CIVIL LIABILITY OF FINANCIAL INSTITUTIONS FOR SOCIO-ENVIRONMENTAL DAMAGES

The work proposes concrete parameters, in the light of regulatory norms, both of self-regulatory initiatives of best market practices (identified from empirical research with Brazilian and European financial institutions) and of the norms and procedures adopted by each financial institution, to define in what situations and to what extent they may be held liable for social or environmental damage caused by undertakings financed by them, whether by granting credit or by making investments. It also examines the various doctrinal currents that currently exist on the subject, which seek to define as objective or subjective this responsibility, examining whether it is possible to limit it in time and if it is the case to admit a solidarity regime (and on what basis). Also, the Brazilian jurisprudence on the subject is analyzed. Finally, it is examined whether it is possible to recognize banking secrecy in relation to information of socio-environmental interest held by financial institutions for the purpose of carrying out risk analysis of this nature.