Abstract
Este artículo explica los beneficios y costos de la autorregulación en el mercado de valores, así como la importancia de la realización de análisis de costo-beneficio de la aplicación de este modelo. La principal ventaja del modelo de organización independiente de autorregulación en el modelo de gobierno son los costos de información. Los principales beneficios de la organización independiente autorregulada, es precisamente esta experiencia la que puede ser incorporada en una legislación más ajustada a la realidad. Además, en este trabajo se describe el impacto de la crisis financiera del 2008 en el mercado financiero y las oportunidades para la autorregulación y sus desafíos.
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Carson, J. 2011. “Self-regulation in securities markets”. Policy Research Working Paper 5542 World Bank.
CFA Institute. 2007. “Self-Regulation in today’s securities markets. Outdated System or Working in progress?”.
FINRA. 2012. FINRA 2011 Year in Review and Annual Financial Report.
Green, A. 2003. “Self-regulation and the protection of the public interest”. Working paper.
IIROC. 2013. “Raising the Bar.” Annual Report 2011-2012.
JSDA. 2013. JSDA Annual Report 2012.
KOFIA. 2011. “Improving Financial Products Disclosure, Centered on Comparative Disclosure”. Financial VIP series 2011-07.
Schwartz, L. 2006. “Cost-Benefit analysis in Canadian securities regulation”. Research Study. Commissioned by the Task Force to Modernize Securities Legislation in Canada.
Schwartz, R., Lehn, K. y Bronfman, C. (1994). “U.S. Securities markets regulation: Regulatory Structure.” Working paper.
Williams, A. 2004. “An economic theory of self-regulation”. Working paper. London School of Economics.
Zingales, L. (2004). “The costs and benefits of financial market regulation”. Working paper N° 21/2004 ECGI.