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RESUMO Na Alemanha, apos drasticas mudancas no entendimento jurisprudencial e intensos debates na doutrina, a deslistagem voluntaria foi objeto de lei que alterou o § 39 da Lei da Bolsa (Borsengesetz - BorsG) em novembro de 2015, harmonizando os requisitos da saida da Bolsa de Valores que antes cabiam amplamente aos regulamentos das respectivas Bolsas. O presente artigo pretende analisar as regras de deslistagem voluntaria de acoes na Alemanha, que buscaram elevar a protecao do investidor. Partindo inicialmente de uma visao geral sobre o contexto legal anterior a reforma de 2015, serao entao analisados os atuais requisitos da deslistagem voluntaria previstos na BorsG, tecendo breves conclusoes com uma abordagem comparativa com o direito brasileiro. PALAVRAS-CHAVE Deslistagem. Mercado Acionario. Protecao ao Investidor. Oferta Publica de Aquisicao de Acoes. ABSTRACT Following substantial changes to case law and intense discussion among legal authorities in Germany, the voluntary delisting rules under Section 39 of the German Stock Exchange Act (Borsengesetz) were amended in November 2015. The new law provides for standard legal requirements for a delisting, which used to be broadly at the stock exchanges’ discretion.  This article aims at investigating the rules of voluntary delisting of shares under German law designed to improve investor protection.  Starting from an overview of the background of the 2015 legal reform, this study will then examine the current requirements of a voluntary delisting provided by the German Stock Exchange Act, before finally drawing brief conclusions under a comparative approach to Brazilian law. KEYWORDS Delisting. Equity Market. Investor Protection. Tender Offer.

A deslistagem voluntária de ações e a proteção do investidor no Direito alemão