Crítica al Proyecto de Reglamento contra el Abuso del Mercado
Published date | 13 October 2022 |
Law Firm | Rubio Leguía Normand |
Author | Andrés Kuan-Veng |
En el presente artículo, el autor reflexiona sobre los alcances del Proyecto que modifica el Reglamento contra el Abuso de Mercado – Normas sobre uso indebido de Información Privilegiada y Manipulación de Mercado, el cual busca prohibir que ejecutivos de empresas emisoras realicen operaciones con valores al presumirse –de manera absoluta– que estos poseen información privilegiada, por lo que propone –como alternativa– el fortalecimiento de la autorregulación, específicamente a través de la implementación de blackout periods.
El 30 de julio de 2022 se publicó la Resolución SMV N° 013-2022-SMV/01, mediante la cual la Superintendencia Nacional del Mercado de Valores (SMV) autorizó la difusión del Proyecto (el Proyecto) que modifica el Reglamento contra el Abuso de Mercado – Normas sobre uso indebido de Información Privilegiada y Manipulación de Mercado, aprobado por Resolución N° 005-2012-SMV/01 (el Reglamento).
El Proyecto, difundido a través del portal de la SMV, ha buscado incorporar prohibiciones específicas aplicables a las personas que posean información privilegiada de manera adicional a las que ya se encontraban contempladas en el artículo 43 Decreto Legislativo N° 861, Ley del Mercado de Valores (LMV), el cual recoge las prohibiciones expresas aplicables a las personas que poseen información privilegiada.
Teniendo ello en cuenta, resulta de vital importancia definir qué se entiende por información privilegiada. Al respecto, el artículo 40 de la LMV la define de la siguiente manera:
“(…) cualquier información proveniente de un emisor referida a éste, a sus negocios o varios valores por ellos emitidos o garantizados, no divulgada al mercado y cuyo conocimiento público por su naturaleza, sea capaz de influir en la liquidez, precio o la cotización de valores emitidos (…).”
Sobre el Proyecto
El Proyecto propone, principalmente, lo siguiente:
- Los directores y los gerentes de los emisores, por el ejercicio del cargo, han sido incluidos dentro de la prohibición de realizar operaciones con valores sobre los que opere la presunción contenida en el literal a) del artículo 41 de la LMV. A su vez, dicha prohibición comprenderá (i) las operaciones realizadas de manera directa; o (ii) que se realicen a través de un tercero mediante administración de cartera, independientemente de la modalidad.
- Los directores y gerentes –de manera excepcional y siempre que no tengan información privilegiada– podrán instruir la realización de operaciones de manera directa, debiendo obtener, para ello, lo siguiente: (i) en...
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