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SAFJP
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%Otros
Disponibilidad
Fondos mutuos yde inversiónExtranjeros
Acciones
Instituciones nofinancierasInstitucionesFinancierasDeuda Pública
Others
Structure of the Portfolio of the FJP- December 2000 -
Information provided by the different member countries
SAFJP
MEMBER COUNTRIES FJP (million of U$S) % OVER GNP
Argentina 20.381 7.0
Bolivia 841 9.8
Chile 35.886 47.0
Colombia 3.590 5.1
Costa Rica 350 2.3
El Salvador 350 3.4
Mexico 17.216 3.2
Peru 2.753 5.1
Uruguay 811 3.9
Value of the FJP and relation with the GNP
- through 12-31-2000 -Information provided by the different member countries
SAFJP
MEMBER COUNTRIES % OVER PUBLIC DEBT
Argentina 9.5
Bolivia 53.1
Chile 61.1
Colombia 7.6
El Salvador 16.3
Mexico 11.2
Peru 1.2
Uruguay 11.0
Relation of the FJP and Public Debt- December 2000 -
Information provided by the different member countries
SAFJP
COMPLIANCE TO TRANSPARENCY NORMS IN THE MAIN MARKETS
• good = 10, bad = 0
5,395,32
5,30
5,29
5,22
5,19
5,10
5,05
4,99
4,91
4,76
4,76
4,51
4,41
4,33
4,14
4,12
4,10
5,30
4,65
•Ireland
•Sweden
•New Zeland
•Singapoore
•Luxemburg
•Switzerland
•U. Kingdom
•Germany•U.S.A.
•Holland
•Iceland•France
•Belgium
•Norway
•Hong Kong
•Israel
•Denmark•1.
•Finland•2.
•Australia•3.
•Canada•4.
•5.
•6.
•7.
•8.
•9.•10
.•11
.•12
.•13
.•14
.•15
.•16
.•17
.•18
.•19
.•20
.
•8.56•7.97•7.80
•7.47•7.43•7.36•7.16•7.16•6.85
•6.78•6.76•6.75•6.63
•6.36•6.17
•6.04•5.95•5.87•5.74•5.73
•5.39•5.32•5.30
Source: Mc Kinsey / The World Competitiveness Yearbook 1999
•Japan
•Hungary
•Chile•South Africa
•Poland
•Corea
•Italy•Malaysia
•Brazil
•Indonesia
•Colombia•China•Argentina•Mexico•Greece•India
•Turkey
•24.
•25.•26
.•27.
•28.•29.•30.
•31.•32.
•33.
•34.•35.
•36.•37.•38.•39.
•40.
•Spain
•Austria
•Portugal•23.
•22.
•21.
SAFJP
IssuedAmount of
issuers IssuedQuantity of
issuersArgentina 96 32 125 52 128
Bolivia 4 1 7 2 27
Chile 98 93 260
Peru 11 26 15 7 211Uruguay 9 2 8 4 21
does not discriminate between financial and
non financial
Emisions of year 2000 and shares that are quoted in stock markets
SAFJP
Problem Observed in the Legal Frame
• Public Offer Law
Absence of:
– Transparency regulations
– POL Regulation with legal range
– Tipify fraudulent practices
SAFJP
Problems Observed in the Legal Frame
•Protection to minority investors–Insufficient requirements of information to control groups–Right to accounting value recess
•Regulatory and Impositive Arbitrations–Lack of coordination between regulators–Need of neutral impositive treatment
SAFJP
Incorporation of international standards
• Chile (sanctioned POS Law)
• Argentina (project to be presented to Congress)
• Peru (project underway of being sanctioned)
• Mexico (Better practice Code in the Mexican Stock Market)
• Colombia (Value Superintendence Resolution)
SAFJP
Benefits of adopting better practices•Higher transparency and access to the Board of Directors decisions•Higher number of counterparts for the operations•Better affiliate interests protection mechanisms.
SAFJP
Law of Better Practices for the Societies Governing and Defense of the Minority Shareholder Rights
• Transparency– Creation of Figure and Regulation of the Financial
Services Consumer Rights– Elevates with Rank of Law Transparency Requirements
in Public Offer. Penalization by law of the use of priviledged information offense
– POS Regulation (inexistent in current law)– Regulates Participation of Locators and Practices of
Market Stabilization– Modernizes Legislation in defense of Minority Rights– Creation of the Special Guarantee Fund for entrustees
protection
SAFJP
Law of Better Practices for the Societies Governing and Defense of the Minority Shareholder Rights
• Government of the Societies-Instaurates a Diferentiated Regime for Open
Societies-Make flexible Capital Structure for Stock
Companies-Improve Conflict Resolution Mechanisms-Instaurate a minimum of External Directors-Regulation of recess rights (Instaurate equitable
price)