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Política criminal

versión On-line ISSN 0718-3399

Resumen

LONDONO MARTINEZ, Fernando. Historical-comparative law approach to Title VIII of the Securities Market Act: basis for the acknowledgement of an anti-manipulation content. Polít. crim. [online]. 2015, vol.10, n.20, pp.390-467. ISSN 0718-3399.  http://dx.doi.org/10.4067/S0718-33992015000200001.

Based on a historical and comparative-law approach, the paper aims to clarify the content of sections 52 and 53 of the Chilean Securities Market Act (Title VIII of the Act), whose infraction triggers severe criminal liability (section 59 [e] of the Act), in addition to administrative sanctions and civil-damages liability (sections 58 and 55 of the Act). After considering the historical figures of agio and price tampering, the paper focuses on a comparison with the most influential foreign law in the field: sections 9 (a) and 10 (b) of the U.S. Securities Exchange Act (including Rule 10b-5) and the European Union Market Abuse Regulation (Directive 2003/6 and Regulation 2014/596, mainly). In this way, the author seeks to unveil the precise anti-manipulative content of Title VIII of the Chilean Securities Market Act, and especially of its section 53, offering keys for a right understanding of Title VIII and the respective criminal offence of section 59 e). Once the Chilean law is placed in a historical and comparative-law context, the path towards an exhaustive dogmatic reconstruction of Title VIII -and its related rules - is highly favored. Thus, the paper aims to represent a substantive basis for a comprehensive and detailed hermeneutic proposal on the matters of Title VIII. Such proposal will be addressed in a subsequent work.

Palabras clave : Sections 52 and 53 of the Chilean Securities Market Act (Act N° 18.045); Sections 9(a) and 10(b) of the U.S. Securities Exchange Act; Rule 10b-5; Securities market manipulation; Market Abuse and the 2003/6/CE Directive; agio; price tampering; inducement of purchase or sale of securities.

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