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The Case of Deregulation of Investment Advice Services in Mexico: A New Face of Regulation

DOI: http://dx.doi.org/10.18836/2178-0587/ealr.v3n2p228-259



Rocío H. R. Peiro1


Resumen: Los reguladores del mercado de valores continuamente enfrentan diversas disyuntivas, por ejemplo, entre promover la eficiencia del mercado o la protección a los inversionistas, o entre fomentar la innovación o reducir los riesgos de productos financieros. La importancia del mercado de valores en una economía es indudable puesto que la inversión es vital para el crecimiento, desarrollo y fortaleza de la economía; sin embargo, después de haberse detonado una crisis financiera internacional, una mayor regulación y supervisión son exigidas a las autoridades financieras. No obstante, un marco legal libre de directivas estatales, incluso a través de “normas no coercibles”, pueden lograr mayor eficiencia en el mercado. El análisis económico de la desregulación de los servicios de asesoría de inversión en México, la cual se efectuó con la entrada en vigor de la actual Ley del Mercado de Valores en 2006, demuestra que un marco regulatorio puede influenciar la conducta de los individuos sin un carácter directivo ni coercible y lograr resultados positivos en el bienestar social, en términos de promoción de la competencia y de protección al inversionista.

Palabras clave: Regulación, Asesores de Inversión, Servicios Financieros, Protección al Inversionista


Abstract: Regulators of securities markets continuously face different trade-offs, for instance, between market efficiency and investor protection, or innovation and reduction of risks of financial products. The importance of securities markets in an economy is undeniable, due to the fact that investment is vital to the growth, development and strength of economy; however, after booming an international financial crisis, more regulation and supervision are demanded to financial authorities. Nevertheless, a legal framework free of state directives, inclusively through “non-enforceable rules”, can achieve better efficiency in the market. The economic analysis of the deregulation of investment advice services in Mexico, which was made when the Mexican Securities Market Law came into force in 2006, proves that a regulatory framework can influence the actors’ behavior without a directive and enforced character, and achieve positives outcomes in social welfare, in terms of promoting competition and investor protection.

Key words: Regulation, Investment Advisors, Financial Services, Investor Protection.


1 Secretaria de Hacienda y Crédito Publico (Mexico). E-mail: robles.chio@gmail.com.


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