Assembly approves Corporate and Stock Sector Law
The Organic Law draft for the Strengthening and Optimization of Corporate Sector and Securities, issued by the Executive, was approved yesterday with 100 votes in favor, in plenary session of the Assembly. With this, nine laws relative to the stock market were reformed within the normative.
The president of the Commission on Economic Conditions, Galo Borja, who treated the law, stressed that proceedings before the public administration are simplified.
Borja added that in order to achieve this objective the Board of Securities Market Regulation is created as an statutory body belonging to the Executive Function and is responsible for establishing the public policy of the stock market.
A representative of the responsible Ministers for Economic Policy, who presides it, the head of Policy Production, and a delegate of the President, will be responsibles for the Board.
The Superintendents of Companies and Securities, Banks, and Popular Financial System and Solidary will be part of it, but they will not vote.