Counseling as a Form of Securities Trading (La Asesoría Como Una Forma De Intermediación De Valores)

Decree 4939 of December 18 of 2009 adopted a series of measures in connection with the intermediary system in the stock market. It qualified the advice on the purchase or sale of securities listed on the National Register of Securities and Intermediaries (RNVE) or foreign securities listed on a local system of contributions as a transaction in securities trading. Also, that this can only be done by entities subject to inspection and monitoring of the Financial Supervisory Authority, in accordance with the functions, activities, duties and obligations incumbent upon the various stock brokers in developing their respective legal regimes. In short, by the score of an activity as part of the intermediation of securities, the Decree provided that its provision is unique to the monitored entities, in accordance with the legal system of each intermediary. This, which is the specific purpose of financial regulators, is complemented with some paragraphs that clearly add and subtract the same, concluding in a text which together leaves more questions and concerns about the notion of brokering and the objective pursued by the regulator. Certainly, it raises a series of questions that range from how regulation is being developed under the scheme arising from the Constitution, to the quality of regulation and the misrepresentations and lack of understanding of some fundamental aspects of the structure legal Colombian stock market.