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15-08-2018 23:23:06
 
Bogotá
2013-03-11

 

Directivos no pueden negociar acciones a nombre propio.

Por: Portafolio

La Corte Constitucional echó para atrás  decreto de ley del Congreso que permitía a las comisionistas de bolsa negociar acciones a nombre propio.

Interbolsa
El 27 de abril del año pasado, la Cámara de Representantes y el Senado de la República tumbaron una prohibición que les impedía a los miembros de las juntas y a los directivos de las firmas comisionistas de bolsa negociar cualquier acción inscrita en la Bolsa de Valores de Colombia. La prohibición, que data del año 1980, hace referencia al potencial conflicto de intereses y el riesgo de utilización de información privilegiada en la realización de inversiones personales por parte de los administradores de las firmas.

Sin embargo, el Congreso de la República no consideró que eso fuera así y dentro de la Ley 1527 de 2012 en la cual se discutía un marco general para la libranza, se incluyó un parágrafo que derogó la prohibición que desde hace 32 años tenían los socios de las comisionistas para comprar y vender acciones a nombre propio.

Precisamente, el argumento de la Corte Constitucional para echar para atrás la decisión del Congreso fue que el Legislativo desconoció el principio de unidad de materia, pues las actividades desarrolladas en la negociación de acciones en la Bolsa de Valores nada tienen que ver con la libranza.

Según el alto tribunal, el Congreso, al tumbar la prohibición que tenían los directivos de las comisionistas dentro de la discusión del marco general para la libranza, desconoció el Artículo 158 de la Carta Política, que dice que "todo proyecto de ley debe referirse a una misma materia y serán inadminisbles las disposiciones o modificaciones que no se relacionen con ella".

'LA PROHIBICIÓN NO RESUELVE LOS CONFLICTOS DE INTERÉS'

La viceministra de Hacienda, Ana Fernanda Maiguashca, sostiene que desde el Gobierno acatarán la decisión de la Corte. Sin embargo señala la que prohibición tal como está no resuelve el tema de conflictos de interés, pues mientras les prohíbe a los administradores de las firmas negociar, permite a las comisionistas hacerlo.

"Revivir el Articulo 8 lo que nos deja es una norma que tiene unos inconvenientes para el adecuado funcionamiento del mercado de valores, en particular para el gobierno corporativo de las comisionistas de bolsa, que curiosamente como está la norma sí deja una puerta abierta para las acciones de las propias comisionistas, pero prohíbe las de los administradores", señaló la funcionaria.

La Viceministra es partidaria de que se cree una norma para que las prácticas de los administradores se enmarquen dentro de una adecuada administración de los conflictos de interés y de revelación de la información y así evitar riesgos de transparencia.

"La prohibición, primero, hace que en muchos casos no se escojan a las personas más idóneas para ser miembro de las junta, sino aquellas que aunque no son tan idóneas se aguanten la restricción, y en segundo lugar es que esto probablemente lleve a prácticas que no sean transparentes", añadió Maiguashca. 

PARA ASOBOLSA LA LEY ES OBSOLETA

Según  Jaime Humberto López, presidente de la Asociación de Comisionistas de Bolsa de Colombia, Asobolsa, esta prohibición no tiene razón de ser, pues la información en el mercado bursátil es totalmente pública. "El Gobierno nos apoyó diciendo que podía hacerse la negociación, siempre y cuando el miembro de junta o directivo informara que estaba haciendo la compra, pero ahora llegó la Corte Constitucional diciendo que no.

Nos sorprende la Corte hoy con esa decisión, porque ni siquiera se da por una razón de fondo sino de forma", indicó López. El presidente de Asobolsa, indicó que iniciarán conversaciones con el Gobierno  para ver cómo se resuelve este dilema.

"Nos parece muy difícil que los miembros de la junta de una firma comisionista o sus administradores se abstengan de hacer sus inversiones; eso de alguna forma desestimula a que profesionales de las mejores calidades quieran integrar estas juntas por esa restricción". 


 
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