El alcance del principio de transparencia en el Mercado de Valores ecuatoriano.

Abstract

The Stock Markets are legal-financial institutions that make it possible to collect public savings and invest them in productive sectors. Securities Market Law, in the search for fair and efficient financial markets to invest, promotes principles and objectives that allow real price formations to be achieved, attract a larger investor audience and generate confidence for all market participants. Accordingly, the principle of transparency in the securities market has a special emphasis because it is fundamental to those objectives because of its intrinsic relationship with information. This paper explores the significance of the principle of transparency in the securities market from the study of comparative law and, with special effort, to the Ecuadorian legal regime. It will be from the study of information, categories and materiality from the Ecuadorian regulation itself that we can observed the framework that gives the broad and sufficient protection of the investor. In conclusion, information enhances transparency in the market, as long as a useful analysis is made of it. In the same line of argument, the legal obligation to provide information falls on the legal representatives or attorneys-in-fact of each entity only according to criteria of sufficiency and timeliness. Therefore, they are morally obliged to discriminate the materiality of the information to be disclosed to the market in order to promote a high level of satisfaction of the above principle.