Abstract

COMBATT FANDINO, Adriana Carolina. THE RESPONSIBILITY OF SECURITIES ANALYSTS AS GATEKEEPERS. Vniversitas [online]. 2010, n.120, pp.202-236. ISSN 0041-9060.

Corporate scandals in the United States and Europe have drawn attention to the importance of "gatekeepers" in the market, causing the imminent need to regulate their activity and responsibility. In cases where there is a contract, is clear how to manage the responsibility, ambiguity exists in the legal way to proceed if it does not exist. This article discusses the different positions that have been held so far, and proposes a unified vision for regulating the activity and responsibility of the financial analyst as a gatekeeper, in the absence of a contractual relationship. It is argued, on the basis of comparative law analysis, that the analyst as a gatekeeper will be liable before third parties when they are part of the group of persons to whom the information was provided or that reasonably could obtain it, and the damage is cause in the operation for which the information was developed. Torts are the most effective instrument for these cases in civil law systems.

Keywords : : financial analyst; gatekeeper; information or market signs; torts; Financial Analyst; Extra-Contractual Responsibility; Civil Law.

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