La necesidad de tipificación del delito de Insider trading en el COIP.

Abstract

Introduction: In Ecuador, inside information is defined in Article 27 of the Securities Market Law, which also prohibits obtaining benefits from the use of such information in stock market transactions and establishes criminal liabilities not included in the (COIP) (Comprehensive Organic Criminal Code, by its Spanish acronym). Objective: To theoretically demonstrate the need to introduce insider trading as a criminal offense into the Ecuadorian legal system, with the aim of protecting the stock market and constitutional rights. Methods: This study employs exploratory and descriptive research, using legal-dogmatic methods based on Ecuadorian and selected foreign normative, doctrinal, and jurisprudential sources. Results: Currently, Ecuador establishes an administrative fine of 418 unified basic salaries, which may be lower than the benefit obtained by the trader. This study proposes regulations that would subject insider trading to criminal sanctions. Conclusions: In view of this gap in criminal legislation, a criminal offense with thresholds based on the seriousness of the conduct, a fine proportional to the benefit obtained, and a provision preventing double sanctions is proposed. Keywords: privileged information, Insider Trading, securities market, Non Bis In Idem, criminalization