Publication: La reforma de los sistemas multilaterales de negociación por la Ley 5/2015. Consecuencias del escándalo Gowex.
Loading...
Official URL
Full text at PDC
Publication Date
2016-06
Advisors (or tutors)
Editors
Journal Title
Journal ISSN
Volume Title
Publisher
Citations
Exportar
Abstract
Este estudio examina la reforma de la regulación de los Sistemas Multilaterales de Negociación (SMN) por la Ley 5/2015 que estuvo, en parte, provocada por el escándalo de Gowex. Para ello, comienza exponiendo las características generales de los mercados alternativos de valores y su regulación en el Derecho comunitario y en el Derecho español, con especial referencia a la regulación especial de los principales SMN que operan en España, que son el Mercado Alternativo Bursátil (MAB) y el Mercado Alternativo de Renta Fija (MARF) dentro de Bolsas y Mercados Españoles (BME). A continuación, el estudio analiza el escándalo de Gowex de julio de 2014 -que puede definirse como la falsificación contable de un modelo de negocio fantasioso- y las enseñanzas que deben extraerse. Seguidamente, trata de la reforma de la regulación de los SMN por la ley 5/2015 y su reflejo en el TRLMV para alcanzar los objetivos de facilitar el tránsito desde la negociación en los SMN a los MSO y de garantizar la conducta adecuada de los sujetos que operan en ellos. El estudio se cierra con unas conclusiones deducidas del análisis efectuado.
This study examines the reform of the regulation of Multilateral Trading Facilities (MTF) by Act 5/2015 which was partly caused by the scandal Gowex. To do this, it begins by describing the general characteristics of alternative markets and their regulation in European law and Spanish law, with particular reference to the special regulation of the main SMN operating in Spain, which are Mercado Alternativo Bursátil (MAB) and Mercado Alternativo de Renta Fija (MARF) in Bolsas y Mercados Españoles (BME). Then, the study analyzes the Gowex scandal of July 2014 -that can be summarized as a false accounting of a fantasy business model- and the lessons to be learned. Then, the study the study deals with the reform of the SMN regulation by Act 5/2015 and its reflection in the TRLMV to achieve the objectives of facilitating the transition from trading on MTFs to the Main Markets and to ensure the proper behavior of subjects that are operating in them. The study concludes with a conclusions deduced from the analysis performed.
This study examines the reform of the regulation of Multilateral Trading Facilities (MTF) by Act 5/2015 which was partly caused by the scandal Gowex. To do this, it begins by describing the general characteristics of alternative markets and their regulation in European law and Spanish law, with particular reference to the special regulation of the main SMN operating in Spain, which are Mercado Alternativo Bursátil (MAB) and Mercado Alternativo de Renta Fija (MARF) in Bolsas y Mercados Españoles (BME). Then, the study analyzes the Gowex scandal of July 2014 -that can be summarized as a false accounting of a fantasy business model- and the lessons to be learned. Then, the study the study deals with the reform of the SMN regulation by Act 5/2015 and its reflection in the TRLMV to achieve the objectives of facilitating the transition from trading on MTFs to the Main Markets and to ensure the proper behavior of subjects that are operating in them. The study concludes with a conclusions deduced from the analysis performed.