la reforma del sistema financiero
DESCRIPTION
TRANSCRIPT
!!!"""#$%&'()$*+)(*,,,-#$%&'()$*+)(*,,,-#$%&'()$*+)(*,,,-
!"#$%&"#'("'(")*+"',%&'-".#%&*/$(*("#'."/"0*&+"#!"#$%&"#'("'(")*+"',%&'-".#%&*/$(*("#'."/"0*&+"##%)."'+"1*#'("'/*'*,+2*/$(*('",%&31$,*4'-%/5+$,*'6'#%,$*/#%)."'+"1*#'("'/*'*,+2*/$(*('",%&31$,*4'-%/5+$,*'6'#%,$*/
!!"#$%&'()*(')"#$%&'()*(')++&,#)!")&,#)!")--&,'!(#&,'!(#
+.)/01234.)506)#78904.):7;.;<7032+.)/01234.)506)#78904.):7;.;<7032
=>)50)?@672)50)AB=B=>)50)?@672)50)AB=B
#.6C;)50)628)D.828)D0357528)50)6.)E268.)50)F.5375#.6C;)50)628)D.828)D0357528)50)6.)E268.)50)F.5375
!"#$%&'()!*+,-".'/"0$&%'12#3#02"%&
43'%"5&%63'-".'727$"63'52#3#02"%&
!"#$%#&'()*#$%#+,!,
-%.'/%01.)23#%3#410.516#1'37'%#1#0)84*9#$):%0%38%9;0%.)4)%38*#)38%080)4%9801( 13'1()<1$*
==>> ?@ABC
DEC@#=>-E
F'%38%G#E;H=
!
+#0)%9I*9#/101#(1#%.*3*4J1#4'3$)1(
H%9%7')()K0)*9#%3#;5)31#%#L3$)1
;0)9)9#$%#H%'$1#M#0)%9I*#9*K%013*
"
N19#:)313<19#/OK().19#9%#513#$%8%0)*01$*HP:).)8#/OK().*#Q#ALR
H%'$1#/OK().1#Q#ALR
F'%38%G#E;H=
#
-%381K)()$1$%9#%3#$%'$1#/OK().1#%3#(1#D*31#='0*
H):%0%3.)1(#$%#8)/*9#.*3#%(#K*3*#1(%4S3
?'()*#+,,T
U10<*#+,,V
U1M*#+,!,
F'%38%G#H181980%14
$
=W/*9).)23#K13.1#1#/1J9%9#/%0):P0).*9
!"#$%&# #'()#$&# ((**
+,-,-./0123,20.4/561278/,761
!"#$%&"&'()%*+,'&+')%**-#+,'&+'&.*"/+,0 1232 4536 7838
9-/:+#$";+'&+'":$%<-,'+=$/"#;+/-,'(>0 ?37 734 631
9-/:+#$";+'&+'":$%<-,'$-$"*+,'(>0 632 635 637
!"@%$"*'A'/+,+/<",'&+'*-,'B"#:-,'()%*+,'&+')%**-#+,'&+'&.*"/+,0 C5436 47C36 747636
+,-,-./0123,20.4/561278/,76192,1:0;6<,12=2:684>7>,1,1
!"#$%&"&'()%*+,'&+')%**-#+,'&+'&.*"/+,0 CC43D CC634 1D3C
9-/:+#$";+'&+'":$%<-,'+=$/"#;+/-,'(>0 D37 7637 C3?
9-/:+#$";+'&+'":$%<-,'$-$"*+,'(>0 C38 C31 638
F'%38%G#RLX#N*.18)*31(#13$$#;*39*()$18%9#R13Y)3I#X818)98).9#@/0)( +,!,##M#E;H=
%
;0)9)9#D*31#='0*#
!,#1Z*9#$%#:'3.)*314)%38*#.*00%.8*#$%(#='0*
='0*#$)[)91#%981K(%#M#7'%#51#I131$*#/%9*#.*4*#4*3%$1#$%#0%9%0[1
;*3[%0I%3.)1#$%#8)/*9#$%#)38%0P9#1#(10I*#/(1<*#%380%#/1J9%9#4)%4K0*9#\$%91/10).)23#0)%9I*#$%#8)/*#$%#.14K)*]
X)98%419#K13.10)*9#$%#(1#D*31#='0*#513#:'3.)*31$*#0%(18)[14%38%#4%&*0#7'%#%3#==>>#M#>^#$'0138%#.0)9)9
&
;0)9)9#D*31#='0*#N19#8%39)*3%9#513#9'0I)$*#92(*#0%.)%38%4%38%
;0)9)9#:)9.1(#1:%.81#1#(*9#/1J9%9#4S9#$PK)(%9#.*3#4S9#)38%39)$1$6#%9#$%.)06#17'%((*#.*3G
U1M*0#$%8%0)*0*#$%#:)313<19#/OK().19
A0*K(%419#%980'.8'01(%9#$%#.*4/%8)8)[)$1$#M#$):).'(81$#$%#.0%.)4)%38*#1#4%$)*#/(1<*
;-LXLX#LCUERLNL@-L@
;-LXLX#R@C;@-L@
;-LXLX#=;ECBUL;@#_#=UAN=E
;-LXLX#FLX;@N#_#-L=X`E#XER=-@CE
'
;19*#`0)%I*#ab)%3%#9*('.)23c
@&'98%#/0%9'/'%9810)*#%3#:0J*#/*.*#.0%JK(%
;1J$1#$%#ALR#3*4)31(#)4/)$%#0%$'.)0#018)*#H%'$1#AOK().1#d#ALR
X'K)$1#$%#.*98%9#:)313.)%0*9#%W)I%#41M*0##9'/%0S[)8#/0)410)*#$):).'(813$*#%(#1&'98%
N*9#4%0.1$*9#3*#9%#.0%%3#%(#/(13#$%#1&'98%#I0)%I*6#3)#%(#0%9.18%
@(8%0318)[19#$%#1.8'1.)23
US9#7'%#$*K(10#%(#)4/*08%#$%(#0%9.18%#51981#!!,e,,,#4)((*3%9#$%#%'0*9
-%%980'.8'01.)23#$%#$%'$1c
X1()$1#$%(#='0*c
(
=(#4%.13)94*#$%#0%9.18%#
)*
Tf,e,,,#4)((*3%9#$%#='0*9#/101#'3#4%.13)94*#$%#%981K)()<1.)23
g,e,,,#4)((*3%9#$%#:1.)()$1$#.*4'3)810)1#$%#R1(13<1#$%#A1I*9
+f,e,,,#4)((*3%9#$%#FUL
"",e,,,#4)((*3%9#$%#'3#h[%5J.'(*#%9/%.)1(#%'0*/%*i
=(#R;=#%4/%<10S 1#.*4/010#H%'$1#AOK().1#%3#(*9#4%0.1$*9#9%.'3$10)*9#$%#K*3*9
U1M*0#9'/%0[)9)23#M#.*380*(#$%#(19#.'%3819#/OK().19#$%#(*9#/1J9%9#.*3#$):).'(81$%9#M#['(3%01K(%9#\=9/1Z1#M#A*08'I1(#9%#513#.*4/0*4%8)$*#1#1.%(%010#%(#1&'98%]
aX%0S 9':).)%38%c
X)#3*#51M#.*00%..)23#$%#(*9#$P:).)8#/OK().*9#7'%$10S %3#/1/%(#4*&1$*
=.*3*4J1#=9/1Z*(1=4/%<2 .*4*#'3#18%00)<1&%#9'1[%6#/%0*#K0'9.14%38%#9%#80139:*042 %3#'3*#K0'9.*6#.*4*#.*39%.'%3.)1#$%#(*9#$%9%7')()K0)*9#41.0*%.*324).*9#$%#=9/1Z1#M#%(#!"#$%&'!"()!* )38%031.)*31(e#-)%9I*#$%#'3#(10I*#/%0J*$*#$%#K1&*#.0%.)4)%38*#\%3#:*041#$%#N]
R0'9.1#.*00%..)23#$%#(*9#$%9%7')()K0)*96#8138*#%3#%(#9%.8*0#/OK().*#.*4*#%3#%(#/0)[1$*@(8*#3)[%(#$%#%3$%'$14)%38*#$%#(19#:14)()19#M#(19#%4/0%919=W/*9).)23#1(#9%.8*0#)34*K)()10)*AP0$)$1#$%#.*4/%8)8)[)$1$#
j#19/%.8*9#$%#(1#.0)9)9G;0%.)4)%38*#M#%4/(%*HP:).)8#AOK().*X%.8*0#R13.10)*
>31#)4/*08138%#.*39%.'%3.)1#$%#(1#.0)9)9G#%(#1'4%38*#$%#(1#8191#$%#15*00*
;*3.('9)*3%9
))
=.*3*4J1#=9/1Z*(1#k ;*00%..)23#$%#(*9#$%9%7')()K0)*9!]#=(#3)[%(#$%#%3$%'$14)%38*#$%#(19#:14)()19#M#(19#%4/0%919#.*38)3O1#9)%3$*#%(%[1$*
!**(+, --
!!".%/
)"'.%/
'$.*/
!**'
!)(.!/
)"$.!/
'#.*/
!**&
!)".'/
)"*.#/
'".#/
!**%
)((.#/
)!*.)/
&(."/
!**$
)&%.$/
)*#.%/
&).(/
!**#
)$(.'/
($.#/
%#.#/
!**"
)#&.'/
(*.!/
$&.%/
/+0-1
23456787983:;:87
F'%38%G#R13.*#$%#=9/1Z1
)!
=.*3*4J1#=9/1Z*(1#k ;*00%..)23#$%#(*9#$%9%7')()K0)*9
+]#=W/*9).)23#1(#4%0.1$*#)34*K)()10)*
F'%38%G#FUL
)"
A0%.)*9#$%#(1#[)[)%3$1#%3#'31#9%0)%#$%#/1)9%9
F'%38%G#`)0*'10$ %8#1(#\+,,g]#M#E;H=
)#
=.*3*4J1#=9/1Z*(1#k ;*00%..)23#$%#(*9#$%9%7')()K0)*9j]#AP0$)$1#$%#.*4/%8)8)[)$1$#k U1M*0%9#.*98%9#(1K*01(%9#'3)810)*9#7'%#(1#<*31#%'0*l
<=7>6+?8@=58;+AB:>85:=+C/D
E=B8+6F5=2748G8
F'%38%G#FUL
)$
=.*3*4J1#=9/1Z*(1#k ;*00%..)23#$%#(*9#$%9%7')()K0)*9
l M#'3#%(%[1$*#$P:).)8#/*0#.'%381#.*00)%38%
,&.#/
,$."/
,".$/
,%.*/
,(.%/,)*.*/
,(.*/
,#.&/
H8;I=+<F6B>8+<=55:6B>6+C/+0-1D
!**" !**# !**$ !**% !**& !**' !**( !*)*
F'%38%G#FUL
)%
=.*3*4J1#=9/1Z*(1#k j#19/%.8*9#$%#(1#.0)9)9!]#X%#51#/0*$'.)$*#'31#:'%08%#.1J$1#$%(#.0%.)4)%38*#M#'3#0S/)$*#)3.0%4%38*#$%(#$%9%4/(%*
))."/
+,,T
'."/
+,,g
'.$/
+,,f
(.!/
+,,"
)).*/
+,!,
!*.!/
+,,V
)'.(/
+,,m
J878+I6+I67634;6=++C/D <56K:3:6B>=+I6;+0-1+C/D
<56K:3:6B>=+I6;+0-1+E=B8+2F5=<56K:3:6B>=+I6;+0-1+22LAAL
J878+I6+I67634;6=+6B+2748G8<56K:3:6B>=+I6;+0-1+2748G8
F'%38%G#='0*98186#FUL6#;*4)9)23#='0*/%1
)&
=.*3*4J1#=9/1Z*(1#k j#19/%.8*9#$%#(1#.0)9)9+]#A19*#$%#9'/%0S[)8#1#$P:).)8#/OK().*6#.*3#:'%08%#)3.0%4%38*#$%#(1#H%'$1#AOK().1
"(.%/
!**% !*)*
%!."/
!**(
$*.'/
!**'
"(.$/
!**&
"%.!/
!**$
#".*/
!**#
#%.!/
M6FI8+0N@;:K8+C/+0-1D
/+0-1
,)$
,)*
,$
*
$
!**# !**$ !**% !**& !**' !**( !*)*
H8;I=+H6K>=5+0N@;:K=+CHF465OP:>QMRS:K:>D
/+0-1
F'%38%G#;*4)9)23#='0*/%1
)'
@&'98%#/0%9'/'%9810)*#3%.%910)*#/101#%981K)()<10#%(#018)*#0%1(#H%'$1#AOK().1#d#ALR#%3#%(#(10I*#/(1<*
F'%38%G#E;H=
)(
A%09/%.8)[19#$%(#X%.8*0#R13.10)*#\L]
H%9/'P9#$%#'3#/%0J*$*#$%#:'%08%#%W/139)236#%(#X%.8*0#R13.10)*#=9/1Z*(#9%#%3:0%381#1G
!] U%3*0#1.8)[)$1$
+] =980%.514)%38*#$%#(*9#4S0I%3%9
j] L3.0%4%38*#$%#(1#4*0*9)$1$
"] -)%9I*#/1J9
!*
A%09/%.8)[19#$%(#X%.8*0#R13.10)*#\LL]8&&6 -".'0%9-2$&':37$3';<<==380%#+,,j#M#+,,T#9%#/0*$'&*#'3#%9/%.81.'(10#hK**4i $%(#.0P$)8*#\.0%.)4)%38*#$%(#+",Q]e#=(#.0P$)8*#1#(*9#/0*4*8*0%9#%W/%0)4%382 '3#%W801*0$)310)*#.0%.)4)%38*#\j,,Q]6#9%I')$*#$%#(1#.*3980'..)23#\!j,Q]e#=380%#(19#:14)()196#(*#7'%#4S9#.0%.)2:'%0*3#(19#5)/*8%.19#\!+fQ]
!""#$%"
&''(
$#))"#)%&
$"!#$%$
$"$#(%(
)$(#')&
"%#$*!
&''* +,-.'/
$#)$)#(&(
$")#'*'
$)%#'%"
)&%#%)/
%/#(%'
!"&#%)%
$#&*(#!"%
$%$#"*$
$")#%")
)')#"$%
"!#"*!
!&)#"%'
&''!
$#'/(#'"!
$$/#%((
$)%#)$*
&%%#'"'
"$#%!$
"%(#*%'
&''"
(!&#$"/
$'%#!/"
$''#*!$
$!&#'(*
%"#/&(
%%(#!((
&''%
!")#&&/
/'#%(*
*(#)*&
$$&#$!")(#)*/
)))#(&!
&'')
"%'#!(*
("#(&/!"#*(%**#/(')"#$)!
&*"#/"(
0123456789:,395;<:6=29-2;9:,>=6829:,93?9681,;>6789,891234@,899AB63328,>9:,99CD
<5RI:>=+-BIF7>5:8<5RI:>=+<=B7>5FKK:TB<5RI:>=+05=3=>=5<5RI:>=+<=B7F3=<5RI:>=+U:4=>6K85:=
F'%38%G#R13.*#$%#=9/1Z1
!)
A%09/%.8)[19#$%(#X%.8*0#R13.10)*#\LLL]>"#&%'30$2?2-3-H%9$%#+,,T#9%#*K9%0[1#'31#/0*I0%9)[1#4*$%01.)23#$%#(19#81919#$%#.0%.)4)%38*#$%(#.0P$)8*#1#%4/0%919#M#:14)()196#/0*$'.)P3$*9%#'31#.*3801..)23#%3#+,,V
,!
,)
'
&
%
$
#
"
!
)
*
!**(,---
!**',-V
!**',--!**&,-V
!**&,--!**%,-V
!**%,--
J878+I6+K56K:3:6B>=+C/D
E;,56@6,8=29:,395;<:6=2
<5RI:>=+23456787<5RI:>=+983:;:87
F'%38%G#R13.*#$%#=9/1Z1
!!
A%09/%.8)[19#$%(#X%.8*0#R13.10)*#\Ln],7$%"0:362"#$&'-"'.&7'6@%A"#"7
H'0138%#%(#/0)4%0#9%4%980%#$%#+,,V#5'K*#'3#)3.0%4%38*#$%#(*9#4S0I%3%9#$%#(*9#8)/*9#$%#)38%0P96#1(#8%3%0#(1#$)94)3'.)23#%3#(*9#8)/*9#'3#/0)4%0#)4/1.8*#9*K0%#(*9#/19)[*9
X)3#%4K10I*6#%3#(*9#/02W)4*9#80)4%980%96#[%0%4*9#'3#%980%.514)%38*#$%#(*9#4S0I%3%9#9%IO3#%(#$%9.%39*#%3#(*9#8)/*9#8)%3%#'3#)4/1.8*#%3#(*9#1.8)[*9#K13.10)*9e#=98*#1#9'#[%<#/0*[*.10S '31#:'%08%#/0%9)23#%3#(19#.'%3819#$%#0%9'(81$*9#$%#(*9#K13.*9e#X%#%98)41#'31#.1J$1#$%#1(0%$%$*0#$%(#+,Q#$%#(*9#)3I0%9*9#$%#(*9#R13.*9#M#;1&19##
+(#)&#,'-.)!/'$#'012.3.
"e,,,
"e+,,
"e",,
"eg,,
"em,,
fe,,,
fe+,,
fe",,
+,,VoL +,,VoLL +,,VoLLL +,,VoLn+,,moLn
U)((*3%9#$%#%'0*9
B?;F,89:,968=,;,>,>9:,95?G?>
!"
A%09/%.8)[19#$%(#X%.8*0#R13.10)*#\n]+#0%"6"#$&'-"'6&%&72-3-=3#(1#1.8'1()$1$#(1#8191#$%#4*01#$%(#9%.8*0#:)313.)%0*#9'/%01#%( f#Q6#1.%0.S3$*9%#1#(*9#[1(*0%9#4SW)4*9#1(.13<1$*9#%3#(1#138%0)*0#.0)9)96#.*3#'3#3)[%(#$%#4*0*9)$1$#$%#(19#;1&19#9'/%0)*0#1#(1#4%$)1#$%(#9)98%41
+(#)&#,'-.)!/'$#'012.3.
,
f,
!,,
!f,
+,,
+f,
j,,
jf,
,
!
+
j
"
fg
T
m
V
!,
=3%p+,!,
fgQ
+,,V
fmQg+Q
+,,T
++!Q
+V+Q
+,,f
+T!Q
j"gQ
+,,j
j,VQ
+f"Q
+,,!
+",Q
!VTQ
!VVV
!f"Q!+fQ
!VVT
!,!Qm+Q
!VVf
T+QgfQ
!VVj
fVQ
-18)*#$%#.*K%08'01#\Q] b191#$%#4*01#\Q]
b191#$%#4*01#;1&19#$%#15*00*9b191#$%#4*01#R13.*9 -18)*#$%#.*K%08'01#;1&19#$%#@5*00*
!#
A%09/%.8)[19#$%(#X%.8*0#R13.10)*#\nL]
B2"7A&'C3D7
U1M*0#0)%9I*#/1J9#9%#[1#1#8019(1$10#1#(19#.*3$).)*3%9#$%#:)313.)1.)23#$%#3'%980*#X%.8*0#R13.10)*
U1M*0#.*98%#$%#:)313.)1.)23#41M*0)981#M#/*8%3.)1(%9#0%980)..)*3%9#$%#.138)$1$%9
L3.0%4%38*#$%(#.*98%#$%#(1#:)313.)1.)23#4)3*0)981#\I'%001#/*0#.1/81.)23#$%#$%/29)8*9]
!$
A%09/%.8)[19#$%(#X%.8*0#R13.10)*#\nLL]
;*39%.'%3.)19G
=W.%9*#$%#.1/1.)$1$#\j,Q#1/0*We]
C%.%9)$1$%9#$%#;1/)81(#\q+,e,,,oT,e,,,#U]#k F-ER
=9#3%.%910)*#1/0*[%.510#%(#/0*.%9*#$%#0%%980'.8'01.)23#$%#(19#;1&19#$%#@5*00*#/101#0%$'.)0#(1#.1/1.)$1$#M#4%&*010#(1#9*([%3.)1
!%
L3.0%4%38*#$%#(1#8191#$%#15*00*#$%#(*9#5*I10%9N1#8191#$%#15*00*#$%#(*9#5*I10%9#51#1'4%381$*#4'M#0S/)$14%38%6#$%#'3#!!Q#$%#(1#0%381#$)9/*3)K(%#%3#%(#/0)4%0#80)4%980%#$%#+,,m#1#.19)#%(#!VQ#%3 +,,V
H?>?9:,9?I2;;29:,932>9I2F?;,>9,9J+KL+M9A?N29@7163D
F'%38%G#LC=
O2;5,8=?G,9>2P;,93?9;,8=?9:6>-286P3, )'.'
!**(!**'!**&!**%!**$!**#!**"!**!!**)!***
!&
=.*3*4J1#=9/1Z*(1#k ;*3.('9)*3%9!] `*K)%03*#51#/'%98*#%3#410.51#'3#1&'98%#1$).)*31(#$%#I198*#$%#!fe,,,#4)((*3%9#$%#%'0*9#%3#+,,V#M#+,!,
+] X%3$1#$%#0%$'..)23##$P:).)8#/OK().*
+,!, V6jQ+,!! gQ+,!+ "6"Q+,!j jQ
j] A0*M%..)23#$%#.0%.)4)%38*#*/8)4)981
+,!, o,6jQ+,!! r!6jQ+,!+ r+6fQ+,!j r+6TQ
!'
=.*3*4J1#=9/1Z*(1#k ;*3.('9)*3%9
"] C%.%9)$1$#$%#A(13#%.*324).*#)38%I01(#K191$*#%3G
@&'98%#/0%9'/'%9810)*
-%:*0419#%980'.8'01(%9#7'%#)3.0%4%38%3#%(#.0%.)4)%38*#/*8%3.)1(
! -%:*041#(1K*01(
! -%:*041#$%(#9%.8*0#:)313.)%0*
!(
!"#$%&'()! *'+,-".'/"0$&%'12#3#02"%&
!!!"#$%&'()*(')"#$%&'()*(')"#$%&'()*(')+++&,#)!")&,#)!")&,#)!")---&,'!(#&,'!(#&,'!(#
+.)/01234.)506)#78904.):7;.;<7032+.)/01234.)506)#78904.):7;.;<7032+.)/01234.)506)#78904.):7;.;<7032
=>)50)?@672)50)AB=B
#.6C;)50)628)D.828)D0357528)50)6.)E268.)50)F.5375