Concepto, alcance y estructura de la autorregulación en el mercado de valores colombiano
Selfregulation in the Colombian Stocks Markets
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Rodríguez Fernández, M. 2014. Concepto, alcance y estructura de la autorregulación en el mercado de valores colombiano. Revista e-mercatoria. 13, 2 (dic. 2014), 29–96.
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Dec 29, 2014
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El texto presenta una introducción al concepto de autorregulación, particularmente en la forma en que el mismo se ha desarrollado en el mercado de valores colombiano a partir de la Ley 964 de 2005, su contenido, alcance, marco regulatorio y las instituciones que en Colombia han desarrollado este esquema de regulación de la industria.
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Ariza-Marín, Ever Leonel. Autorregulación en el Mercado de Valores en Colombia: análisis de su aspecto disciplinario. Rev. Maest. Derecho Econ. Bogotá (Colombia), vol. 5, n.º 5: 155-200, enero-diciembre de 2009.
Ayres, I. and Braithwaite, J. Responsive Regulation Transcending the Deregulation Debate, Oxford University Press (1992), pp. 3-18.
Baggott, R. ‘Regulatory reform in Britain: the changing face of self-regulation’ (1989), Public Administration, n.º 67, p. 438.
Bartle, Ian and Vass, Peter. Self-regulation and the regulatory state. A survey of policy and practice. Center for the Study of Regulated Industries, Research Report n.º 17, 2005.
Black, Julia. “Constitutionalising Self-Regulation”, Modern Law Review, n.º 59, 1996.
Carson, John. Self-Regulation in Securities Markets. Policy Research Working Paper 5542, The World Bank, Financial and Private Sector Development, Global Capital Markets Department, Securities Markets Group, January 2011.
Castaño Gutiérrez, Jorge. Autorregulación y Autorregulador: como el autorregulador contribuye a la construcción de un marco institucional eficiente en el Mercado de Valores colombiano. En Cinco años de la Ley 964 de 2005: ¿se están cumpliendo los objetivos? Universidad Externado de Colombia, 2011, p. 131.
CFA Institute Centre for Financial Market Integrity. Self-Regulation in Today’s Securities Markets Outdated System or Work in Progress?, ISBN 978-1-932495-71-3, 2007.
Corbett, Angus. Self-Regulation, CLERP and Financial Markets: A Missed Opportunity for Innovative Regulatory Reform [1999], UNSWLawJl 5; 22 University of New South Wales Law Journal 506.
Cuenca Miranda, José Manuel. Autorregulación y mercados financieros, ICE Sistema Financiero: Tendencias y novedades, agosto-septiembre de 2001, n.º 801, p. 123.
Davies, Howard. What’s Left for Self-Regulation? David hume Lecture series, Hong Kong (march 2004).
Douglas, William O. Democracy and Finance (New Haven, CT: Yale University Press, 1940), p. 82.
Eijlander, P. and Voermans, W.J.M. ‘Outlooks for legislation: Introduction’, 1999 Regel Maat, 3, p. 71.
European Commission, European Parliament & Council of Ministers, ‘Inter-Institutional Agreement on Better Lawmaking’, 2003/C 321/01, p. 1.
First Initiative, Report Self-Regulation in Colombian Securities Markets: Analysis and Recommendations, Colombia -CSRN: 53. R349 Colombia Enhancement of the Capital Market Self-Regulatory System, 2006.
Gadinis, Stavros and Jackson, Howell E. Markets as regulators: a survey, Southern California Law Review, vol. 80, n.º 1239, p. 12.
Gadinis, Stavros. The top priority of SEC Enforcement? Evidence from actions against brokerdealers, Harvard - John M. Olin Center for Law, Economics, and Business Fellows’ Discussion Paper series in Investor Protection. Discussion Paper n.º 27, 1/2009.
Glauber, Robert. (Chairman and CEO, National Association of Securities Dealers), Self-Regulatory Organizations: Hearing Before the Subcomm. on Banking, Housing and Urban Affairs, 109th Cong, 2006. Disponible en [http://www.finra.org/newsroom/speeches/Glauber/P016123]. Consultada el 2 de abril de 2012.
International Securities Regulation Report, April 19, 2000, 12, n.º 4, (Jan. 14, 1999), p. 2.
Kahan, Marcel. Some Problems with Stock Exchange-Based Securities Regulation, 83 Va. L. Rev. 1509, 1511 (1997).
Lalor, John (ed.). Cyclopædia of Political Science, Political Economy, and the Political History of the United States by the Best American and European Writers (New York: Maynard, Merrill, And Company, 1899). Disponible en [http://www.econlib.org/library/ypdbooks/Lalor/llCy519.html].
Luna Martínez, José DE and Rose, Thomas A. “International Survey of Integrated Sector Supervision”, World Bank Policy Research Working Paper 3096 (July 2003).
Lundblad, Nicklas and Kiefer, Anna. “The Economic Efficiency of Self-Regulation: Two Case Studies,” 17th Bileta Annual Conference, Free University, Amsterdam (5-6 April 2002). Disponible en http://www.bileta.ac.uk/pages/Conference%20Papers.aspx.
Memorando explicativo del Ministerio de Hacienda y Crédito Público al Decreto-ley 2969 de 1960. En Antecedentes de las principales normas del mercado público de valores, Comisión Nacional de Valores de Colombia, 1991, p. 9.
Minico, Giovanna DE. A hard look at self regulation in U.K. European Business Law Review, n.º 1, 2006.
Núñez Errázuriz, Javier. La autorregulación como concepto regulatorio. Departamento de Economía. Santiago: Universidad de Chile, 2000, p. 21.
Ochoa Maldonado, Omar Alfonso. Autorregulación del Mercado de Valores: profundización del mercado o relativización del control estatal. Misión Jurídica - Revista de Derecho y Ciencias Sociales, Universidad Nacional de Colombia, ISSN 1794-600X, n.º 2, enero-diciembre de 2009.
Oesterle, Dale Arthur. “Securities Markets Regulation: Time to Move to a Market-Based Approach”, Policy Analysis, Cato Institute, n.º 374 (21 June 2000), p. 5. Disponible en [http://www.cato.org/pubs/pas/pa374.pdf].
OFCOM. Identifying appropriate regulatory solutions: principles for analysing self- and co-regulation - Statement, 10 December 2008, p. 9.
OGUS. Rethinking Self-Regulation, Oxford Journal of Legal Studies, 1995, n.º 1, p. 100.
Organización Internacional de Comisiones de Valores. Objetivos y principios para la regulación de los mercados de valores, septiembre de 1998
Pitofsky, Robert. Self-Regulation and Antitrust”, speech given at the DC Bar Association Symposium, Washington, DC (18 February 1998). El documento se puede consultar en [http://www.ftc.gov/speeches/pitofsky/self4.shtm].
Ponencia para primer debate en la Comisión Tercera de la Honorable Cámara de Representantes al proyecto de ley 225 de 1988, ‘Del mercado público de valores’. En Antecedentes de las principales normas, Comisión Nacional de Valores de Colombia, 1991, p. 9.
Price, M.E. and Verhulst, S.G. In search of the self: charting the course of self-regulation on the Internet in a global environment. In C. Marsden, Regulating the global information society, 2000, p. 58.
Report of the SRO Consultative Committee of the International Organization of Securities Commissions (mayo 2000).
Report of the Taskforce on Industry Self-Regulation, Industry Self-Regulation in Consumer Markets, Commonwealth of Australia. (Agosto de 2000). Disponible en [http://www.treasury.gov.au/documents/1131/pdF/final_report.pdf].
Rosillo Rojas, Mauricio. El concepto de autorregulación. En Doctrina de la autorregulación del Mercado de Valores de Colombia, Autorregulador del Mercado de Valores de Colombia, 2007, p. 24.
Scott Miller, Sam. Self-Regulation of the Securities Markets: A Critical Examination, 42 wash. & Lee L. Rev. 853, 855 (1985).
Segal, Jillian. Deputy Chair of the Australian Securities and Investments Commission, Speech to the National Institute for Governance Twilight Seminar, Canberra, 8 november 2001.
Shackleton, J.R. UK privatisation - Us deregulation, 1985, Politics, october, pp. 8-16; F. Cafaggi, Reframing self-regulation in European Private Law, 2006. Véase también F. Cafaggi, ‘Crisi della statualità, pluralismo e modelli di autoregolamentazione’, 2001, Politica del diritto, n.º 4, pp. 543-585.
Silva García,Fernando. Anotaciones sobre la autorregulación en Colombia: carácter paraestatal, potestad punitiva y acreditación de idoneidad de quienes actúan en la intermediación. En Cinco años de la Ley 964 de 2005: ¿se están cumpliendo los objetivos? Universidad Externado de Colombia, 2011.
Sinclair, Darren. Self-Regulation versus Command and Control? Beyond False Dichotomies, Law & Policy, vol. 19, n.º 4, 1997.
Streeck and Schmitter. Community, Market, State - and Associations? the Prospective Contribution of Interest Governance to Social Order. En Streeck and Schmitter (eds.), Private Interest Government: Beyond Market and State (London: Sage, 1985), pp. 22-25.
Taskforce on Industry Self-Regulation. Report on the Industry Self-Regulation in Consumer Markets, August 2000, Commonwealth of Australia 2000, ISBN 0 642 740437.
United Nations Conference on Trade and Development. Expert meeting on the trade and development implications of financial services and commodity exchanges (part I) item 3: trade and development implications of commodity exchanges, 3 september 2007, “Model for effective self-regulation”, the International Organization of Securities Commissions (IOSCO).
Van Heesen-Laclé, Zayènne D. and Meuwese, Anne. The legal framework for self-regulation in the Netherlands. Utrech Tlaw Review, volume 3, issue 2 (December), 2007.
Venegas Martínez, Francisco; Tinoco Zermeño, Miguel Ángel; Torres Preciado, Víctor Hugo. Desregulación financiera, desarrollo del sistema financiero y crecimiento económico en México: efectos de largo plazo y causalidad. Estudios Económicos, vol. 24, n.º 2, julio-diciembre, 2009, pp. 249-280.
Walsh, John H. Right the First Time: Regulation, Quality, and Preventive Compliance in the securities Industry, 1997 Colum. Bus. L. Rev. 165 (1997).
Wellons, Philip A. “Prototypes of Securities Regulation For Africa: Key Issues”, en CAER II (Harvard Institute for International Development), Discussion Paper n.º 47, August 1999, p. 35.
Ayres, I. and Braithwaite, J. Responsive Regulation Transcending the Deregulation Debate, Oxford University Press (1992), pp. 3-18.
Baggott, R. ‘Regulatory reform in Britain: the changing face of self-regulation’ (1989), Public Administration, n.º 67, p. 438.
Bartle, Ian and Vass, Peter. Self-regulation and the regulatory state. A survey of policy and practice. Center for the Study of Regulated Industries, Research Report n.º 17, 2005.
Black, Julia. “Constitutionalising Self-Regulation”, Modern Law Review, n.º 59, 1996.
Carson, John. Self-Regulation in Securities Markets. Policy Research Working Paper 5542, The World Bank, Financial and Private Sector Development, Global Capital Markets Department, Securities Markets Group, January 2011.
Castaño Gutiérrez, Jorge. Autorregulación y Autorregulador: como el autorregulador contribuye a la construcción de un marco institucional eficiente en el Mercado de Valores colombiano. En Cinco años de la Ley 964 de 2005: ¿se están cumpliendo los objetivos? Universidad Externado de Colombia, 2011, p. 131.
CFA Institute Centre for Financial Market Integrity. Self-Regulation in Today’s Securities Markets Outdated System or Work in Progress?, ISBN 978-1-932495-71-3, 2007.
Corbett, Angus. Self-Regulation, CLERP and Financial Markets: A Missed Opportunity for Innovative Regulatory Reform [1999], UNSWLawJl 5; 22 University of New South Wales Law Journal 506.
Cuenca Miranda, José Manuel. Autorregulación y mercados financieros, ICE Sistema Financiero: Tendencias y novedades, agosto-septiembre de 2001, n.º 801, p. 123.
Davies, Howard. What’s Left for Self-Regulation? David hume Lecture series, Hong Kong (march 2004).
Douglas, William O. Democracy and Finance (New Haven, CT: Yale University Press, 1940), p. 82.
Eijlander, P. and Voermans, W.J.M. ‘Outlooks for legislation: Introduction’, 1999 Regel Maat, 3, p. 71.
European Commission, European Parliament & Council of Ministers, ‘Inter-Institutional Agreement on Better Lawmaking’, 2003/C 321/01, p. 1.
First Initiative, Report Self-Regulation in Colombian Securities Markets: Analysis and Recommendations, Colombia -CSRN: 53. R349 Colombia Enhancement of the Capital Market Self-Regulatory System, 2006.
Gadinis, Stavros and Jackson, Howell E. Markets as regulators: a survey, Southern California Law Review, vol. 80, n.º 1239, p. 12.
Gadinis, Stavros. The top priority of SEC Enforcement? Evidence from actions against brokerdealers, Harvard - John M. Olin Center for Law, Economics, and Business Fellows’ Discussion Paper series in Investor Protection. Discussion Paper n.º 27, 1/2009.
Glauber, Robert. (Chairman and CEO, National Association of Securities Dealers), Self-Regulatory Organizations: Hearing Before the Subcomm. on Banking, Housing and Urban Affairs, 109th Cong, 2006. Disponible en [http://www.finra.org/newsroom/speeches/Glauber/P016123]. Consultada el 2 de abril de 2012.
International Securities Regulation Report, April 19, 2000, 12, n.º 4, (Jan. 14, 1999), p. 2.
Kahan, Marcel. Some Problems with Stock Exchange-Based Securities Regulation, 83 Va. L. Rev. 1509, 1511 (1997).
Lalor, John (ed.). Cyclopædia of Political Science, Political Economy, and the Political History of the United States by the Best American and European Writers (New York: Maynard, Merrill, And Company, 1899). Disponible en [http://www.econlib.org/library/ypdbooks/Lalor/llCy519.html].
Luna Martínez, José DE and Rose, Thomas A. “International Survey of Integrated Sector Supervision”, World Bank Policy Research Working Paper 3096 (July 2003).
Lundblad, Nicklas and Kiefer, Anna. “The Economic Efficiency of Self-Regulation: Two Case Studies,” 17th Bileta Annual Conference, Free University, Amsterdam (5-6 April 2002). Disponible en http://www.bileta.ac.uk/pages/Conference%20Papers.aspx.
Memorando explicativo del Ministerio de Hacienda y Crédito Público al Decreto-ley 2969 de 1960. En Antecedentes de las principales normas del mercado público de valores, Comisión Nacional de Valores de Colombia, 1991, p. 9.
Minico, Giovanna DE. A hard look at self regulation in U.K. European Business Law Review, n.º 1, 2006.
Núñez Errázuriz, Javier. La autorregulación como concepto regulatorio. Departamento de Economía. Santiago: Universidad de Chile, 2000, p. 21.
Ochoa Maldonado, Omar Alfonso. Autorregulación del Mercado de Valores: profundización del mercado o relativización del control estatal. Misión Jurídica - Revista de Derecho y Ciencias Sociales, Universidad Nacional de Colombia, ISSN 1794-600X, n.º 2, enero-diciembre de 2009.
Oesterle, Dale Arthur. “Securities Markets Regulation: Time to Move to a Market-Based Approach”, Policy Analysis, Cato Institute, n.º 374 (21 June 2000), p. 5. Disponible en [http://www.cato.org/pubs/pas/pa374.pdf].
OFCOM. Identifying appropriate regulatory solutions: principles for analysing self- and co-regulation - Statement, 10 December 2008, p. 9.
OGUS. Rethinking Self-Regulation, Oxford Journal of Legal Studies, 1995, n.º 1, p. 100.
Organización Internacional de Comisiones de Valores. Objetivos y principios para la regulación de los mercados de valores, septiembre de 1998
Pitofsky, Robert. Self-Regulation and Antitrust”, speech given at the DC Bar Association Symposium, Washington, DC (18 February 1998). El documento se puede consultar en [http://www.ftc.gov/speeches/pitofsky/self4.shtm].
Ponencia para primer debate en la Comisión Tercera de la Honorable Cámara de Representantes al proyecto de ley 225 de 1988, ‘Del mercado público de valores’. En Antecedentes de las principales normas, Comisión Nacional de Valores de Colombia, 1991, p. 9.
Price, M.E. and Verhulst, S.G. In search of the self: charting the course of self-regulation on the Internet in a global environment. In C. Marsden, Regulating the global information society, 2000, p. 58.
Report of the SRO Consultative Committee of the International Organization of Securities Commissions (mayo 2000).
Report of the Taskforce on Industry Self-Regulation, Industry Self-Regulation in Consumer Markets, Commonwealth of Australia. (Agosto de 2000). Disponible en [http://www.treasury.gov.au/documents/1131/pdF/final_report.pdf].
Rosillo Rojas, Mauricio. El concepto de autorregulación. En Doctrina de la autorregulación del Mercado de Valores de Colombia, Autorregulador del Mercado de Valores de Colombia, 2007, p. 24.
Scott Miller, Sam. Self-Regulation of the Securities Markets: A Critical Examination, 42 wash. & Lee L. Rev. 853, 855 (1985).
Segal, Jillian. Deputy Chair of the Australian Securities and Investments Commission, Speech to the National Institute for Governance Twilight Seminar, Canberra, 8 november 2001.
Shackleton, J.R. UK privatisation - Us deregulation, 1985, Politics, october, pp. 8-16; F. Cafaggi, Reframing self-regulation in European Private Law, 2006. Véase también F. Cafaggi, ‘Crisi della statualità, pluralismo e modelli di autoregolamentazione’, 2001, Politica del diritto, n.º 4, pp. 543-585.
Silva García,Fernando. Anotaciones sobre la autorregulación en Colombia: carácter paraestatal, potestad punitiva y acreditación de idoneidad de quienes actúan en la intermediación. En Cinco años de la Ley 964 de 2005: ¿se están cumpliendo los objetivos? Universidad Externado de Colombia, 2011.
Sinclair, Darren. Self-Regulation versus Command and Control? Beyond False Dichotomies, Law & Policy, vol. 19, n.º 4, 1997.
Streeck and Schmitter. Community, Market, State - and Associations? the Prospective Contribution of Interest Governance to Social Order. En Streeck and Schmitter (eds.), Private Interest Government: Beyond Market and State (London: Sage, 1985), pp. 22-25.
Taskforce on Industry Self-Regulation. Report on the Industry Self-Regulation in Consumer Markets, August 2000, Commonwealth of Australia 2000, ISBN 0 642 740437.
United Nations Conference on Trade and Development. Expert meeting on the trade and development implications of financial services and commodity exchanges (part I) item 3: trade and development implications of commodity exchanges, 3 september 2007, “Model for effective self-regulation”, the International Organization of Securities Commissions (IOSCO).
Van Heesen-Laclé, Zayènne D. and Meuwese, Anne. The legal framework for self-regulation in the Netherlands. Utrech Tlaw Review, volume 3, issue 2 (December), 2007.
Venegas Martínez, Francisco; Tinoco Zermeño, Miguel Ángel; Torres Preciado, Víctor Hugo. Desregulación financiera, desarrollo del sistema financiero y crecimiento económico en México: efectos de largo plazo y causalidad. Estudios Económicos, vol. 24, n.º 2, julio-diciembre, 2009, pp. 249-280.
Walsh, John H. Right the First Time: Regulation, Quality, and Preventive Compliance in the securities Industry, 1997 Colum. Bus. L. Rev. 165 (1997).
Wellons, Philip A. “Prototypes of Securities Regulation For Africa: Key Issues”, en CAER II (Harvard Institute for International Development), Discussion Paper n.º 47, August 1999, p. 35.