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Política criminal

versión On-line ISSN 0718-3399

Resumen

LONDONO MARTINEZ, Fernando. What do articles 52 and 53 of the Securities Market Act ban? Dogmatic reconstruction of the stock market manipulation figures in Chilean law. Polít. crim. [online]. 2017, vol.12, n.24, pp.1106-1183. ISSN 0718-3399.  http://dx.doi.org/10.4067/S0718-33992017000201106.

The paper aims to clarify the scope of provisions 52 and 53 of the Chilean Securities Market Act (under Title VIII: "Prohibited Conduct"). The author had addressed before the hermeneutic difficulties raised by Title VIII (Londoño, F., “Aproximación histórico-comparada […]”, Polit. Crim, 2015), mainly using a comparative approach and obtaining well defined results, although on a purely schematic basis. This paper goes deeper in such analysis, with the use of domestic sources of law: regulation and self-regulation instruments of the Santiago Stock Exchanges, administrative and penal jurisprudence, doctrine, history of the law. The material thus examined crystallizes into a detailed dogmatic reconstruction of Title VIII, characterized by the author as twofold: (1) in correspondence with a taxonomic dichotomy (addressed in Londoño, F., “Ilícito de manipulación […]”, Polit. Crim., 2013) that distinguishes between direct manipulation [provision 52] and indirect manipulation [provision 53]; (2) as a triad of anti-manipulative market-price formulas in a regulated securities market system, thus identifying a space for (i) the regulation of actual-trade-based manipulation [provision 52], (ii) the banning of fictitious-trade-based manipulation [provision 53.1º] and (iii) the banning of other kinds of indirect manipulation, including information-based manipulation and action-based manipulation [provision 53.2º]. The work closes with a straightforward hermeneutic proposal -passage by passage- for sections 52 and 53 LMV (whose violation triggers criminal liability under section 59 e] LMV).

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; price tampering; inducement of purchase or sale of securities..

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