Capital market law and development

What is the role of Law in the development of the capital market and its performance in financing economic agents? With this question in mind, we intend to reflect on the improvement of the Brazilian regulatory model and the influence of development regulation on the capital market. The claim for having a strong capital market, capable of channeling private savings directly to financing national companies, exists in the history of Brazilian economic policy since the 1960s. The use of Law as an instrument for building this market gave rise to regulatory milestones necessary for developing our financial system and the capital market, but with a role that needs to be better understood and assessed, in light of the changes observed in agents, instruments, and services created in the last decades.