Seleção e tradução de Júlio Marques Mota
Parte III – A finança ao serviço da sociedade e não a sociedade ao serviço da finança.
3. Investir não é andar a apostar (19ª parte-conclusão)
Colocando os mercados financeiros ao serviço da sociedade. Tomada de posição sobre MiFID 2/MiFIR, a Diretiva relativa aos mercados de instrumentos financeiros
Por Finance Watch, 24 de abril 2012
Autor: Benoît Lallemand. Editores: Thierry Philipponnat, Greg Ford, Emily McCaffrey
(19ª parte-conclusão)
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Conclusões
A concorrência produziu resultados heterogéneos
A MiFID 1 estabeleceu as bases para um quadro regulamentar abrangente e único para os mercados financeiros europeus, com o objetivo de desenvolver um financiamento das economias europeias baseado no mercado. No inevitável exercício de equilíbrio entre proteger a estabilidade e a integridade e promover a eficiência e a inovação, foi dada maior importância à eficiência e à inovação, graças ao foco no aumento da concorrência. Os resultados foram heterogéneos, para não dizer pior, mesmo quando se ignora os efeitos da última crise. Na verdade, a MiFID 1 provou ser melhor no desenvolvimento de mercados financeiros aptos para a especulação do que a desenvolver mercados cumprindo o seu papel básico fundamental de fazer com que a oferta e a procura de capital se encontrem de forma equitativa e transparente em benefício da sociedade.
Como gostaríamos que fossem os mercados financeiros?
A MiFID 2 ocorre num cenário político bastante diferente. A ênfase desta vez é “estabelecer um sistema financeiro mais seguro, mais são, mais transparente e mais responsável trabalhando para a economia e o conjunto da sociedade”. Tendo por missão promover o interesse público em reformas financeiras, Finance Watch só pode apoiar tais objetivos e apoiar uma ambiciosa MiFID 2. A abordagem adotada para melhorar o quadro da MiFID 1 é manter o princípio subjacente do aumento da concorrência entre as estruturas de mercado e os participantes e reforçar as disposições que se revelaram insuficientes nas áreas de transparência, proteção dos investidores e supervisão eficaz. Pensamos que, em cada uma destas áreas, o foco deve ser centrado sobre o que os mercados devem ser e não sobre o que eles são. Alguns participantes e estruturas do mercado verão a sua “liberdade” e margens reduzidas por qualquer legislação que tenha em conta o interesse público: a concorrência e a “auto-regulação” provaram ser incapazes de incentivar suficientemente atividades que tragam valor para a sociedade. Este facto deve ser reconhecido e aceite pelos profissionais das finanças e pelos decisores políticos.
Criando espaço para participantes e práticas mais construtivas
A MiFID 2 trata da necessidade de se criar um ambiente capaz de promover a inovação ao serviço da economia real e de se desincentivar as práticas que minam o verdadeiro propósito económico dos mercados, que devem centrar-se na função de investir e não nas apostas. Trata-se de criar espaço para participantes mais construtivos e com perspetivas de longo prazo, que evitem andar a alimentar a próxima crise financeira. As autoridades competentes e os órgãos de supervisão precisarão de um conjunto completo e eficaz de ferramentas para o fazer e de um mandato para as utilizar, mesmo quando isso seja prejudicial para alguns participantes do mercado.
Em resumo, a MiFID 2 é uma grande oportunidade para legisladores e dirigentes europeus reafirmarem a prioridade da utilidade e estabilidade dos mercados financeiros europeus. Nestes tempos de incerteza económica, quando os cidadãos têm de carregar com o custo do comportamento irresponsável no sistema financeiro, os argumentos que defendem o status quo devem ser contestados sem complacência.
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