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Lic. Francisco Astelarra Superintendent March 2001

Lic. Francisco Astelarra Superintendent March 2001. Structure of the Portfolio of the FJP - December 2000 - Information provided by the different member countries. Value of the FJP and relation with the GNP - through 12-31-2000 - Information provided by the different member countries.

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Lic. Francisco Astelarra Superintendent March 2001

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  1. Lic. Francisco Astelarra Superintendent March 2001

  2. Structure of the Portfolio of the FJP - December 2000 - Information provided by the different member countries

  3. Value of the FJP and relation with the GNP - through 12-31-2000 - Information provided by the different member countries 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

  4. Relation of the FJP and Public Debt - December 2000 - Information provided by the different member countries 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

  5. 1. • Denmark • 8.56 • 2. • 7.97 • Finland • 7.80 • 3. • Australia • 7.47 • 4. • Canada • 7.43 • 5. • Ireland • 7.36 • 6. • Sweden • 7.16 • 7. • New Zeland • 7.16 • 8. • Singapoore • 6.85 • 6.78 • 9. • Luxemburg • 10. • 6.76 • Switzerland • 11. • 6.75 • U. Kingdom • 6.63 • 12. • Germany • 6.36 • 13. • U.S.A. • 6.17 • 14. • Holland • 6.04 • 15. • Iceland • 5.95 • 16. • France • 5.87 • 17. • 5.74 • Belgium • 18. • 5.73 • Norway • 5.39 • 19. • Hong Kong • 5.32 • 20. • Israel • 5.30 COMPLIANCE TO TRANSPARENCY NORMS IN THE MAIN MARKETS • good = 10, bad = 0 • 21. • Spain • 22. • Austria • 23. • Portugal • Japan • 24. • Hungary • 25. • Chile • 26. • South Africa • 27. • Poland • 28. • 29. • 30. • Corea • Italy • Malaysia • 31. • 32. • Brazil • 33. • Indonesia • 34. • Colombia • 35. • China • Argentina • 36. • 37. • Mexico • 38. • Greece • 39. • India • 40. • Turkey Source: Mc Kinsey / The World Competitiveness Yearbook 1999

  6. Emisions of year 2000 and shares that are quoted in stock markets

  7. Problem Observed in the Legal Frame • Public Offer Law Absence of: • Transparency regulations • POL Regulation with legal range • Tipify fraudulent practices

  8. 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

  9. 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)

  10. 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.

  11. Brief description of the Argentinean case

  12. 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

  13. 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)

  14. End of the presentation. Thank You.

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