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Spanish Abstract: A partir de una aproximacion historico-comparada se busca clarificar el contenido de injusto de los arts. 52 y 53 de la Ley N° 18.045 de Mercado de Valores (Titulo VIII de dicha ley), cuya infraccion gatilla una severa responsabilidad penal (art. 59[e] de la mencionada ley), amen de dar lugar a sanciones administrativas y a responsabilidad civil indemnizatoria (arts. 58 y 55 de la anotada ley). Tras una rapida revision de las figuras historicas de agio o alteracion de precios, el estudio se detiene en una detallada comparacion con el derecho extranjero mas influyente en el sector: las secciones 9(a) y 10(b) de la Securities Exchange Act de los Estados Unidos (incluyendo la Regla 10b-5) y la regulacion de Abusos de Mercado de la Union Europea (Directiva 2003/6 y Reglamento 2014/596, principalmente). Desde alli el autor procura develar el contenido antimanipulativo del Titulo VIII de la LMV (y especialmente de su articulo 53), anticipando claves para su correcta interpretacion. Una vez puesta la normativa nacional en su contexto historico-comparado, el camino hacia una reconstruccion dogmatica del Titulo VIII y del respectivo tipo penal del art. 59 e) queda facilitado. El presente trabajo constituye asi la base esencial para una propuesta hermeneutica integral del Titulo, la que – en sus detalles – sera abordada en un articulo posterior del mismo autor.English Abstract: Based on a historical and comparative-law approach, the paper aims to clarify the content of sections 52 and 53 of the Chilean Securities Market Act (Title VIII of the Act), whose infraction triggers severe criminal liability (section 59 [e] of the Act), in addition to administrative sanctions and civil-damages liability (sections 58 and 55 of the Act). After considering the historical figures of agio and price tampering, the paper focuses on a comparison with the most influential foreign law in the field: sections 9 (a) and 10 (b) of the U.S. Securities Exchange Act (including Rule 10b-5) and the European Union Market Abuse Regulation (Directive 2003/6 and Regulation 2014/596, mainly). In this way, the author seeks to unveil the precise anti-manipulative content of Title VIII of the Chilean Securities Market Act, and especially of its section 53, offering keys for a right understanding of Title VIII and the respective criminal offence of section 59 e). Once the Chilean law is placed in a historical and comparative-law context, the path towards an exhaustive dogmatic reconstruction of Title VIII – and its related rules – is highly favored. Thus, the paper aims to represent a substantive basis for a comprehensive and detailed hermeneutic proposal on the matters of Title VIII. Such proposal will be addressed in a subsequent work.

Aproximación histórico-comparada al Título VIII de la Ley de Mercado de Valores: bases para el reconocimiento de un contenido anti-manipulativo