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INDICE
RESUMEN.........................................................................................3
INTRODUCCIÓN..................................................................................5
CAPITULO I.......................................................................................6
FONDO MUTUO..................................................................................6
1.1. DEFINICION.......................................................................................... 6
1.2. PATRIMONIO........................................................................................6
1.3. INTEGRANTES DEL FONDO MUTUO......................................................71.3.1. Los participes...............................................................................7
1.3.2. El Custodio...................................................................................7
1.3.3. Ente regulador y supervisor ...........................................................7
1.3.4. Sociedad administrativa de fondos de mutuos................................7
1.4. INSCRIPCION Y SUPERVISION..............................................................81.4.1. Etapas:.........................................................................................8
1.5. TIPOS DE FONDOS...............................................................................91.5.1. Fondo mutuo de renta fia:.............................................................9
1.5.2. Fondo mutuo de renta varia!le:......................................................9
1.5.3. Fondo mutuo mi"to:......................................................................91.5.4. Fondo mutuo fle"i!le:..................................................................10
1.5.5. Fondo mutuo internacional:.........................................................10
1.5.#. Fondo mutuo estructurado:..........................................................10
1.6. CARACTERISTICAS............................................................................101.#.1. $resentan un o!etivo de inversi%n esta!lecido:...........................10
1.#.2. &n e'uipo gerencial especiali(ado:..............................................10
1.#.3. )arias formas de o!tener ganancias:............................................11
1.#.4. $otencial de rendimiento a largo pla(o:........................................11
1.#.5. El rendimiento de cada fondo depende de varios factores:............11
1.7. COMISIONES Y GASTOS.....................................................................11
1.*.1. Comisiones y +astos a Cargo del Fondo:.....................................111.*.2. Comisi%n &nificada del Fondo:....................................................12
1.*.3. Comisiones y +astos a cargo de los $art,cipes:............................12
1.8. DIFERENCIA ENTRE FONDOS DE INVERSION Y FONDOS MUTUOS......131.-.1. arco Legal:...............................................................................13
1.-.2. /efinici%n de Fondo de 0nversi%n:................................................13
1.-.3. ipos:.........................................................................................14
1.-.4. /iferencia con los Fondos utuos de 0nversi%n:...........................14
1.9. SOCIEDADES ADMINISTRADORAS DE FONDOS MUTUOS...................151..1. /efinici%n:..................................................................................15
1..2. Capital ,nimo:...........................................................................15
1..3. $roi!iciones:.............................................................................16
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1.10. FUNCIONES Y OLIGACIONES!...............................................................161.1.1. /el Cumplimiento de ormas de Conducta:..................................16
1.1.2. /e 0nformaci%n:...........................................................................18
1.1.3. /e +arant,a:................................................................................19
1.1.4. /e la 6emisi%n de los Estados de Cuenta:....................................20
1.11. FONDOS MUTUOS DE INVERSION EN VALORES..............................211.11.1. 0nversiones a cargo de Sociedades 7dministradoras de Fondos
utuos: 21
1.11.1.1. I"#$%&'("$& P$%)'*'+,&!...................................................................21
1.11.1.2. C%'*$%'( +$ D'#$%&'-','/" +$ ,& I"#$%&'("$&!...................................221.11.1.3. E$&(& +$ I"#$%&'/" "( %$#'&*(& $" , P(*',& +$ I"#$%&'("$&!......24
1.11.1.4. G%,#)$"$&!..................................................................................26
1.12. REGLAMENTO DE PARTICIPACION..................................................261.12.1. Contenido:..................................................................................27
1.12.2. $art,cipe:....................................................................................28
1.12.3. L,mites en la $articipaci%n:..........................................................28
1.12.4. 6escate:.....................................................................................29
1.12.5. 6escate $rogramado:..................................................................29
1.12.#. 6escates Significativos:...............................................................29
1.12.*. $ago del 6escate:........................................................................29
1.13. LA CUOTA FONDOS DE CAPITAL AIERTO Y EL CERTIFICADO DEPARTICIPACION............................................................................................ 301.13.1. La Cuota:....................................................................................30
1.13.2. Fondos de Capital 7!ierto:...........................................................30
1.13.3. Caracter,sticas de los certificados de participaci%n en fondos
mutuos: 30
1.13.4. Los certificados de participaci%n en fondos mutuos de!en contener:
31
1.14. MECANISMOS PARA ASEGURAR EL CORRECTO FUNCIONAMIENTOCON EL FONDO MUTUO................................................................................311.15. VENTAAS DE LOS FONDOS MUTUOS.............................................32
1.16. DESVENTAAS DE LOS FONDOS MUTUOS......................................32
CAPITULO II.....................................................................................34
FONDOS DE SEGUROS.................................................................................342.1. CONCEPTO:..............................................................................................342.2. OPERACIONES DEL FSD.........................................................................352.3. MONTOS MÁXIMOS CUBIERTOS POR EL FSD..........................................352.4. MIEMBROS DEL FONDO DE SEGURO DE DEPÓSITOS..............................392.5. PREGUNTAS FRECUENTES.....................................................................39
2.5.1.-¿Los depósitos de quién se encuentran asegurados?..............................39
2.5.2.- ¿Los depósitos mantenidos en qué entidades se encuentran asegurados? 41
2.5.3.- ¿Qué sucede si tengo depósitos en más de una empresa miembro delondo?...................................................................................................... 41
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2.5.!.- ¿"uál es la cobertura má#ima que me o$rece el ondo% depende ésta de la
empresa en donde tenga mi dinero?..............................................................41
2.5.5.- ¿Qué sucede con los depósitos "&'% depósitos de menores u otros sin
disposición plena?.......................................................................................42
2.5.(.- ¿Qué debo )acer si mi banco quiebra% cuándo recupero mi dinero? ..........42
2.5.*.- ¿Qué pasa con las deudas que ten+a con el banco quebrado?.................42
2.5.,.- ¿Qué debo )acer si encuentro alguna empresa que capta depósitos del
pblico no es miembro del ondo?..............................................................43
2.5./.- ¿Qué instrumentos respalda el '0?...................................................43
2.5.1.- ¿Qué instrumentos no respalda el '0?.............................................432.5.11.-¿"uánto cuesta al depositante contar con el seguro de depósitos?..........44
2.6. NORMAS Y LEYES..................................................................................44
CONCLUSIONES...............................................................................46
RECOMENDACIONES.........................................................................47
LILIOGRAFIA................................................................................48
RESUMEN
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Lo !o"#o $%&%o o" '()*+%,o #( -"'(-/"0 %( -"#" ,o-"'(-o"-& -"#-'-#%,( o -"&-&%+-o",( ++(o %" " '-(## #(oo&%"-##(0 &' #( %" (%-o #( o!(-o",( %( $"(7" #(,#-"(o0 +o" ,o +%, ( $,*" , o--,-##( #(, ("#-$-("&o #( ,o+&-'o !-""+-(o0 $8 ,,8 #( ,o #(/-&o #( )oo 9 ,o. E&(-"&%$("&o !-""+-(o0 '-("( !%"+-o""#o (" P(; #(#( , #+# #( ,o. L #o+&-" +o$("#( #("&o#( ,o !o"#o +o$%"( #( -"'(-/"0 &"&o ,o !o"#o $%&%o #(-"'(-/" ?Fo"#o M%&%o@0 * +o$o ,o !o"#o #( -"'(-/" (" ',o(?Fo"#o #( -"'(-/"@0 ,o +%,( +o"&-&%9(" %" ,&("&-' #( -"'(-/" (%(o 9 $(#-"o -"'(-o"-&0 +o" ,o %( ( #($%(& %(%" (!%(o +o,(+&-'o ( $8 o'(+)oo %( (, %( ( #(o,, ("!o$ -"#-'-
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INTRODUCCIÓN
M(#-"&( ,o !o"#o $%&%o0 ,o -"'(-o"-& ( -"&o#%+("-"+-,$("&( (" (, $(+#o #( +-&,(0 +o"!-"#o % +-&,( ($( ((+-,-# (" (&( &-o #( "(o+-o0 , %( o"#("o$-"# o+-(##( #$-"-&#o0 +%9 !%"+-/" ( #$-"-& %"o o $8 !o"#o0 * %(0 ,o -"'(-o"-& ++(#(" ,o ("(!-+-o
#( %" o&!o,-o #( -"'(-o"( o!(-o",$("&( (!(+&%#o 9#$-"-&#o0 +o"'-&-"#o,o (" %" ,&("&-' #-&-"& , &#-+-o",(9 , $-$o &-($o $8 ("&,( %( (,,.
S(;" (, &*+%,o 23 #( , L(9 #( M(+#o #( >,o(0 (&,(+( %(:Fo"#o $%&%o #( -"'(-/" (" ',o( ( %" &-$o"-o %&/"o$o-"&(#o o o&( #( (o" "&%,( 9 7%*#-+ % -"'(-/"(" -"&%$("&o 9 o(+-o"( !-""+-(.
E, !o"#o $%&%o ( #$-"-&#o o %" o+-(## "/"-$ #("o$-"#
o+-(## #$-"-&#o #( !o"#o $%&%o #( -"'(-/" (" ',o(0 %-("+&; o +%("& 9 -(o #( ,o &*+-( #(, !o"#o 1.
E" (, P(;0 ,o !o"#o $%&%o ( (%," +&%,$("&( o ,o D(+(&oL(-,&-'o No. 61 9 620 %( )" -#o (,$("&#o o ,R(o,%+-o"( CONASE> No. =
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CAPITULO I
FONDO MUTUO1.1. DEFINICION
Co"!o$( (, &*+%,o 23 #( , L(9 #( M(+#o #( >,o( (&,(+( %(
(, !o"#o $%&%o #( -"'(-/" (" ',o( ( %" &-$o"-o %&/"o$o-"&(#o o o&( #( (o" "&%,( 9 7%*#-+ % -"'(-/"(" -"&%$("&o 9 o(+-o"( !-""+-(. E, !o"#o $%&%o (#$-"-&#o o %" o+-(## "/"-$ #("o$-"# o+-(###$-"-&#o #( !o"#o $%&%o #( -"'(-/" (" ',o(0 %-(" +&; o +%("& 9 -(o #( ,o &*+-( #(, !o"#o.
U" !o"#o $%&%o ( %" &-$o"-o %&/"o$o +o"&-&%-#o o o&('o,%"&-o #( (o" "&%,( 9 7%*#-+ %( ( #(&-" , -"'(-/"(" -"&%$("&o 9 o(+-o"( !-""+-( %( ( &"" (" (, $(+#o0+o" (, o7(&o #( o&("( %" ("&-,-##. E&( +-&, ( #$-"-&#o o %" So+-(## A#$-"-&#o #( Fo"#o M%&%o ?SAFM@0 , +%, (,-, ((+&-' -"'(-o"( o +%("& 9 -(o #( ,o &-+-"&(.
E" o& ,0 ( %" ,&("&-' #( )oo ++&(-#o o (%"- ,o )oo #( #-&-"&o &-+-"&(0 ,o +%,( ( -"'-(&(" (" +o"7%"&o.L SAFM -"'-(&( ,o (+%o (+%##o +o" , !-",-## #( -"+($("& (, &-$o"-o #( ,o &*+-(
Co"!o$( (, &*+%,o 23 #( , L(9 #( M(+#o #( >,o( (&,(+( %(
(, !o"#o $%&%o #( -"'(-/" (" ',o( ( %" &-$o"-o %&/"o$o-"&(#o o o&( #( (o" "&%,( 9 7%*#-+ % -"'(-/"(" -"&%$("&o 9 o(+-o"( !-""+-(. E, !o"#o $%&%o (#$-"-&#o o %" o+-(## "/"-$ #("o$-"# o+-(###$-"-&#o #( !o"#o $%&%o #( -"'(-/" (" ',o(0 %-(" +&; o +%("& 9 -(o #( ,o &*+-( #(, !o"#o
1.2. PATRIMONIO
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E, &-$o"-o #( +%,%-( !o"#o ( #( +-&, -(&o0 ( #(+-0 (&8 %7(&o '-+-o"( o (!(+&o #( "%(' o&+-o"( o (+&( #( , %((H-&(" (" (, !o"#o0 9 %( (, -"(o o (&-o #( ,o &-+-"&( ( ,-(.
A-$-$o0 (&8 #-'-#o (" +%o&0 , +%,( +o"&-&%9(" (, &-$o"-o 9#((" #( &("( -%, ',o 9 ++&(*&-+0 9 (8" ((("&#$(#-"&( +(&-!-+#o #( &-+-+-/" ($-&-#o o SAFM
E, &-$o"-o ( #$-"-&#o o %" o+-(## #$-"-&#o0 +%("&9 -(o #( ,o &*+-(0 (&o -"-!-+ %( &"&o , #-# +o$o ,%&-,-##(0 +o$o &$-" (, -(o #( ,o -"&%$("&o (&8 -("#o&o$#o o ,o &*+-(0 "o &("-("#o , o+-(## #$-"-&#o"-"%" (o"-,-## o #-# (" (, ',o #( , -"'(-/"0 +o$o&$o+o o,-+-o"( o +o$o$-o #( ("&-,-## +o" ,o &*+-(
1.3. INTEGRANTES DEL FONDO MUTUO
1.3.1. L(& ,%*''$&
So" %(,, (o" "&%,( o 7%*#-+ %( $(#-"&( %" o&($o"(&-o +o"&-&%9(" (, &-$o"-o #(, !o"#o $%&%o
1.3.2. E C&*(+'(
E , ($( "+- %( ( ("+ #( (%# ,o ',o( %(-"&(" (, &-$o"-o #(, !o"#o0 (!(+&%"#o , +o(o"#-("&(+o"+-,-+-o"( (-/#-+ +o" , -"!o$+-/" oo+-o"# o ,o+-(## #$-"-&#o.
1.3.3. E"*$ %$,+(% &$%#'&(%S%('- %( , #$-"-&#o 9 +%&o#-o #(($((" %+&-'-##( #( +%(#o +o" (, $+o (%,&o-o
1.3.4. S('$+,+ ,+)'"'&*%,*'#, +$ -("+(& +$ )*(&
U" o+-(## #$-"-&#o #( !o"#o $%&%o SAFM ( %" o+-(##"/"-$ %( &-("( +o$o o7(&-'o (H+,%-'o , #$-"-&+-/" #( %"o o$8 !o"#o $%&%o. L o+-(##( #$-"-&#o (%-((" #( ,%&o-+-/" #( CONASE> % o"-+-/" 9 !%"+-o"$-("&o 9 (CONASE> %-(" % '( ( ("+ #( % +o"&o, 9 %('--/".
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Co" +o$--o"( #( #$-"-&+-/" #(&($-"# ,-($("&(0 , +%,(o" -"#(("#-("&( #(, ("#-$-("&o #( ,o !o"#o.
1.4. INSCRIPCION Y SUPERVISION
E, &. 241 #( , LM> (, %( +o(o"#( CONASE> -"+-- (,!o"#o $%&%o (" (, R(-&o0 * +o$o %&o- % &o o&
o+-(## #$-"-&#o 9 (7(+( % +o"&o, 9 %('--/".
L -"+-+-/" #( %" Fo"#o M%&%o (" (, (-&o #((8 ( o,-+-&# "&(, CONASE> o , So+-(## A#$-"-&#o0 #(-("#o +o$( ,o,-+-&%# ,o #o+%$("&o -"#-+#o (" (, &. 243 #( , LM> 9 % &. 24#(, R(,$("&o0 &,( +o$o %" (7($, #(, +o"&&o #( +%&o#- %+-&o("&( , o+-(## #$-"-&#o 9 (, +%&o#-o0 $-($o #(, +o$-& #(-"'(-o"(0 (,$("&o -"&("o #(, !o"#o0 o(+&o #( +o,o++-/"0 (,+o"&&o ("&( (, !o"#o 9 ,o &*+-(0 (&+.
1.4.1. E*,,&!
Lo !o"#o $%&%o ,%(o #( % -"+-+-/" (" (, R(-&o &'-(" #o(& ?&. 4< #(, R(,$("&o@:
L (& (o(&-': +o$("#( #(#( , -"+-+-/" #(, Fo"#o M%&%o)& (, -"-+-o #( % (& o(&-'. E& (& #% (- $(( 9 %(#(( oo# o %" o, '(0 o %" (*o#o -%,0 o,-+-&%# #( ,
So+-(## A#$-"-&#o.
L (& o(&-': ( %(,, (" , %( (, Fo"#o M%&%o (,--"'(-o"(. P -"( (& (& (, Fo"#o M%&%o #((8 +o"& +o"5= &*+-(0 %" &-$o"-o "(&o "o -"!(-o S. 4==.=== 9 , So+-(## A#$-"-&#o #((8 ($-&- , R(-&o , R(,+-/" #( ,o $-($o #(,+o$-& #( '--,"+-. L%(o #( 6 $(( #( -"-+-# (& (&0 (, Fo"#oM%&%o #(( +o"& +o" %" $*"-$o #( 1== &*+-( 9 %" &-$o"-o "(&o
"o $("o S. 5=.=== ?&. 245 LM>0 &. 4< 9 51 #(, R(,$("&o@.
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I"-+-# , +&-'-##( #(, Fo"#o M%&%o (, &-$o"-o "(&o o (, ";$(o#( &*+-( #(+("#-(( #( ,o ,*$-&( -"#-+#o (" (, 8!o "&(-o0#( "o (%,-( (& -&%+-/" ,%(o #( %" ,o o&o#o o CONASE>0 (, Fo"#o M%&%o 9 , So+-(## A#$-"-&#o0 (" +o #( "o&("( o&o !o"#o 7o % #$-"-&+-/"0 ("&8" (" ,-%-#+-/".
1.5. TIPOS DE FONDOS
E" (, $(+#o #( ',o( (H-&(" #-!(("&( +,( #( !o"#o0 %(o!(+(" %" $ #( o#%+&o #( -"'(-/" #-'(-!-+#o %( ( 7%&"#( +%(#o +o" (, (!-, #(, -"'(-o"-&
1.5.1. F("+( )*( +$ %$"*, -':,!
E" (&( ( -"'-(&( (" -"&%$("&o #( ("& !-70 +o$o #(/-&o ,o0(0 o"o0 ,(&0 o(+-o"( #( (o&(0 +(&-!-+#o "+-o0(&+.0 9 , "o +o"&("( ++-o"(0 o" o+o 'o,8&-,(0 o!(+(" $9o ("&-,-## %( ,o #(/-&o ,o o , +%("& #( )oo
1.5.2. F("+( )*( +$ %$"*, #,%',;$!
E&o -"&%$("&o "o &-("(" '("+-$-("&o (&,(+-#o 9 (o&" %&("(#o( ""+- (" (, ,o ,o0 +$-o #( %" $9o -(o. S(-"'-(&(" (" -"&%$("&o #( ("& '-,(0 +o$o , ++-o"(0&-+-+-o"( (" !o"#o #( -"'(-/"0 (&+.J +%9o !,%7o !%&%o "o o"!-7o "- +o"o+-#o +o" +(&( #( "&($"o0 -"o %( '*" #( +%(#o+o" , $+) #( , ($( ($-o. Lo -"'(-o"-& , -"'(&- ("(&( &-o #( -"&%$("&o ( +o"'-(&(" (" ++-o"-& 9 &-("(" #((+)o 'o&o0 9 &-+- (" ,o ("(!-+-o #( , ($(0 ("&( o&o.
1.5.3. F("+( )*( )'*(!
E (, !o"#o %( (&8 +o"!o$#o o %" +o$-"+-/" #( -"&%$("&o #(("& !-70 (" $9o oo+-/"0 9 #( ("& '-,(0 (" $("o oo+-/".E, -(o (" (&( !o"#o ( $9o %( (" (, !o"#o #( ("& !-70 (o $("o %( (" (, #( ("& '-,(. T-("#(" ( $8 ("&,( (" %" ,o,o. A#($80 ( (#%+( (, -(o , -"'(&- (" %" +&( #-'(-!-+#
1.5.4. F("+( )*( -$';$!
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E (, !o"#o %( %(#( +o$o&(0 (" #(&($-"#o $o$("&o0 +o$o+%,%-( #( ,o FM $("+-o"#o0 o ,o %( ( # , o+-(###$-"-&#o , !,(H--,-## #$-"-&,o ## , +o"#-+-o"( #(,$(+#o0 -" +o"-#( (, (!-, #( ,o -"'(-o"-&
1.5.5. F("+( )*( '"*$%",'(",!
E %(, %( -"'-(&( +o$o $*"-$o %" 51K #(, o&!o,-o #( ,o
&-+-"&( (" -"&%$("&o (H&"7(o 9 &-("( , !,(H--,-## #( #o& , +o$o-+-/" #( ,o !o"#o #(+-&o "&(-o$("&(.
1.5.6. F("+( )*( $&*%*%,+(!
E %(, !o"#o %( &-("( +o$o o7(&-'o (% (, +-&, -"'(&-#o 90 #(( (, +o0 , o&("+-/" #( %" ("&-,-## ('-$("&( #(&($-"#?( !-7 o '-,(@. E&o !o"#o &-("#(" (,- -"'(-o"( #($(#-"o o ,o ,o +o" 7o "-'(, #( -(o. E&8" #---#o %" (!-,#( -"'(o +o"('#o
1.6. CARACTERISTICAS
1.6.1. P%$&$"*," " (;:$*'#( +$ '"#$%&'/" $&*,;$'+(!
T-("(" #(&($-"# % (&&(- ("( ("#-$-("&o0 , %(o" (H,-+# (" %" #o+%$("&o ,,$#o %" o(+&o. E" (&(o(+&o &$-" ( -"!o$ (, &-o #( +o$* , %( ( ,(+o$8" ++-o"(: -"+--("&( 9 o+o +o"o+-# ?S$,, C@0 ("#(o,,o ?M-# C@0 (" +(+-$-("&o ?L( C@ o ($((&,(+-# +o" %" , &9(+&o- %( ( ,( +o"o+( +o$o , ,%(
+)-.
1.6.2. U" $
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A, +o$ &*&%,o o +%o& #( %" !o"#o $%&%o0 ( %(#( " &"&o o , #-&-%+-/" #( #-'-#("#o +o$o o , #-&-%+-/" #( ""+- #(+-&, %( ( ("(" , '("#( &-+-+-o"( %( ( o(( #(#-!(("&( ($(0 %("o0 (" (, +o %( , ++-o"( #( , ($((" , %( (, !o"#o ) -"'(&-#o )9" -"+($("&#o (" ',o ?&$-"%(#(" #(+(+( (" % ',o 9 o ,o &"&o "o (*" ""+- #(+-&, -"o #-#@. T$-" (, -"'(o %(#( ,o ""+- -‟'("#( % &*&%,o #(, !o"#o %" (+-o $9o %( +%"#o ,o #%--/ o%(#( ("( %" +#-&o !-+, - , '("#(, $("o (+-o +(&%" #-# #( +-&, %( ,%(o %(#( #(#%+- #(, -$%(&o o( ,("&.
1.6.4. P(*$"', +$ %$"+')'$"*( , ,%( ,=(!
E" ,o Fo"#o $%&%o ( #o"#( $8 o'(+)o ( o&-("( #( '-&+"-+ #( -"'(-/" +o$o o" (, ',o o$(#-o #(, #/, o Co& Do,, A'(( (" -",0 #(, (!(+&o #( #-!(- ,o -$%(&o 9 #( , ""+-#( ,o -"&((( +o$%(&o. S-" ($o0 (& -"'(-o"( "o (&8"
"&-# 9 %(#(" (#( % ',o -"-+-, o -$,($("&( o#%+- %"("#-$-("&o $("o %( (, ((#o.
1.6.5. E %$"+')'$"*( +$ ,+, -("+( +$$"+$ +$ #,%'(&-,*(%$&!
• D(, o7(&-'o (&,(+-#o0• D(, #(($(o #( , ($( (" , %( -"'-(&(0• D(, (%-o (("+-, %( ,o (&-o" 9 % +o$(&("+-• D( ,o &o (" %( -"+%(" ,o !o"#o• D( , &("#("+- #(, $(+#o %8&-,.
1.7. COMISIONES Y GASTOS
1.7.1. C()'&'("$& G,&*(& , C,%( +$ F("+(!
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L So+-(## A#$-"-&#o /,o o#8 + o +o , !o"#o $%&%o ,+o$--/" %"-!-+#0 , +o$--o"( o- #( , o(+-o"( #(-"'(-/" 9 &-%&o ,-+,(.
S( ("&-("#( o +o$--o"( o- #( , o(+-o"( #( -"'(-/" ,+o$--o"( #( -"&($(#-+-/" o &"++-o"( %8&-,( o(H&%8&-,(0 $"&("-$-("&o #( +%("&0 +o$--o"( o &"!(("+--"&("+- 9 o& #( -$-, "&%,(.
1.7.2. C()'&'/" U"'-',+, +$ F("+(!
L So+-(## A#$-"-&#o !-78 %" +o$--/" %"-!-+#0 (H(# ("&$-"o o+("&%,( "%,( +o" ( #( &(+-("&o (("& ?36=@#*0 + , !o"#o $%&%o o +o"+(&o #( ($%"(+-/" 9 o&o&o0 #("&o #( %" "o (&,(+-#o ('-$("&(0 (, $-$o %( (8-"+,%-#o (" (, o(+&o -$,-!-+#o.
L +o$--/" %"-!-+# #(, !o"#o $%&%o ( ,-+8 o( (, &-$o"-o"(&o #( (+-(( #(, !o"#o $%&%o0 (;" ,o (&,(+-#o (" (, EoQ No( ("+%("& (, o-(" #( , (!(("+-. D(, R(,$("&o0 9 %" '(-"-+-# , (& o(&-'.
L '-+-o"( #("&o #( ,o "o o#o ( %7(&" ,o(&,(+-#o (" (, EoQ No ( ("+%("& (, o-(" #( , (!(("+-. #(,R(,$("&o0 (;" +o(o"#.
L +o$--/" %"-!-+# #( ,o !o"#o $%&%o ( #('("8 #--$("&( 9
( ,-%-#8 (" , (-o#-+-## ('-& (" (, (,$("&o #( &-+-+-/".
1.7.3. C()'&'("$& G,&*(& , ,%( +$ (& P,%*'$&!
L So+-(## A#$-"-&#o o#8 + o +o ,o &*+-(+o$--o"( #( %+-+-/"0 (+&(0 &"!(("+-0 &o 9 &-%&o,-+,(0 -($( %( ( ("+%("&( (&,(+-#o (" (, o(+&o
-$,-!-+#o. D( +o"-#( o& +o$--/" o , ($--/" #(, +(&-!-+#o #(
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&-+-+-/"0 & #((8 (& (,# #( $"( (H,*+-& (" (,o(+&o -$,-!-+#o.
L +o$--o"( o &o "o ('-&o (" (, o(+&o -$,-!-+#o (8"%$-#o o , So+-(## A#$-"-&#o.
L '-+-o"( #("&o #( ,o "o o#o ( %7(&" ,o(&,(+-#o (" (, EoQ No ( ("+%("& (, o-(" #( , (!(("+-. #(,
R(,$("&o0 (;" +o(o"#.C%"#o %" &-+-( (,-+( $8 #( %" %+-+-/" 9 ,%(o (,-+( ,;"(+&( (" (, $-$o !o"#o $%&%o0 #((8 +o"-#( (, +-&(-o #(-$( ("� -$( ,-#0 (, +/$%&o #( ,o ,o $*"-$o#( ($"("+-.
1.8. DIFERENCIA ENTRE FONDOS DE INVERSION YFONDOS MUTUOS
1.8.1. M,%( L$,!
• Lo Fo"#o #( I"'(-/" 9 % So+-(##( A#$-"-&#o (
("+%("&" (%,#o o (, D(+(&o L(-,&-'o N 62 ?LFI@ 9 %$o#-!-+&o- L(9 N 26410 * +o$o o (, R(,$("&o #( Fo"#o#( I"'(-/" 9 % So+-(##(
• A#$-"-&#o0 (;" R(. Co"(' N =422==3EF
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Lo Fo"#o %(#(" (: #-'(-!-+#o o "o #-'(-!-+#o.
@ Lo Fo"#o #-'(-!-+#o0 #($8 #( (%- ,o +-&(-o #(#-'(-!-++-/" (&,(+-#o (" % +o(o"#-("&( R(,$("&o#( P&-+-+-/"0 #((8" %7(&( ,o -%-("&(:
.1@ L ($--/" (" ',o( ($-&-#o 9 "&-#o o %"$-$ (o" 7%*#-+ "o o#8 (H+(#( #(, &(-"& 9 &( o +-("&o ?33K@ #(, +&-'o &o&, #(, Fo"#o.
.2@ L -"'(-/" #-(+& o -"#-(+& (" %" -(" o ("#((+)o o( (, $-$o0 "o o#8 (H+(#( #(, (&("& 9 +-"+o?5K@ #(, +&-'o &o&, #(, Fo"#o.
@ Lo Fo"#o "o #-'(-!-+#o ( %7(&" ;"-+$("&( ,o
+-&(-o #( #-'(-!-++-/" (&,(+-#o (" % ((+&-'oR(,$("&o #( P&-+-+-/"0 %#-("#o +o"+("& %-"'(-o"( (" %" o,o +&-'o.
1.8.4. D'-$%$"', (" (& F("+(& M*(& +$ I"#$%&'/"!
E" ,o %( ( (!-(( , #-!(("+- +o" ,o Fo"#o M%&%o #( I"'(-/"0(&o &-("(" o o7(&o (!(+&% -"'(-o"( (" ',o( $o-,--o0 #(("& !-7 o '-,(0 $-("& ,o Fo"#o #( I"'(-/" &-("(" %" +$o$8 $,-o 9 %( #($8 #( ,o $("+-o"#o0 %(#(" +",- %
(+%o -("( -"$%(,(0 #(o,, +&-'-##( o#%+&-'0 *+o$o o9(+&o #( -"'(-/"0 +o" , !-",-## #( ,o %" ("&-,-## ,o -"'(-o"-&.
Po o& &(0 (" ,o Fo"#o #( I"'(-/" "o ( ($-&( (#-$- , +%o&#( &-+-+-/"0 ;"-+$("&( ( &-("( (, #((+)o #( (+-/" (" ,o+o +o$o: #( +-(&o A+%(#o #( , A$,( G("(, %( -"+-#" (", o,*&-+ #( -"'(-o"(0 -"+($("&o #( +o$--o"( o &o ( +o#o ,o &*+-( o , Fo"#o0 (, %$("&o #(, ,*$-&( #(("#(%#$-("&o #(, Fo"#o0 $o#-!-++-/" #(, ,o #( #%+-/" #(, Fo"#oJ
, (,-+-/" #( -"'(-o"( (" +&-'o0 -("( o #((+)o ($-&-#o o
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"&-#o o #-+) (o"0 +%"#o "o )9" -#o %"#o#("&o #(, ,o ('-&o o , "o$&-'-##J , -"'(-o"( "o ('-&(" , o,*&-+ #( -"'(-o"( #(, Fo"#o &-%-,( , (&-/" #( ,o+-(## #$-"-&#o.
1.9. SOCIEDADES ADMINISTRADORAS DE FONDOS
MUTUOS1.9.1. D$-'"''/"!
L So+-(##( A#$-"-&#o #( Fo"#o M%&%o ?SAFM@ o"o+-(##( "/"-$0 %&o-# o CONASE>0 %( &-("(" +o$oo7(&o (H+,%-'o , #$-"-&+-/" #( %"o o $8 !o"#o $%&%o o +%("& 9 -(o #(, &-+-"&(.
E& ("&-##( +o" %" +o$--/" #( #$-"-&+-/"0 , +%, (#(&($-" ,-($("&(. T$-" %(#(" +o +o$--o"( o %+-+-/"
9 (+&( #( +%o&. To# (& +o$--o"( %(#(" ( +o#-"#(("#-("&($("&( #( %( , -"'(-o"( &("" H-&o o "o 9 #(("(& +,$("&( #(&,,# (" (, R(,$("&o #( P&-+-+-/".
E" % #("o$-"+-/" #(( -"+,%-( , (H(-/" So+-(## A#$-"-&#o#( Fo"#o M%&%o #( I"'(-/" (" >,o(0 o % ('-&% SAFM. S-"($o - , o+-(## #$-"-&#o !%( #$-"-& Fo"#o #(I"'(-/"0 #( +o"!o$-## +o" (, D(+(&o L(-,&-'o No 620 %#("o$-"+-/" #((8 -"+,%- , (H(-/" o+-(## #$-"-&#o #(
!o"#o o % ('-&% SAF. Co(o"#( CONASE> %&o- ,o"-+-/" 9 !%"+-o"$-("&o #( , o+-(## #$-"-&#o0 * +o$o(7(+( (, +o"&o, 9 %('--/" #( &.
1.9.2. C,'*, M"')(!
E, +-&, $*"-$o #( , So+-(##( A#$-"-&#o ( #( S(&(+-("&oC-"+%("& M-, N%('o So,( ?S.5= ===0==@0 (, $-$o %( #(( (& &o&,$("&( #o , $o$("&o #( -"-+- % o(+-o"(.
No o&"&( ,o "&(-o0 (, &-$o"-o "(&o #( , o+-(## #$-"-&#o
"o o#8 ( -"!(-o =.5K #( , %$ #( ,o &-$o"-o #( ,o !o"#o
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$%&%o 9 !o"#o #( -"'(-/" 7o % #$-"-&+-/". CONASE>$(#-"&( "o$ #( +8+&( ("(, o#8 (&,(+( %" ,*$-&( $8H-$o, &-$o"-o $*"-$o (H--,( , o+-(##( #$-"-&#o (" !%"+-/" , ++&(*&-+ #( ,o !o"#o #$-"-&#o 9 , -&%+-/" #(,$(+#o.
1.9.3. P%(>';''("$&!
L So+-(## A#$-"-&#o ( ("+%("& o)--# #(:
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@ Co"&& (o"0 %( ,( (&(" ('-+-o #-(+& o-"#-(+&$("&(0 %( )9" -#o "+-o"#o +o"!o$( ,o#-%(&o (" (, -"+-o -@ #(, A&*+%,o 343 #( , L(91J
+@ M"&("( ++-o"-&0 #-(+&o(0 (("&( o $-($o #(,
+o$-& #( -"'(-o"(0 %( ( ("+%("&(" -"+%o (" ,%" #(, o)--+-o"( (,# (" (, -"+-o #@ #(, EoQ No (("+%("& (, o-(" #( , (!(("+-.20 o (" (, -"+-o +@ #(,EoQ No ( ("+%("& (, o-(" #( , (!(("+-.3 #(,R(,$("&oJ 90
#@ O&o %( #( $"( ("(, #-o" , G(("+- G("(, #(CONASE>.
1.10. F"'("$& O;','("$&!1.10.1. D$ C)')'$"*( +$ N(%),& +$ C("+*,!
E" (, #(o,,o #( % +&-'-##(0 , o+-(## #$-"-&#o #((8+%$,- , -%-("&( "o$ ("(,( #( +o"#%+&0 ,o +%, &-$,($("&8 ,o o+(#-$-("&o 9 +o"&o,( "(+(-o % #(-#o('"+-:
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@ E
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o+(#-$-("&o -"&("o (&,(+-#o (" ,o $"%,(+o(o"#-("&(.
1.10.2. D$ I"-(%),'/"!
L o+-(##( #$-"-&#o #((8" (("& CONASE> ,-"!o$+-/" (,&-' (,, 9 ,o !o"#o $%&%o %( #$-"-&("0 #(+%(#o , #-o-+-o"( #( +8+&( ("(, %( #-+) -"&-&%+-/"
(&,(+. A-$-$o0 #((8" ($-&- , R(-&o:
@ S% -"!o$+-/" !-""+-( -"&($(#- 9 "%, %#-� * +o$o% $($o-0 #( +%(#o ,o (&,(+-#o (" , "o$ %((%," , (+-/" 9 (("&+-/" #( , -"!o$+-/"!-""+-(J 90
@ C%"#o ( o#%+" +$-o (" ,o $-($o #(, +o$-& #(-"'(-o"(0 * +o$o #( ,o ++-o"-&0 #-(+&o( o (("&(#( , o+-(## #$-"-&#o0 #((8 ($-&-( (" , $-$oo&%"-## (" , +%, ( +o$%"-+ (, )(+)o #( -$o&"+-0 ,#(+,+-o"( %( ( (!-(( (, -"+-o
L So+-(## A#$-"-&#o (&8 o,-# (" (,+-/" +o" +# !o"#o$%&%o +%$,- , -%-("&( (, #( -"!o$+-/":
@ R($-&- CONASE>0 &' #(, S-&($ M>N(&0 , -"!o$+-/"!-""+-(0 , +o$o-+-/" #( , +&( #( -"'(-o"(0 ,-"!o$+-/" (,&-' ',o +%o&0 &*+-(0 &-$o"-o0 9 o&%( #(&($-"( (, /"o #( ,*"( #( CONASE>J
@ @ R($-&- , R(-&o ,o (&#o !-""+-(o %#-&#o , +-((#(, (7(+-+-o0 * +o$o , $($o- "%,0 o#o o (,#-(+&o-o #( , o+-(## #$-"-&#o0 % /"o (%-',("&(0 (", oo&%"-## (&,(+-# (" , "o$ %( (%," ,(+-/" 9 (("&+-/" #( , -"!o$+-/" !-""+-(. L
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$($o- "%, #((8 +o"&("( , -"!o$+-/" $*"-$ %( ((, (" (, #(, R(,$("&oJ
+@ R($-&- CONASE> (, -"!o$( %( ( (!-(( (, #(, R(,$("&o0+o(o"#-("&( , (7(+-+-o0 (" (, $-$o ,o (,#o (" (,-"+-o @ (+(#("&(J
#@ R($-&- CONASE> +o- #( &o#o '-o o $&(-, #( +8+&( -"!o$&-'o o %,-+-&-o (!(+&%#o o , o+-(## #$-"-&#o &' #( +%,%-( $(#-o0 +o" (,+-/" ,o !o"#o $%&%o
#$-"-&#o0 , -%-("&( #* ;&-, #( % #-'%,+-/"J 90(@ R($-&- , R(-&o -"!o$+-/" o( , +o$--/" %"-!-+#0
+o$--/" #( %+-+-/" 9 (+&(0 , #* ;&-, -%-("&( #( o#%+-#% $o#-!-++-/"0 #( +%(#o , !o$&o (&,(+-#o o (, /"o#( ,*"( #( CONASE>.
1.10.3. D$ G,%,"*,!
L So+-(##( A#$-"-&#o #((8" +o"&-&%- (" !'o #(CONASE>0 (" (,#o #( ,o +o$o$-o +o"&*#o +o" ,o &*+-(
% +o0 o %" $o"&o "o -"!(-o , o+("&7( %( $(#-"&( "o$ #(+8+&( ("(, (&,(+ CONASE> (" !%"+-/" #(, &-$o"-o "(&o#$-"-&#o #( +# !o"#o $%&%o.
L "&* %( ,%#( (, 8!o "&(-o &-("( +8+&( -"&"-,( 9 "o%(#( ( o7(&o #( $(#-# 7%#-+-, o '$(". D-+) "&* o#8#o& , -%-("&( $o#,-##(:
@ D(/-&o "+-o , o#(" #( CONASE>J
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+@ P/,- #( +%+-/" ($-&-# o ($( #( (%o (" !'o #(CONASE>.
CONASE> o#8 (H-- %" "&* o $o"&o $9o( (" /" #(,'o,%$(" 9 "&%,( #( ,o !o"#o $%&%o0 o #( o& +-+%"&"+-!%"#$("&#.
1.10.4. D$ , R$)'&'/" +$ (& E&*,+(& +$ C$"*,!
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L o+-(## #$-"-&#o ( ("+%("& o,-# ($-&- ,o&*+-( ,o (&#o #( +%("&0 , $("o $("%,$("&(0 (" , !o$-"#-+# o (, &*+-( (" (, EoQ No ( ("+%("& (, o-(" #( ,(!(("+-. D(, R(,$("&o 9 #( !o$ &%-&.
Lo (&#o #( +%("& #((8" +o"&("( +o$o $*"-$o ,o -%-("&(:
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&o. E, /"o #( ,*"( #( CONASE> o#8 (%(- ,o+-(## #$-"-&#o %( -"+oo( -"!o$+-/" (,&-' ,o-(o #-+-o",( ,o #(+-&o (" (, (,$("&o #(&-+-+-/"J
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o(( $8 #(, 1=K #( , +%o& (" +-+%,+-/" #( %" !o"#o $%&%o%(#( !(+& (, ("#-$-("&o #(, (&o #( &*+-(J
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1.11. FONDOS MUTUOS DE INVERSION EN VALORES
1.11.1. I"#$%&'("$& , ,%( +$ S('$+,+$&A+)'"'&*%,+(%,& +$ F("+(& M*(&!
1.11.1.1. I"#$%&'("$& P$%)'*'+,&!
Co"!o$( (, &*+%,o 24< #(, T(H&o "-+o O#("#o #( , L(9 #(, M(+#o#( >,o( , -"'(-o"( #( ,o (+%o #(, !o"#o $%&%o o#8"(!(+&%( (" ',o( -"+-&o (" (, R(-&o0 ',o( "o -"+-&o (" (,R(-&o ?(;" #(&,,( #(, &*+%,o 1= #(, D.S. N $(#-"&( #-o-+-o"( #( +8+&( ("(,.
1.11.1.2. C%'*$%'( +$ D'#$%&'-','/" +$ ,& I"#$%&'("$&!
L #-'(-!-++-/" #( , -"'(-o"( ($-&( #-&-%- (, -(o0 &'#( -"'(-o"( (" %" '-(## #( ',o( o'("-("&( #( #-&-"&o(+&o( (+o"/$-+o 9 ($-o(0 #( &, $"( %( (, +o$o&$-("&o
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#(!'o,( (" (, (+-o #( %"o ',o( %(# '(( +o$("#o o (, , #( o&o5.
L #$-"-&+-/" 9 , #(+--o"( #( -"'(-/" #( +# !o"#o $%&%o o"(,-# o (, Co$-& #( I"'(-o"( #( , So+-(## A#$-"-&#o #(Fo"#o M%&%o. U" $-$o Co$-& #( I"'(-o"( %(#( #(($( !%"+-o"( ((+&o #( $8 #( %" !o"#o $%&%o #$-"-&#o o , $-$o+-(## #$-"-&#o. E, Co$-& (&8 -"&(#o o "o $("o #( &(
(o" "&%,( ?A&*+%,o 255 #(, D.S. N ,o( ((("&&-'o #( #(%#:
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• >,o( ((("&&-'o #( &-+-+-/" 9o #(%# o -'o:
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&-&%, #%-((0 %" (+-o #("o$-"#o -$ #( , o+-/"0 o %" ,o o %" !(+) #(&($-"#0 (, #((+)o +o$ o'("#( %" (+-o (!-7#o0 ,,$#o (+-o #( (7(+-+-o #( ,o+-/"0 %" ";$(o #(&($-"#o #( %"-##( #( %" %9+("&(('-$("&( #(!-"-#o 9 #(-#$("&( ++&(-#o. E"&-"#(+o$o %9+("&( %(, +&-'o o *"#-+( o( (, +%, ((,-" ,o ((+&-'o +o"&&o.
1.11.1.3. E$&(& +$ I"#$%&'/" "( %$#'&*(& $" , P(*',&+$ I"#$%&'("$&!
Lo (H+(o #( -"'(-/" * +o$o , -"'(-o"( "o ('-& (" ,o,*&-+ #( -"'(-o"( #(, !o"#o $%&%o ( ("+%("&" (%,# (" (,&*+%,o 251 #(, T(H&o "-+o O#("#o #( , L(9 #( M(+#o #( >,o(0, %( ( %(#(" o#%+- o:
@ C% "o &-%-,( , So+-(## A#$-"-&#o
So" +% "o &-%-,( , o+-(## #$-"-&#o:• P(+-o: C%"#o0 )-("#o #%--#o -"&%$("&o #("&o #( ,o
o+("&7( $8H-$o ,-+,(0 ( o#%+(" '-+-o"( (" ,o(+-o o +o&-+-o"( o+-o""#o (H+(o.
• R(+&(: C%"#o ( (("&(" (+&( #( +%o& #(, !o"#o
$%&%o %( o#%+(" %" #-$-"%+-/" #( % +&-'o &o&,.• Co$o +o"(+%("+- #( $o#-!-++-o"( (" , +,-!-++-/" #( -(o
#( ,;" -"&%$("&o #( , +&( #(, !o"#o $%&%o.• Lo o+%-#o #%"&( ,o -$(o 3 $(( #( -"-+-# , (&
o(&-'.• E" (, +o %( ,%" #( , -"'(-o"( #(7( #( +%$,- ,%" #(
, +o"#-+-o"( ( +o"-#(# +o$o ($-&-#.• O&o +o (" ,o %( , G(("+- G("(, #( CONASE>0 ("
$-&o , !%"#$("&+-/" (!(+&%# o , o+-(###$-"-&#o0 #(&($-"( %( !%(o" o+-o"#o o +%7(" % (&-/".
E" , +%&o -$( +%0 , o+-(## #$-"-&#o #((8%" (" %" ,o "o $9o (- ?6@ $((0 ,%(o #( o#%+-#o (,
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(H+(o #( -"'(-/" o , -"'(-/" "o ('-& (" , o,*&-+ #( -"'(-o"(#(, !o"#o $%&%o.
EH+(+-o",$("&(0 o +% 7%&-!-+# o#8 ( oo,( o %"(*o#o #-+-o", $8H-$o #( (- ?6@ $(( 9 o ;"-+ '(.
@ C% &-%-,( , So+-(## A#$-"-&#o
S( o#%+(" o +% &-%-,( , o+-(## #$-"-&#o0 +%"#o
( o--"(" #-(+&$("&( #( , (&-/" #( , o- o+-(###$-"-&#o.
D((" ( %"#o $8 &# , #* ;&-, -%-("&( #( o+%-#o0 ("+o +o"&-o #((" ( ('(,#o +o$o )(+)o #( -$o&"+- -"#-+"#o+,$("&( , +o"#-+-/" #( &-%-,( , (&-/" #( , o+-(###$-"-&#o.
EH+(+-o",$("&(0 o o"( 7%&-!-+# "&( CONASE> ( o#8(%,- (" %" ,o $8H-$o #( (- ?6@ $((0 +o"&#o #(#( (,
-"-+-o #(, (H+(o o -"'(-/" "o ('-&. E" (&( +o0 , o+-(###$-"-&#o #((8 -"!o$ &o#o ,o &*+-( (& -&%+-/" 9 %#(-# 7%&-!-++-/"0 (+-"#o (, ," #( (%,-+-/" #(, (H+(o o-"'(-/" "o ('-&0 -"#o,( #( ,-++-/" ,o &*+-( (, #((+)o (+& % +%o& -" (& !(+&o , +o$--/" #( (+&(.
L o+-(## #$-"-&#o #((8 (&-&%- , !o"#o $%&%o 9 ,o&*+-( %( +o(o"#0 +%,%-( (7%-+-o o+-o"#o o ,o(H+(o o -"'(-o"( "o ('-& (" , o,*&-+ #( -"'(-o"( #(, !o"#o$%&%o
Y ( o +% &-%-,( o "o0 , o+-(## #$-"-&#o "o o#8(!(+&% "%(' #%--+-o"( #( -"&%$("&o #( , ("&-##(-"'o,%+# (" (, (H+(o0 "- (,- o(+-o"( !-""+-( &("-("#o+o$o +o"&&( (& ("&-##(0 )& %( ( (%,-+( % -&%+-/".
M-("& #%( (, (H+(o o -"'(-o"( "o ('-& (" , o,*&-+ #(-"'(-o"(0 , o+-(## #$-"-&#o #((8 -"!o$ #-+) -&%+-/" ,o &-+-( &' #(, (&#o #( +%("&.
1.11.1.4. G%,#)$"$&!
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E, &*+%,o 254 #(, T(H&o "-+o O#("#o #( , L(9 #( M(+#o #(>,o( (&,(+( %( ,o -("( 9 #((+)o %( -"&((" ,o +&-'o #(,o !o"#o $%&%o "o o#8" (& !(+&o '8$("(0 $(#-#+%&(,( o o)--+-o"( #( +%,%-( "&%,(0 ,'o %( ( &&( #("&* o&o# %( %7" #( , o(+-o"( o- #( ,o !o"#o.
1.12. REGLAMENTO DE PARTICIPACION
E (, +o"&&o #( #$-"-&+-/" %( %+-(" , o+-(## #$-"-&#o9 (, &*+-( "&( #( , -$( %+-+-/" %( (,-+( o +# !o"#o$%&%o o (-(. D(( (,o( &o$"#o (" +%("& , -"!o$+-/"$*"-$ (&,(+-# (" (, &*+%,o 243 #(, T(H&o "-+o O#("#o #( , L(9#( M(+#o #( >,o(0 +o"+o#"&( +o" (, &*+%,o 4= 9 A"(Ho E #( ,R(o,%+-/" CONASE> N 62=1=EF
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o No$( 9 #o+%$("&o #( -#("&-## #( % ((("&"&(
,(, #(-#$("&( !+%,&#o %+-- 9 (+& +%o&0 #( ( (, +oJ
o Do$-+-,-o #(, &*+-(J 90o Co(o (,(+&/"-+o0 #( ( (, +oJ
@ D("o$-"+-/" #(, !o"#o $%&%o0 9 % (-(0 #( ( (, +oJ +D("o$-"+-/" o+-, #( , o+-(## #$-"-&#oJ+@ F(+) #( , !-$ #(, +o"&&oJ#@ Co$--/" %"-!-+#0 +o$--/" #( %+-+-/" 9 +o$--/" #( (+&(
'-("&(0 -"+,%9("#o ,o -$%(&o ((+&-'oJ(@ P8-" V(J!@ I"#-++-/" %( , -"+oo+-/" #(, &*+-( , !o"#o $%&%o -$o&
% ,(" +(&+-/" 9 o$(&-$-("&o , o(+&o -$,-!-+#o0(,$("&o #( &-+-+-/" 9 #($8 (, %( (%,(" %!%"+-o"$-("&oJ
@ A%&o-+-/" #(, &*+-( %( , o+-(## #$-"-&#o(+&( , &-+-+-o"( %( $"&(" (" (H+(o0 (" +o'("" ,o ,o (,#o (" (, EoQ No ( ("+%("& (,o-(" #( , (!(("+-. #(, R(,$("&o0 -" %( ( )9 (!(+&%#o, %"+-/" +o(o"#-("&(0 * +o$o (" %(,,o +o(%(-#o o , "o$ &-%&-J
)@ A+(&+-/" o "o #(, %o #( $(#-o (,(+&/"-+o (,- o(+-o"(0 #( ( (, +o0 #(-("#o (+-( (, $(#-o(,(+&/"-+o ((+*!-+o %&-,-. L o+-(## #$-"-&#o #((8(+- (" (&( #o+%$("&o o (" (, (,$("&o #( &-+-+-/"
%( o(+-o"( ( o#8" (,- &' #( $(#-o(,(+&/"-+oJ
-@ ,&("&-' (,(-# , ("&( #(, (&#o #( +%("& o &(#( , o+-(## #$-"-&#oJ
7@ A,&("&-' %&-,-# o , o+-(## #$-"-&#o (,- ,+o$%"-++-o"( %( (" (%(-#0 -"+,%9("#o , #(-'# #(,o &8$-&( #( $o#-!-++-/" #(, o(+&o -$,-!-+#o0 (,$("&o#( &-+-+-/" o +o"&&o #( #$-"-&+-/"J
W@ I#("&-!-++-/" 9 !-$ #(, o$o&o %( &-+-/ (" , o(+-/"J 90$ F-$ #(, &*+-(.
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1.12.2. P,%*'$!
L +,-## #( &*+-( (" %" !o"#o $%&%o ( #%-(( o:
• S%+-+-/" #( +(&-!-+#o #( &-+-+-/"0 (" (, $o$("&o (" %(
, o+-(## #$-"-&#o (+-( (, o&( #(, -"'(-o"-&.• A#%--+-/" #( +(&-!-+#o #( &-+-+-/".
A#7%#-++-/" #( +(&-!-+#o #( &-+-+-/" o(*#o (" +oo-(##0%+(-/" o +% #( $%(&( % o& !o$ ($-&-# o , ,(9(.C%"#o %" +(&-!-+#o #( &-+-+-/" (&("(+ (" +oo-(## $8 #( %" (o"0 % &-&%,( #((8" #(-" %" #( (,, %( ,o ((("&( !("&( , o+-(## #$-"-&#o.
1.12.3. L)'*$& $" , P,%*'','/"!
R(%,#o o (, &*+%,o 24 #( , L(9 #( M(+#o #( >,o( , +%,(&,(+( %( "-"%" (o" "&%, o 7%*#-+ o#8 ( &-&%,0 #-(+&o -"#-(+&$("&(0 #( $8 #(, #-( o +-("&o ?1=K@ #(, &-$o"-o "(&o #(%" !o"#o $%&%o0 ,'o %( ( &&( #(:
@ Ao&"&( !%"##o(0 #%"&( ,o #o ?2@ -$(o o #(o(+-o"(0 #(-("#o #-$-"%- o(-'$("&( %&-+-+-/" (" (, !o"#o $%&%o #( +%(#o %" ," #( '("&#( +%o&.
@ E, -"+($("&o #( , &-+-+-/" +o$o +o"(+%("+- #( ,#-$-"%+-/" #(, ";$(o #( +%o& o (+&( (!(+&%#o o o&o &*+-(. E" (&( ;,&-$o %%(&o0 (, &*+-( "o #((8#%-- "%(' +%o& $-("& % -"'(-/" ((("&( %"(H+(o (" (,+-/" , &-$o"-o #(, !o"#o.
1.12.4. R$&,*$!
L +%o& #( ,o !o"#o $%&%o #((8" ( (+&# o , o+-(###$-"-&#o +%"#o * ,o o,-+-&( % &-&%,0 +o" %7(+-/" ,
,-$-&+-o"( (&,(+-# (" (, o(+&o -$,-!-+#o0 (,$("&o #(
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&-+-+-/" 9 (, R(,$("&o. S( ("+%("& (%,#o (" ,o &*+%,o 246, 24 , R(o,%+-/" CONASE> N 62=1=EF.
1.12.7. P,( +$ R$&,*$!
E, (+&( ( (!(+&%8 +o" +o , +%("& #(, !o"#o (" %" ,o %("o (H+(#(8 #( &( ?3@ #* ;&-,( #( (("&# , o,-+-&%#.
E, ,o (,#o (" (, 8!o "&(-o "o ( #( ,-++-/" (,(+&( o$#o 9 (, (+&( -"-!-+&-'o.
1.13. LA CUOTA FONDOS DE CAPITAL AIERTO Y ELCERTIFICADO DE PARTICIPACION
1.13.1. L, C(*,!
E, &-$o"-o #(, !o"#o $%&%o ( ("+%("& #-'-#-#o (" +%o&++&(*&-+ -%,(0 ((("&# o C(&-!-+#o #( P&-+-+-/"($-&-#o o , SAFM.
E, ',o +%o& (%,& #( #-'-#- (, ',o &o&, #(, &-$o"-o #(, !o"#o$%&%o ("&( (, ";$(o #( +%o& (" o#( #( ,o &*+-(. E, ',o
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Valor Cuota: Valor PatrimonioUS$ 10 000 000
Numero e Cuota! 1.000.000 " US$ 10
+%o& -"+oo , ""+- o #-#0 (,-# o o&("+-,(0 #(&o# , -"'(-o"(.
Po (7($,o0 - %" !(+) #(&($-"# (, ',o #(, &-$o"-o #( %" !o"#o$%&%o +-("#( US 1= === === 9 (H-&(" 1 === === +%o& ("o(-/" #( ,o &*+-(0 ("&o"+( (, ',o +%o& (:
S- %&(# +%("& +o" US 9 #(+-#( -"'(&-,o (" (, !o"#o $%&%o #(,(7($,o0 o#8 #%-- %" &o&, #( 1= +%o&.
E, ',o +%o& ( +,+%, #--$("&( (" !%"+-/" #( , !,%+&%+-/" #( ,o(+-o #( ,o ',o( (" %( -"'-(&( (, !o"#o $%&%o.
1.13.2. F("+(& +$ C,'*, A;'$%*(!
Co"!o$( ,o (&,(+( , L(9 #(, M(+#o #( >,o(0 (, &-$o"-o #( ,o!o"#o $%&%o ( %+(&-,( #( '-+-/" o (!(+&o #( "%('o&+-o"( o (+&( #( , (H-&("&(.
1.13.3. C,%,*$%&*',& +$ (& $%*'-',+(& +$,%*'','/" $" -("+(& )*(&!
Lo +(&-!-+#o #( !o"#o $%&%o o" ',o( $o-,--o %( (++&(-" o ( ($-&-#o $-'$("&(0 ( "o$-"&-'o 9
((("&( o $(#-o #( +(&-!-+#o o o "o&+-o"( (" +%("&13.
P%(#(" +o"&("( %" o '- +%o&0 'o,%"&# #(, #%--("&(0 %-("&("#8 (, #((+)o #( !++-o" (, &-&%,o !+-,-& % '("& o (+&(.
1.13.4. L(& $%*'-',+(& +$ ,%*'','/" $" -("+(&)*(& +$;$" ("*$"$%!
Lo +(&-!-+#o #( &-+-+-o"( (H(8" o,-&o-$("&(:
• L #("o$-"+-/" #(, Fo"#o.
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• L #("o$-"+-/" #( , A#$-"-&#o0 % #o$-+-,-o 9 #&o #(
-"+-+-/" (" (, R(-&o M(+"&-,.• L ((+-!-++-/" #(, Fo"#o #( C-&, F-7o o C-&, >-,(. E"
+o #( Fo"#o #( C-&, F-7o0 -"#-++-/" #(, $o"&o #(, +-&, ("+-+%,+-/".
• E, ',o "o$-", #( +# +%o& o &-+-+-/".• L +"&-## #( +%o& o &-+-+-o"( %( ((("& (,
+(&-!-+#o 9 % ";$(o +o(,&-'o.• E, "o$( #(, &*&%,o ',o #(, +(&-!-+#o.• Lo #&o (,&-'o , -"+-+-/" #(, Fo"#o 9 , A#$-"-&#o
(" (, R(-&o.• L !(+) #( ($--/".
L !-$ #( %"o o '-o #( ,o D-(+&o( #( , A#$-"-&#o.
1.14. MECANISMOS PARA ASEGURAR EL CORRECTOFUNCIONAMIENTO CON EL FONDO MUTUO
S- -(" ,o !o"#o $%&%o 9 , SAFM o" %('-#o o CONASE>0 ,,(-,+-/" (' $(+"-$o0 (" $&(- #( (&-/"0 %( ($-&("&("% ,o -(o.
A#-+-o",$("&(0 , SAFM +o"&-&%9(" %" "&* !'o #( CONASE>0(" (,#o #( ,o +o$o$-o %$-#o +o" % &-+-(0 o %"$o"&o "o -"!(-o , =.5 K #(, &-$o"-o "(&o #( +# !o"#o $%&%o#$-"-&#o.
A, ( !(+&#o o % SAFM0 ( %(#( o& o , '* #(, -&7( (o,'( (+,$o o +o"&o'(-. T$-" (H-&( o& '* %( +o"-&( ("(("& (, (+,$o "&( , CONASE>0 , %( (',% (, +o 90 (" (,%%(&o %( #-+)o (+,$o o+(#0 -"-+- , (7(+%+-/" #( ,"&* +o(o"#-("&(.
1.15. VENTAAS DE LOS FONDOS MUTUOS
A++(-,(: Co" %" (%( -"'(-/" ( %(#( ++(#( ,&("&-'%( "&( (&" (('# ;"-+$("&( "#( -"'(-o"-&0 o % ,&o +o&o #( &"++-/".
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Co"'("-("+-: A, #(,( (, $"(7o #( % -"'(-/" %" &(+(o0 (,-"'(-o"-& "o "(+(-& -"'o,%+( (" ,o #(&,,( #( , &"++-o"(#( +o$ 9 '("& #( +&-'o +o$o ,o (&* (" +o #( $"(7 #-(+&$("&( % -"'(-o"(.
D-'(-!-++-/": A &' #( %" !o"#o $%&%o (, -"'(-o"-& #-&-%9( %#-"(o ("&( #-&-"&o +&-'o !-""+-(o0 #-'(o *( 9 (+&o(0 +o",o +%, #-$-"%9( (, -(o #( +# -"&%$("&o o (#o0 %( ( ,o
%( o+%( +%"#o &o#o (, #-"(o ( +o"+("&#o (" %" +&-'o ("&-+%,.
L-%-#(: S( %(#( (+& (" !o$ &o&, o +-, , -"'(-/"0 ,'(+( %( ,o #(((. No (H-&(" ,o !-7o #( ($"("+- "-'("+-$-("&o. D( $"( #-!(("&(0 (" (, +o #( %" #(/-&o ,o (,-"'(-o"-& #(( (( )& (, '("+-$-("&o (&- &o# %-"'(-/" - "o %-(( (#( -"&(((.
>("&7 &-%&-: P , (o" "&%,(0 ,o !o"#o $%&%o
("(" o,-+-o"( &-%&- /,o +%"#o ( (!(+&;" (+&(. Po ,o&"&o0 (" , $(#-# %( %" (o" "o ,-%-#( % -"'(-o"( (" !o"#o$%&%o0 "o #(( -$%(&o o #-+)o +o"+(&o0 %" +%"#o#%"&( (" (, o % -"'(-o"( )9" &("-#o ("&-,-##.
1.16. DESVENTAAS DE LOS FONDOS MUTUOS
Co&o ( #( ("#-$-("&o "(&-'o: ,o -"'(-o"-& #((" &o #( '("&0 +o$--o"( "%,( 9 o&o &o-"#(("#-("&($("&( #( +/$o ( #(($(( (, !o"#o.
Y #(("#-("#o #(, &-($o #( , -"'(-/"0 ( o-,( %( ,o-"'(-o"-& &$-" &("" %( -$%(&o o( +%,%-( #-&-%+-/" #( ""+- #( +-&, %( (+-"0 -"+,%o - (%,& %( (,!o"#o ( #(($( $(#-o+($("&( #(% #( %( (,,o )9"+o$#o , ++-o"(.
F,& #( +o"&o,: &*-+$("&(0 ,o -"'(-o"-& "o %(#(" '(-% ,+o$o-+-/" (H+& #( , +&( #( %" !o"#o (" +%,%-( $o$("&o##o0 "- &$o+o %(#(" -"!,%- #-(+&$("&( o( % ',o( +o$ o
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'("#( (, #$-"-&#o #(, !o"#o "- o( (, $o$("&o (" %( ( (,-+("(o "(o+-o.
I"+(&-#%$( (" ,o (+-o: +o" %" ++-/" -"#-'-#%,0 %&(# %(#(o&("( -"!o$+-/" o( (+-o (" &-($o (, ?o oH-$#$("&( ("&-($o (,@ +o" (,&-' !+-,-##0 o $(#-o #( +o"%,& -&-o!-""+-(o (" , I"&("(& o #( ,,$# % +o(#o. T$-" %(#('(-!-+ ,o +$-o (" ,o (+-o #( , ++-/" #( )o (" )o0 o
-"+,%o0 #( (%"#o (%"#o. E" +$-o0 +o" %" !o"#o $%&%o0 (, (+-o, %( %&(# +o$ o (#-$( ++-o"( #(("#(8 &*-+$("&( #(, NA>#(, !o"#o0 %( (, !o"#o "o o#* +,+%, -"o )& $%+) )o#(% #( %( %&(# )9 )(+)o % (#-#o. Po ,o ("(,0 ,o !o"#o$%&%o #((" +,+%, % NA> , $("o %" '( +# #* )8-,0&*-+$("&( #(% #( %( +-((" , o, ',o( -"+-
CAPITULO II
FONDOS DE SEGUROS
2.1. Co"+(&o:E, Fo"#o #( S(%o #( D(/-&o
E, Fo"#o #( S(%o #( D(/-&o ?FSD@ ( %" (o" 7%*#-+ #(#((+)o -'#o0 #( "&%,( ((+-,0 %( &-("( o o7(&o o&(( %-("( (,-+(" #(/-&o (" , -"&-&%+-o"( !-""+-( #(, -&($!-""+-(o0 #("&o #( ,o ,+"+( (&,(+-#o (" , L(9 N 26=2 9 %
$o#-!-+&o-.
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E, FSD +%("& +o" %" Co"(7o #( A#$-"-&+-/" 9 %" S(+(&*T+"-+ +o" , !%"+-o"( 9 &-%+-o"( (&,(+-# (" % (&&%&o. E,Co"(7o #( A#$-"-&+-/" (&8 -"&(#o o:
U" ((("&"&( #( , S%(-"&("#("+- #( B"+0 S(%o 9 AFP?SBS@0 #(-"#o o (, S%(-"&("#("&(0 %-(" ,o (-#(.
o U" ((("&"&( #(, B"+o C("&, #( R((' #(, P(;0#(-"#o o % D-(+&o-o.
o U" ((("&"&( #(, M-"-&(-o #( E+o"o$* 9 F-""0
#(-"#o o (, M-"-&o.o T( ((("&"&( #( , ($( #(, -&($ !-""+-(o0
#(-"#o o %" A$,( #(
M-($o.
C(#o $(#-"&( , L(9 G("(, #( I"&-&%+-o"( B"+-0 F-""+-( 9#( S(%o0 D(+(&o L(-,&-'o N 630 (" 1
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Montos M%imos ubiertos por el *+&desde el inicio de sus operaciones(Epresado en ueos +oles)
"#o $rime%tre Monto
1991 -,//.//
1992 0,1/2.//
199& I 3,2/.//
II 3,2/.//
III 3,2/.//
I4 5,///.//
199' I 5,--.//
II 5,006.//
III 5,3-3.//
I4 6/,66.//
199 I 6/,--.//
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II 6/,57.//
III 6/,76.//
I4 6/,507.//
1996 I 66,6-.//
II 66,021.//
III 66,2.//
I4 6-,/36.//
199! I 6-,-/3.//
II 6-,0.//
III 6-,2/7.//
I4 6-,760.//
199( I 61,/63.//
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II 61,05.//
III 61,72.//
8ctubre9oiembre 61,713.//
&iciembre 3-,///.//
1999 Enero9*ebrero 3-,///.//
Marzo9Mayo 3-,7--.//
:unio9;gosto 31,2/-.//
+etiembre9oiembre 30,-/5.//
&iciembre9*ebrero
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2001 Marzo9Mayo 37,627.// :unio9;gosto 37,620.// +etiembre9oiembre 32,0--.// &iciembre9*ebrero =/- 33,27-.//2002 Marzo9Mayo 33,/06.// :unio9;gosto 33,2-.// +etiembre9oiembre 32,/37.//
&iciembre9*ebrero =/1 32,7.//200& Marzo9Mayo 32,2/.// :unio9;gosto 37,/32.// +etiembre9oiembre 32,22-.// &iciembre9*ebrero =/0 37,020.//200' Marzo9Mayo 2/,627.//
:unio9;gosto 26,22.// +etiembre9oiembre 2- --5,//
&iciembre9*ebrero =/ 2- 0/,//200 Marzo9Mayo 2- -5/,//
:unio9;gosto 2- 250,//+etiembre9oiembre 21 162,//&iciembre9*ebrero =/3 20 -16,//
2006 Marzo9Mayo 2 6/5,//:unio9;gosto 2 0,//+etiembre9oiembre 2 216,//&iciembre9*ebrero =/2 2 20-,//
200! Marzo9Mayo 2 -36,//:unio9;gosto 23 032,//+etiembre9oiembre 27 65,//&iciembre9*ebrero =/7 25 -22,//
200( Marzo9Mayo 7/ 522,//:unio9;gosto 7- 70,//
+etiembre9oiembre 73 17,//2009 &iciembre 9 *ebrero =/5 72,7/,//
Marzo 9 Mayo =/5 70,-0/,//
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:unio 9 ;gosto =/5 7-,330.//+etiembre 9 oiembre>/5
7-,/0.//
2010 &iciembre ? *ebrero-/6/
7-,/21.//
Marzo ? Mayo -/6/ 71,-61.//:unio ? ;gosto -/6/ 70,1/-.//
+etiembre 9 oiembre-/6/
70,26/.//
2011 &ic. -/6/ 9 *ebrero -/66 7,251.// Marzo 9 Mayo -/66 72,30.// :unio ? ;gosto -/66 75,022.// +etiembre 9 oiembre 5/,013.//2012 &ic. -/66 9 *ebrero -/6- 56,3-6.// Marzo -/6- ? Mayo -/6- 56,-51.// :unio 9 ;gosto -/6- 56,305.// +etiembre 9 oiembre
-/6-56,/10.//
201& &ic. -/6- 9 *ebrero -/61 56,-63.// Marzo 9 Mayo -/61 5/,026.// :unio ? ;gosto -/61 5/,/-.// +etiembre ? oiembre
-/615-,5/0.//
201' &ic. -/61 9 *ebrero -/60 5-,3-.//
Marzo a Mayo -/60 5-,217.// :unio a ;gosto 51,163.// +etiembre ? oiembre 51,033.//201 &ic. -/60 9 *ebrero -/6 50,67-.// Marzo 9 Mayo -/6 51,5-.// :unio a ;gosto -/6 50,77.// +etiembre ? oiembre 5,1-0.//2016 &ic. -/6 9 *ebrero -/63 53,-03.// Marzo 9 Mayo -/63 53,26.//
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2.4. MIEMBROS DEL FONDO DE SEGURO DE DEPÓSITOSE, FSD (&8 -"&(#o o , ($( #( o(+-o"( $;,&-,(%&o-# +& #(/-&o #(, ;,-+o. So" $-($o #(, FSD ,($( "+-0 ($( !-""+-(0 +7 $%"-+-,( #( )oo 9+#-&o 9 +7 %,( #( )oo 9 +#-&o.
L ("&-##( #( #(o,,o #( , (%( 9 $-+o ($( EDPYMES(8" $-($o #(, FSD +%"#o ( ,( %&o- +& )oo #(,;,-+o.
L +&(o* #( $-($o ( -"&"!(-,( ( -")(("&( , ($( #(,-&($ !-""+-(o %&o-# +& #(/-&o #(, ;,-+o.
2.5. PREGUNTAS FRECUENTES
2.5.1.ZLo #(/-&o #( %-" ( ("+%("&" (%#o[E, Fo"#o (% ,o #(/-&o "o$-"&-'o #( (o" "&%,(
9 (o" 7%*#-+ -'# -" !-"( #( ,%+o 9 #(/-&o , '-& #(, #($8 (o" 7%*#-+ ?(H+(&o #(, -&($ !-""+-(o@.
\ C%("& Co-("&(\ C%("& P,o\ C%("& #( A)oo\ D(/-&o CTS\ C(&-!-+#o #( D(/-&o No N(o+-,(\ D(/-&o (" G"&*\ D(/-&o C%o& I"-+-,(\ P," o(-'o #( D(/-&o\ R(&("+-o"( ]%#-+-,(\ I"&((( o D(/-&o\ D(/-&o +o" +o"&&o SV 9o +o$ !%&%o
ME\ D(/-&o , >-& I"+&-'o\ D(/-&o #( A)oo I"+&-'o
\ D(/-&o P,o I"+&-'o
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Lo +(&-!-+#o0 o"o 9 +%,%-( o&o -"&%$("&o ($-&-#o ,o&#o "o (&" (%#o o (, Fo"#o. E, Fo"#o &$o+o +%( ,o#(/-&o +%9o &-&%,( (":
\ P(o" %( #%"&( ,o 2 ?#o@ o ('-o ,
#(+,+-/" #( #-o,%+-/" 9 ,-%-#+-/" #( , ($(0 ()%-((" #(($(#o +o$o #-(+&o( o (("&( #( ,$-$.
\ P(o" (&("(+-("&( ,o %o (+o"/$-+o %(&("" %" &-+-+-/" $9o , 4 K ?+%&o o +-("&o@(" (, +-&, o+-, #( , ($( , $o$("&o #( ,#(+,+-/" #( #-o,%+-/" 9 ,-%-#+-/"0 -($( %()9" &-+-#o #-(+& o -"#-(+&$("&( (" % (&-/".
\ A++-o"-&0 (o", #( #-(++-/" 9 #( +o"!-" #( ,
($( %( , $o$("&o #( , #(+,+-/" #( #-o,%+-/"9 ,-%-#+-/" &("" &, +o"#-+-/".\ P(o" '-"+%,# , ($( (;" ,o +-&(-o
(&,(+-#o o , SBS\ E$( #(, -&($ !-""+-(o "+-o", %( ("
$-($o #(, Fo"#o o % -$-,( #(, (H&"7(o.
2.5.2. ZLo #(/-&o $"&("-#o (" % ("&-##( ( ("+%("&"(%#o[
L L(9 N 26=2 ) (&,(+-#o %( , -%-("&( ($(0%&o-# +& #(/-&o #(, ;,-+o0 o" $-($o #(, FSD :
\ E$( B"+-\ E$( F-""+-(\ C7 M%"-+-, #( A)oo 9 C#-&o\ C7 R%, #( A)oo 9 C#-&o
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E "(+(-o #(&+ %( %( +%,%-( #( (& ($(( (,## o (, FSD0 #((8 (!(+&% o&( , $-$o #%"&( 24$((.
2.5.3. Z^% %+(#( - &("o #(/-&o (" $8 #( %" ($($-($o #(, Fo"#o[
L +o(&% &-("( ,% o (o" (" +# ($( $-($o #(,!o"#o. S- &("o #(/-&o (" $8 #( %" ($( $-($o0 &o (
("+%("&" (%#o (" +# ($( )& o (, $o"&o $8H-$o #(+o(&%.
2.5.4. ZC%8, ( , +o(&% $8H-$ %( $( o!(+( (, Fo"#o0#(("#( & #( , ($( (" #o"#( &(" $- #-"(o[
E, $o"&o $8H-$o #( +o(&% #(, FSD (, (-o#o D-+-($(2=15 F((o 2=16 ( #( S.
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2.5.6. Z^% #(o )+( - $- "+o %-(0 +%8"#o (+%(o $-#-"(o[
U" '( #(+,# , #-o,%+-/" #( , ($( !-""+-( , SBS+%-#8 %( (" %" ,o "o $9o 6= #* ,o ,-%-##o( ($-&" ,FSD , (,+-/" #( ,o (%#o +%-(&o0 -"#-+"#o (, $o"&o %(+-("#(" % #((+)o0 #-!(("+-"#o (, +o(o"#-("&( +-&, (-"&(((. ^%-("( )%-((" -#o o$-&-#o (" , (,+-/" %(#(" !o$%, (, (+,$o +o(o"#-("&( "&( , S%(-"&("#("+- (" %" ,o #( 6=#* #( -"-+-# , (H)--+-/" #( #-+)o #o+%$("&o0 ,o +%, #(( ( +(&-!-+#o "o&-,$("&(. E, FSD -"-+-8 ,o o (" %" ,o "o $9o #( 1= #* )8-,( #( (+--# , (,+-/"0 9 ,o o o(%-8" #($"( -"&(%$-#. E, ,o +o ,o !o"#o '("+( )& #("&o#( 1= o +o"&#o &- #( , !(+) (" %( ( -"-+-" ,o o. U"'( &"+%-#o #-+)o (-o#o0 (, (%#o -(#( (, #((+)o #(+o(&% 9 (, $o"&o !o$ &( #( ,o (+%o #(, FSD.
2.5.. Z^% +o" , #(%# %( &("* +o" (, "+o
%(#o[Co"!o$( ,o #-%(&o (" (, A&-+%,o 155 #( , L(9 26=20 - (,(%#o $"&%'-(( o,-+-o"( +o" (, $-($o #(, Fo"#o ("o+(o #( ,-%-#+-/"0 ( +&-+ , +o$("+-/" +o(o"#-("&( 9 (,( o" /,o (, ,#o %( %(# (%,& % !'o. E& +o$("+-/"o+(#( &$-"0 -,-$-&#$("&(0 ((+&o #( , %$ o--"# (" ,o#(/-&o o +o$("+-/" #( &-($o #( ('-+-o 9 #( o& +(("+-%" -"&"-,( o -"($,( #(, #(%#o.
2.5.. Z^% #(o )+( - ("+%("&o ,%" ($( %( +&
#(/-&o #(, ;,-+o 9 "o ( $-($o #(, Fo"#o[D(o "o&-!-+ , S%(-"&("#("+- #( B"+ 9 S(%o0 9 %(
,o )oo #( &o#o ,o )o-& (" (& ($( o#*" (& ("(,-o.
2.5.
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o Lo #(/-&o "o$-"&-'o0 7o +%,%-( $o#,-##0 #( ,
(o" "&%,( 9 , (o" 7%*#-+ -'# -"!-"( #( ,%+oJ
o Lo -"&((( #('("#o o ,o #(/-&o "&(-o$("&(
$("+-o"#o0 &- #( , !(+) #( +o"&-&%+-/" o #( %;,&-$ ("o'+-/"J 9
o Lo #(/-&o , '-& #( , #($8 (o" 7%*#-+0
(H+(&%"#o ,o +o(o"#-("&( , ($( #(,-&($ !-""+-(o.
2.5.1=. Z^% -"&%$("&o "o (,# (, FSD[E, Fo"#o "o +%( ,o #(/-&o #( ,o &-&%,( %( #%"&( ,o 2
?#o@ o ('-o , #(+,+-/" #( #-o,%+-/" 9 ,-%-#+-/"0 ()%-((" #(($(#o +o$o #-(+&o( o (("&( #( , ($( #( %(( &&(0 9 #( , (o" (&("(+-("&( ,o %o (+o"/$-+o %(&("" &-+-+-/" $9o , 4K ?+%&o o +-("&o@ (" , o-(## #( ,
($(0 -($( %( )9" &-+-#o #-(+& o -"#-(+&$("&( (" %(&-/". T$o+o (&8" +%-(&o ,o #(/-&o +o(o"#-("&( (o" '-"+%,# , ($(0 % ++-o"-&0 (o", #( #-(++-/"9 #( +o"!-"0 ,o #(/-&o #( o& ($( #(, -&($ !-""+-(o"+-o", o #(, (H&"7(o0 ,o #(/-&o +o"&-&%-#o +o" -"!++-/" #( ,,(9 9 ,o -"&%$("&o0 %( o"#o !o$,$("&( #( , #("o$-"+-/" #(#(/-&o0 (" (("+-,$("&( +(("+- "o #(o-&-. Lo+(&-!-+#o0 o"o 9 +%,%-( o&o -"&%$("&o ($-&-#o , o&#o "o(&8 (%#o o (, Fo"#o.
2.5.11.ZC%8"&o +%(& , #(o-&"&( +o"& +o" (, (%o #(#(/-&o[
No ,( +%(& o,%&$("&( "#. L ("&-##( !-""+-(%&o-# o , SBS +& #(/-&o #(, ;,-+o0 +o$o ,o "+o0!-""+-(0 +7 $%"-+-,( 9 +7 %,( #( )oo 9 +#-&o0 #(("#( $"( o,-&o- -$ &-$(&,( , FSD %( %#(o-&"&( ( ("+%("&(" (%#o.
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S-" ($o0 ( #(( &("( (" +%("& %( , ("&-##( !-""+-( %(-"((" +o$o $-($o #(, FSD0 #((8" -$ #%"&( 24$(( %( % #(o-&"&( ( ("+%("&(" +%-(&o.
2.5.12.?D/"+$ +$;$ '"&%';'%&$ $ +$(&'*,"*$ ,%, (%%(& $&*" %(*$'+(& (% $ FSD
E, #(o-&"&( "o "(+(-& -"+--( (" "-"%" ,-& +o"&
+o" , o&(++-/" #(, (%o #( #(/-&o. A, #(o-& % )oo ("%" ("&-## $-($o #(, FSD0 %(# %&o$8&-+$("&( (%#o.
2.6. NORMAS Y LEYES
E" , +&%,-##0 (, Fo"#o ( -( o , #-o-+-o"( +o"&("-#(" , L(9 N 26=20 $o#-!-+# o , L(9( N 2== 9 N 21=20 o %R(,$("&o0 o % E&&%&o 9 o , #($8 #-o-+-o"( %( ($-& ,S%(-"&("#("+-.
\ L(9 G("(, #(, S-&($ F-""+-(o S-&($ #( S(%o9 O8"-+ #( , S%(-"&("#("+- #( B"+ 9 S(%o.L(9 N 26=2 .
\ S(++-/" S(%"#0 T-&%,o P-$(o0 C-&%,o III Fo"#o #(S(%o #( D(/-&o ?A& 144 15@
\ Mo#-!-++-o"( , L(9 G("(,\ L(9 2== L(9 %( $,* , +o(&% #(, Fo"#o #(
S(%o #( D(/-&o 9 , !+%,&#( #( ,S%(-"&("#("+- #( B"+ 9 S(%o.
\ L(9 21=2 L(9 %( $o#-!-+ #-'(o &*+%,o #( , L(9G("(, #(, S-&($ F-""+-(o 9 #(, S-&($ #(S(%o 9 O8"-+ #( , S%(-"&("#("+- #( B"+ 9S(%o.
\ R(,$("&o #(, Fo"#o #( S(%o #( D(/-&o.\ E&&%&o #(, Fo"#o #( S(%o #( D(/-&o.
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\ R(o,%+-/" SBS N 455
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\ ^%(0 +o"&-&%9(" %" ,&("&-' #( -"'(-/" (%(o 9 $(#-"o -"'(-o"-&0 +o" ,o %( (#($%(& %( %" (!%(o +o,(+&-'o ( $8 o'(+)oo%( (, %( ( #(o,, (" !o$ -"#-'-#%,.
\ ^%(0 I"'(&- (" !o"#o $%&%o "o (% %"("#-$-("&o o-&-'o0 -"o $8 -(" %" ("#-$-("&o
+o#( +o" , +o"#-+-o"( +(#-&-+- 9 #( $(+#o %(!(+&" , -"'(-o"( %( ) (,-#o %" !o"#o$%&%o o +%("& #( ,o &*+-(.
\ ^%( (" +o +o"&-o0 - , +&( #(, !o"#o $%&%o &-("((H+(,("&( +,-!-++-o"( #( -(o % -"'(-o"(90 %" +o"&(H&o #( & #( -"&( 7o0 (, ',o +%o&#(, !o"#o ( '(8 !(+&#o #( !o$ o-&-'.
\ ^%(0 , o+-(## #$-"-&#o o#8 #$-"-& $8
#( %" !o"#o $%&%o0 -("#o ,o &-$o"-o #( +# %"o#( ,o !o"#o -"#(("#-("&( ("&( * 9 +o" ((+&o ,#( , o+-(## #$-"-&#o.
RECOMENDACIONES
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LILIOGRAFIA
\ L(9 #(, M(+#o #( >,o(0 D(+(&o L(-,&-'o N 610 A&*+%,o 23
\ DE ALMEIDA FAGGRI0 ]%,-o. T&$-("&o &-%&-o #(,o !o"#o $%&%o #( -"'(-/" 9 #( ,o !o"#o #(-"'(-/" (" ',o(. P8.1. R(+%(#o:)&&:VVV.-#&.o(#-&o#o+=3_R('33_]DAF.#!
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\ COSTA >ELARDE0 L%-. Fo"#o $%&%o (" (, P(; U"('--/" ,o ;,&-$o +o"&(+-$-("&o. E%-,--%$C,-!-+#o #( R-(o S.A. P8. 1. R(+%(#o:)&&:VVV.(%-,--%$.+o$.(Fo"#oM%&%oo+&=4.#!
\ CORTE` PERE`0 C( D"-(,. Fo"#o M%&%o #(I"'(-/" (" >,o(. P8. 3. R(+%(#o:)&&:VVV.%.(#%.(%R('-&>-&%,(--3#!FONDOS_MUTUOS_DE_IN>ERSION_EN_>ALORE
S.#! \ L(9 #(, M(+#o #( >,o(0 D(+(&o L(-,&-'o N 610
A&*+%,o 261\ L(9 #(, M(+#o #( >,o(0 D(+(&o L(-,&-'o N 610
A&*+%,o 26=\ F-""+-, E+o"o$-& Ro%"#&,(. S&&($("& o" R-W
D-+,o%( 9 M%&%, F%"#. P8. 1. R(+%(#o:)&&:VVV.-!.+o$&-+,(S&&($("&_o"_R-W_D-+,o% (_9_M%&%,_F%"#
\ CORTE` CORTE`0 G9. Lo Fo"#o M%&%o D(I"'(-/" E" >,o( E" 1
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