In the capital market, whose economic function is to allocate a portion of the savings created in the country to fund production activities, the parties which operate in it do not have personal relations.
In fact, issuers of securities to be offered do not have any direct contact with the public/investors, provided every relation among such parties is conducted through intermediaries.
Furthermore, any imperfection in market activities, as well as any practice of misconduct by a portion of the many agents which operate in the market, is still present among parties involved.
The situation described herein may affect, substantially,  credibility and reliability of the market, making it impossible for the capital market to meet its economic purpose, affecting, as a result, the use of a substantial portion of national savings to fund modernization and development of companies.
To conclude, I would like to point out the importance of the work developed by the authors in the sense of organizing a commented case law on enforcement proceedings tried by CVM, case law which, I am sure, shall be benefit those who operate in the capital market.

Foreword by Luiz Leonardo Cantidiano, former-president of CVM