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Aspectos Generales de la Autorregulación del Mercado de Valores y su Aplicación al Mercado de Capitales

Author

Listed:
  • Fernando Lefort

    (Studies Division, Chilean Pension Supervisor)

Abstract

Este artículo describe en términos simples los principales aspectos de la autorregulación bursátil. Es decir, el proceso mediante el cual las bolsas de valores se constituyen en organismos autorregulados con facultades para regular, supervisar y penalizar a sus corredores asociados, operadores de los mercados y a las empresas que transan en ellos. El artículo discute las fortalezas y debilidades del sistema de autorregulación en comparación con la regulación centralizada, y entrega algunos elementos para el adecuado balance de ambos sistemas. En comparación con el caso norteamericano, el mercado de capitales chileno ha operado en un ambiente mucho más proclive a la supervisión centralizada gubernamental que a la autorregulación privada. En este artículo se discuten algunas áreas susceptibles de ser mejoradas. Finalmente, se resume la discusión actual respecto a las consecuencias de la desmutualización de las bolsas sobre los sistemas de regulación y autorregulación de las mismas..

Suggested Citation

  • Fernando Lefort, 2005. "Aspectos Generales de la Autorregulación del Mercado de Valores y su Aplicación al Mercado de Capitales," Working Papers 7, Superintendencia de Pensiones, revised Jul 2005.
    • Handle: RePEc:sdp:sdpwps:7
    as

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    File URL: https://repec.spensiones.cl/repec/3_doctrabajos/7_2005_aspectos_generales_autorregulacion_mercado_valores.pdf
    File Function: Revised version, 2005
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    References listed on IDEAS

    as
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    8. repec:wbk:wbrwps:24082 is not listed on IDEAS
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