THE DOUBLE LIABILITY SYSTEM FOR INSIDER TRADING IN BRAZIL AND THE EUROPEAN UNION AND THE PROTECTION OF HUMAN DIGNITY

We will carry out a comparative analysis of the legal treatment to the practice of insider trading and related conducts in Brazil and the European Union. In particular, we will seek to determine whether its sanctioning systems, characterized by a dual system of criminal and administrative liability, may pose a threat to the protection of human rights. We will start with a brief comparison of the differences in how insider trading is defined in both jurisdictions in order to understand what practices exactly are fought against in both systems. Finally, we will analyze some precedents of the European Court of Justice and the European Court of Human Rights, which acknowledge the risk – in specific circumstances – of possible violations of the ne bis in idem principle and that the same threat appears in the Brazilian case. Finally, we will describe how the violation of ne bis in idem, in addition to being a problem in itself, still poses a threat to the dignity of the human person by compromising the right to honor.