Custo de regulação como imposto sobre externalidades e maior intrusão

Face a estes indícios, parece lícito concluir que um dos objectivos visados com a reforma estrutural de separação da banca de investimento das restantes atividades da banca universal (“Volcker” e “Viikanen”) ou a colocação de um anel defensivo em torno das atividades protegidas (captação de depósitos) da banca de retalho, serão em grande parte preenchidos pela implementação do novo

235 _{Agresti, Maria 2016:11}

quadro regulatório do risco de mercado.236 Este aspecto traz flexibilidade

acrescida aos reguladores e deixa aos regulados a possibilidade de ponderarem se apesar dos custos acrescidos de regulação vale a pena continuarem a investir no comércio de ativos financeiros.

Outro aspecto que nos parece positivo é a obrigatoriedade de aplicação do Método Padrão a par da sua sofisticação através da introdução de novas métricas melhor apetrechadas para a identificação de riscos. Este aspecto confirma a convergência entre a ótica regulamentar e a ótica de gestão e económica e acentua o entrelaçamento das normas de contabilidade com o direito bancário.

Há porém alguns aspectos que carecem de melhor reflexão à luz das conclusões do nosso estudo.

Os instrumentos de regulação de carácter intrusivo subjacentes ao novo quadro regulatório que se vêm juntar à capacidade que o regulador atualmente já tem de aferir o perfil global de risco das instituições e averiguar a adequação do respectivo capital interno 237, introduzem imprevisibilidade no cumprimento dos obrigações de regulação contribuindo para o agravamento do prémio de risco exigido para o investimento no sector bancário. Esta circunstância poderá ser reforçada pelo escrutínio crescente dos modelos de negócio numa

perspectiva de valoração social e não apenas de análise de risco. Isto sob a premissa, falsa, de que pode haver atividade bancária sem risco.

A revisão fundamental da carteira de negociação aparece como solução para um problema que, na Europa, não se coloca com a mesma intensidade que nos EUA. Quer devido à menor dimensão da banca paralela (“shadow banking”) que nos EUA esteve na origem do avolumar da dimensão dos instrumentos complexos nas carteiras de negociação dos bancos de investimento, quer à menor participação do financiamento indireto (via mercado de capitais) no financiamento das empresas.

A amplificação da crise económica e financeira europeia não se ficou a dever ao colapso do balanço dos bancos de investimento, mas sobretudo devido à crise das dívidas soberanas. Neste sentido, a tentativa de penalização das

236 _{No mesmo sentido KPMG, 2015:29.}

237 _{Processo de Auto-avaliação da Adequação do Capital Interno (“Internal capital adequacy assessment process –}

ICAAP) e Processo de Auto-avaliação da Adequação da Liquidez Interna (Internal liquidity adequacy assessment process – ILAAP), regulados respectivamente nos artigos n.º73 e n.º 86 da Diretiva 2013/36/UE.

atividades de especulação e “market making” vai tendencialmente reduzir o número de transações de compra e venda de títulos, retirando liquidez ao

mercado de capitais, contribuindo para o aumento da volatilidade, e por esta via, criando novos factores de risco de mercado.

A imposição de custos de implementação e de cumprimento

(“compliance”) elevados (a par do já estimado aumento das necessidades de capital, pode funcionar como um incentivo ao desmantelamento ou e em

simultâneo, à reorganização territorial das “salas de trading”. A verificar-se, esta situação vai contrariar a desejada unificação dos mercados financeiros na União Europeia, e dificultar a prazo o quadro dos mecanismos de resolução face à diversidade de estruturas jurídicas.

Em suma, apesar das virtualidades do novo quadro regulatório,

concluímos que a data de implementação prevista para 2019 será provavelmente revista, face às implicações que o novo regime vai exercer na atividade dos

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