In effect, the Law Regulating the Securities Market recognizes this self-regulatory faculty for the securities exchanges, whose ultimate purpose is to impose discipline on the professional conduct of the participants duly authorized by exchanges, in the course of their intermediation.
Therefore, the securities exchanges are empowered to issue their own internal regulations, in order to regulate their activities and the activity and conduct of the Exchange Seat holders and of the exchange brokers working for the latter. The regulatory norms and the rest of the dispositions of a general character issued by the securities exchanges are binding in nature for the exchange intermediaries authorized by the former.
Legally, there are clearly established norms that impose on the securities exchanges the obligation of exercising their self-disciplinary powers in the face of the Exchange Seats and the Exchange Brokers, who constitute the instrument through with the exchanges act. The control that the securities exchanges should exercise consist of compliance with the legal and regulatory dispositions which in turn incorporate the obligation for oversight and sanction of those acts or omissions in conflict with the elementary principles of ethics and professional conduct, which in turn could affect the conditions of security, honorability and correctness so indispensable for an orderly development of the exchange market.
The objective of the securities exchanges is to facilitate transactions with the securities and promote the development of the respective market, and to this end they are required to carry out certain activities determined by law and by the regulations, among which are included the following:
- Established the premises, the installations, and the means of diffusion, and organize the respective services to facilitate exchange operations.
- Established procedures which facilitate the relations and operations between the supply and demand for securities, as well as promote exchange operations.
- Award the concession (which is no more than a permit for exploitation of exchange intermediation) to the exchange seats and authorize the exchange brokers to ply their trade.
- Establish the internal regulations that must be followed according to the law and exchange and commercial custom, as well as the contracts that are carried out by the exchange seats and brokers among themselves and with their respective customers.
- Oversee that the business that is carried out on the exchange complies with the law, regulations and the strictest norms of business ethics, and avoid speculations prejudicial to the securities listed on the exchange.
- Provide and maintain available to the public information on the securities listed on the exchange, their issuers and the operations effected on the exchange.
- Effect the broadest possible dissemination of the aforementioned materials.
- Exercise due oversight and control over the concessionaires of seats on the exchange and the exchange brokers.
As has already been mentioned, the securities exchanges also present, at the same time, a series of faculties that are contemplated in their internal regulations, which are:
- Regulatory and normative faculties.
- The faculty of statutory auditor.
- The faculty to sanction.
These faculties are exercised with relation to the participants on the market that they have organized.In Costa Rica, the activity of the securities exchanges on the market (which are currently two: the National Securities Exchange, Inc. - La Bolsa Nacional de Valores, S.A. - and the Costa Rican Electronic Securities Exchange, Inc. - La Bolsa Electrónica de Valores de Costa Rica, S.A.- is regulated by a principle recognized worldwide, and which is known as the "Principle of Self-Regulation", whereby the securities exchanges are legally empowered to provide their own code of regulations and structure, with the organs that are considered necessary for compliance with its purpose and obligations.
Real Estate - Investment 
