El Caso Tesla: El abuso de mercado en el marco de una oferta pública de exclusión

Abstract

(cast) El presente trabajo tiene como objetivo el análisis de la nueva regulación en materia de abuso de mercado, aplicándola para la calificación y posterior enjuiciamiento de un caso de oferta pública de exclusión en la que, los agentes del mercado que llevaran a cabo dicha operación, la compañía Tesla, Inc, y su Director General, Elon Musk, cometieron una presunta manipulación de mercado. Para la realización de ese análisis, se exponen los hechos acaecidos para su posterior calificación y enjuiciamiento, realizando una comparativa del procedimiento sancionador, infracciones y sanciones aplicadas por los organismos competentes que enjuiciaron el caso en los Estados Unidos, y contraponiéndolo a la regulación mercantil y penal aplicable en España. Todo ello en el marco de un procedimiento de oferta pública de exclusión, explicada en base a la normativa española.

(eng) In a free market economy the price of the financial resources plays a crucial role in the redistribution of these resources from savers to investors. Last November, Spain amended law on market abuse to include the new Regulation launched by the European Union, and with this paper we are going to analyze the way that this new law protected the financial markets. The aims of this paper is to analyze the new market abuse in the context of an exclusion takeover bid, done by Tesla, Inc. and its CEO, Elon Musk, and compare its implementation with the implementation of the American market abuse, the procedure followed and the sanctions imposed by the American authorities. In order to decide if the American authorities was too benevolent, in the view of the gravity of the facts, this paper are going to explain the procedure that Tesla should have followed to made an exclusion takeover bid and the way that the Spanish authorities could implemented the market abuse regulation if this facts happened in Spain. In addition, with the purpose of analyze the market abuse made by Tesla and Elon Musk we are going to use, not only the administrative or civil regulation but also the penal regulation to compare Spanish implementation of market abuse regulation with American ones.