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Conflictos de Interés en Servicios Financieros: Taxonomía y Mecanismos de Control Regulatorio

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  • Vicente Lazen

    (Superintendencia de Valores y Seguros)

Abstract

This article intends to serve as a practical tool for the design of a regulatory framework in a context of conflicts of interest in the activities capital markets institutions. In the first part of this article those situations of conflicts of interest are identified, described and classified. Next, alternatives to efficiently deal with conflicts of interest are analyzed. For this, in the first place we detail a set of measures that allow to control these conflicts, or to stimulate its resolution under a suitable way, in order to obtain the best social benefit. The analysis follows with the criteria that allow deciding the use of the appropriate mitigation alternative or regulatory tool, according to the characteristics of the conflict of interest and the circumstances that surrounds it. Este artículo pretende servir como herramienta práctica para el diseño de un marco regulatorio en un contexto de conflictos de interés de las actividades realizadas en el mercado de capitales. En la primera parte de este artículo se identifican, describen y clasifican aquellas situaciones de conflictos de interés. Posteriormente, se analizan las alternativas que permiten afrontar de manera eficiente los conflictos de interés. Para esto, en primer lugar se detallan un conjunto de medidas que permiten controlar dichos conflictos, o bien incentivar su resolución de manera adecuada, para lograr el mejor beneficio social. Finalmente, se analizan los criterios que permiten decidir el uso de la alternativa apropiada de mitigación según las características que presenta el conflicto de interés y las circunstancias que lo rodea.

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Bibliographic Info

Paper provided by Superintendencia de Valores y Seguros in its series Serie de Documentos de Trabajo with number 2006-12.

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Date of creation: Dec 2006
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Handle: RePEc:svs:svssdt:2006-12

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Postal: Superintendencia de Valores y Seguros, Libertador Bernardo O´Higgins 1449 12th Floor ZIP Code 8340518 - Santiago - Chile
Phone: (56 2) 473 4000
Web page: http://www.svs.cl/
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Keywords: Equilibrio General; Mercado de Valores; Regulación;

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