence in banking and financial law. We intend to analyze their, mostly preventive, function, typifying the main problems that arise, as well as their limitations and advantages.

Os diferentes níveis de regulação legal dos conflitos de interesses no âmbito da gestão de fundos de investimento mobiliário

In the context of the activity developed by securities investment funds (hereinafter referred to “SIF”) the holders of investment units have a very tiny power to intervene. Aware of the risks that a decoupling between ownership and control may pose, the legislator has foreseen a number of impositions and limitations to the activity of the managing entities, namely to prevent or prohibit the performance of acts in situations of potential conflicts of interests. Accordingly, the purpose of the dissertation on – “Os diferentes níveis de regulação legal dos conflitos de interesses no âmbito da gestão de FIM” – is exactly to determine the field of application of the several levels of legal regulation of the conflicts of interests that arise within the scope of the management of SIF, both at the level of the new legal requirements governing collective investment undertakings, and at the level of the legal requirements governing the conflicts of interests foreseen in the Portuguese Securities Code, in order to clarify the articulation of these different levels of conflicts of interests regulations.

Does the existing Corporate Governance structure and strict Legal Framework, affect the strategic decisionmaking of CEOs?

This thesis is a case study on Corporate Governance and Business Ethics, using the Portuguese Corporate Law as a general setting. The thesis was conducted in Portugal with illustrations on past cases under the Business Judgment Rule of the State of Delaware, U.SA along with illustrations on current cases in Portugal under the Portuguese Judicial setting, along with a comparative analysis between both. A debate is being considered among scholars and executives; a debate on best practices within corporate governance and corporate law, associated with recent discoveries of unlawful investments that lead to the bankruptcy of leading institutions and an aggravation of the crisis in Portugal. The study aimed at learning possible reasons and causes for the current situation of the country’s corporations along with attempts to discover the best way to move forward. From the interviews and analysis conducted, this paper concluded that the corporate governance structure and legal frameworks in Portugal were not the sole influencers behind the actions and decisions of Corporate Executives, nor were they the main triggers for the recent corporate mishaps. But it is rather a combination of different factors that played a significant role, such as cultural and ethical aspects, individual personalities, and others all of which created gray areas beyond the legal structure, which in turn accelerated and aggravated the corporate governance crisis in the country.

Impact of taxes on competition: the legal status quo in the European Union

Dissertação de mestrado em Direito dos Negócios, Europeu e Transnacional

Tree species diversity in a seasonally-dry forest: the case of the Pinkaití site, in the Kayapó Indigenous Area, Southeastern limits of the Amazon

This study investigates patterns of forest structure and tree species diversity in an anthropogenic palm grove and undisturbed areas at the seasonally-dry Pinkaití research station, in the Kayapó Indigenous Area. This site, managed by the Conservation International do Brasil, is the most southeastern site floristically surveyed in the Amazon until now. The secondary and a nearby undisturbed forest were sampled in a group of 52 floristic plots of 0.0625-ha (25x25-m) where all trees with DBH > 10 cm were measured and identified. The analyses were complemented with other two floristic plots of 1-ha (10x1000-m). The present study has shown that the Pinkaití, like other seasonally-dry forests, have great heterogeneity in forest structure and composition, associated with biotic characteristics of the most important tree species, natural disturbance and history of land-use. The palm grove, moderately dominated by the arborescent palm Attalea maripa (Aubl.) Mart., presented high tree species diversity and was floristically similar to undisturbed forests at the study site. It is discussed the importance of large arborescent palms for the seasonally-dry Amazon forests regeneration.

New records of Fredius denticulatus (H. Milne-Edwards, 1853) and F. reflexifrons (Ortmann, 1897), and the eastern limits of the distribution of pseudothelphusid crabs (Crustacea: Decapoda) in Brazil

The occurence of Fredius reflexifrons (Ortmann, 1897), a pseudothelphusid crab widely distributed in the Amazon region and the Atlantic Guianas, is recorded from the state of Ceará, northeastern Brazil. Other records of this species and Fredius denticulatus (H. Milne-Edwards, 1853) from the Amazon region are also presented. A discussion is made on the eastern limits of the distribution of the family Pseudothelphusidae in Brazil.

A violência sexual e de género nos campos de população refugiada: análise e enquadramento legal

Dissertação de mestrado em Direitos Humanos

Evidence of Wγγ production in pp collisions at s√=8 TeV and limits on anomalous quartic gauge couplings with the ATLAS detector

This Letter reports evidence of triple gauge boson production pp→W(ℓν)γγ+X, which is accessible for the first time with the 8 TeV LHC data set. The fiducial cross section for this process is measured in a data sample corresponding to an integrated luminosity of 20.3 fb−1, collected by the ATLAS detector in 2012. Events are selected using the W boson decay to eν or μν as well as requiring two isolated photons. The measured cross section is used to set limits on anomalous quartic gauge couplings in the high diphoton mass region.

Measurement of the WW+WZ cross section and limits on anomalous triple gauge couplings using final states with one lepton, missing transverse momentum, and two jets with the ATLAS detector at s√=7 TeV

The production of a W boson decaying to eν or μν in association with a W or Z boson decaying to two jets is studied using 4.6 fb−1 of proton--proton collision data at s√=7 TeV recorded with the ATLAS detector at the LHC. The combined WW+WZ cross section is measured with a significance of 3.4σ and is found to be 68±7 (stat.)±19 (syst.) pb, in agreement with the Standard Model expectation of 61.1±2.2 pb. The distribution of the transverse momentum of the dijet system is used to set limits on anomalous contributions to the triple gauge coupling vertices and on parameters of an effective-field-theory model.

Estimativa de área de vegetação secundária na Amazônia Legal Brasileira

A vegetação secundária tem funções relevantes para os ecossistemas, tais como a fixação de carbono atmosférico, a manutenção da biodiversidade, o estabelecimento da conectividade entre remanescentes florestais, manutenção dos regime hidrológico e a recuperação da fertilidade do solo. O objetivo deste trabalho é, através de uma abordagem amostral, estimar a área ocupada por vegetação secundária na Amazônia Legal Brasileira (AML) em 2006. A amostragem se baseia em uma abordagem estratificada pelo grau de desflorestamento das cenas LANDSAT-TM que recobrem a AML. Foram selecionadas 26 cenas para o ano de 2006, distribuídas em sete estratos conforme o percentual de desflorestamento, nas quais foram mapeadas as áreas de vegetação secundária a partir de técnicas de classificação de imagens. Foi desenvolvido um modelo multivariado de regressão para estimar a área de vegetação secundária utilizando como variáveis independentes a área de desflorestamento, a área de hidrografia, a estrutura agrária, e área das unidades de conservação. A análise de regressão encontrou um R2 ajustado de 0,84 , e coeficientes positivos para a proporção de hidrografia na imagem (2,055) e para a estrutura agrária (0,197), e coeficientes negativos para o grau de desflorestamento na imagem (-0,232) e para a proporção de Unidades de Conservação na imagem (-0,262). O modelo de regressão estimou uma área de 131.873 km² de vegetação secundária para o ano de 2006. Aplicando uma simulação Monte Carlo foi estimada uma incerteza de aproximadamente 12.445 km² para a área.

Racial inequalities in the socioeconomic, demographic and health conditions of elderly from Maranhão State, Legal Amazon, Brazil: a population-based study

Aging with quality of life does not occur equally among the racial groups of Brazilian elderly, and few studies have analyzed this issue in the states of the Brazilian Legal Amazon. The objective of this study was to investigate racial inequalities in the socioeconomic, demographic and health conditions of elderly residents of Maranhão state, Brazil. The present work is a cross-sectional study of 450 elders aged 60 years or older included in the 2008 National Household Sample Survey. The prevalence of socioeconomic, demographic, health and habit indicators and of risk factors were estimated in white, brown and black racial categories that were self-reported by the survey participants. The chi-square test was used for comparisons (a=5%). The majority of the elderly respondents identified themselves as brown (66.4%) or white (23.3%). There were significant socioeconomic, demographic, habit and lifestyle differences among the racial groups. Most of the black and brown elderly lived alone, reported lower educational levels and were in the lowest quintile for income. These respondents were also highly dependent on the Unified Health System (Sistema Único de Saúde - SUS), exhibited low rates of screening mammograms and lower physical activity levels and had a greater proportion of smokers. However, there was no difference in the prevalence of health indicators or in the proportion of elderly by gender, age, social role in the family or the urban-rural location of the household. These results indicate the presence of racial inequalities in the socioeconomic and demographic status and in the practice of healthy habits and lifestyles among elderly from Maranhão, but suggest equity in health status. The results also suggest the complexity and challenges of interlinking race with socioeconomic aspects, and the findings reinforce the need for the implementation of public policies for these population groups.