O DIREITO SANCIONATÓRIO E O ESTADO REGULADOR NO PLANO ECONÓMICO-FINANCEIRO

Abstract

After the economic and financial crisis of 2007-2008, with highly negative repercussions all over the world, a large number of States reacted in a muscular manner, mainly targeting the activity of banks and insurance companies, and that of companies. This reaction resulted, among others, in the creation of a wide range of duties to be fulfilled in the exercise of each one of those professional activities, under penalty of incurring in the practice of an illicit (and then sanctioned) conduct and in the elevation of the economic value from sanctions to very high levels, which are often difficult to determine. At the same time, the Regulatory State consolidated itself where it already was and settled in points where it was still unknown. Thus, with this background, at this time, a few years after the aforementioned crisis, we believe it is pertinent to try to understand the effectiveness of such measures in the economic and financial plan, as well as the choices made by some States, such as the Portuguese. Basically, the question that arises, and on which we intend to reflect, is related to the effectiveness of strengthening the different sanctionatory laws and the adoption of measures such as compliance programs. The issue, in our view, deserves reflection, since, in Portugal, not only do we continue the discussion about what sanction should the non-implementation of programs of that type deserve, but we also see the list of infractions that can be increasingly thickened be practiced by the different economic and financial operators, although it is sometimes difficult to identify their nature, but they are punished with high economic sanctions. A paradigmatic example of what we have already mentioned is found in the Competition Law currently in force in Portugal, which enshrines crimes, administrative offenses and infractions.