Las fuentes del derecho en el sistema de la poscontratación del mercado de valoresinternacionalización y autorregulación regulada

Zusammenfassung

This article studies the system of sources of law in securities post-trading. On the one hand, the national legal order has experienced an opening to regulatory contents adopted as international standards at the global level. Standards have been implemented in our legal framework through EU Law, national statutes, administrative regulations and supervisory guides adopted by the National Securities Market Commission. On the other hand, regulated self-regulation is the main regulatory approach at the internal level. In this sense, the so-called classical sources of law enable the exercise of normative powers by the financial market infrastructures in post-trading services. Primary private norms are even declared "normas de ordenación y disciplina" aiming at the imposition of administrative penalties. In this context, the National Securities Market Commission plays a key role in the normative production system, due to both its participation at standard-setting transnational networks and at the European System of Financial Supervision and its supervisory functions over the normative powers ecercised by the financial market infrastructures. Finally, the declining importance of parliamentary statutes and governmental regulations shows a weakening of the democratic principle in the setting of the securities post-trading legal framework.