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Finance
• Strengthen the legal and regulatory framework based
on principles, best practices and current international
standards.
• Ensure proper risk management by strengthening the
oversight processes controlled systems.
• Protect the rights of financial consumers.
• Strengthen organizational management and human
resource management.
• Quality assurance and information security, as well as
computer services with technology.
• Optimize the management of financial resources
IESS
Ramiro González Jaramillo
President
10 de Agosto and Bogotá
Quito
Tel.: +593 2 254 7400
enavas@iess.gov.ec
www.iess.gob.ec
Area of activity: Institute for Social Security
Date of Creation: 1970
On the 15th of July of 1970 the “Caja Nacional de Se-
guridad Social” was transformed into the “Instituto Ecu-
atoriano de Seguridad Social” (IESS).
On November 30, 2001, the Social Security Act was
published, containing 308 articles and 23 transitional
provisions.
The IESS, as determined by the force of the Compul-
sory Social Security Act, remains as an autonomous
entity with legal personality.
The Social Security Institute (IESS) is an organiza-
tion that operates based on the principles of solidarity,
binding, universality, equity, efficiency, subsidiarity and
adequacy. It is responsible for implementing the Gen-
eral Obligatory Insurance System which is part of the
national social security system.
The Social Security Institute is in a stage of transfor-
mation, the strategic plan is being implemented, based
on the current Social Security Act. This will make this
institution into a modern and technical insurance firm,
technical with an efficient and committed workforce.
The IESS strives to protect the urban and rural popula-
tion, both employed and unemployed, against sickness,
maternity issues, work injury, disability, unemployment,
invalidity, old age and death.
Assistance:
Health Insurance
Pensions
Work Injury Insurance
Farmer Insurance
Services:
Loans
Reserve funds
Unemployment
Guayaquil Stock Exchange
Adv. Rodolfo Kronfle Akel
President
Pichincha 335 and Illingworth (corner)
Guayaquil
Tel: +593 4 252 3523 / 252 3524
www.mundobvg.com
Area of activity: Stock Exchange
Date of creation: 1969
Annual volume: $2500 million USD
The Guayaquil Stock Exchange, whose roots stretch
back to 1969, became a Civil Nonprofit Corporation in
1994, under the Securities Act. However, like all stock
exchanges, it has the capacity to be self-regulated, with
the power to issue rules and regulations to control and
monitor trading.
Thus, the BVG provides the physical space, facilities,
systems and all the institutional infrastructure so that
respected negotiations are developed in a structured,
transparent and secure way.
The Ecuadorian stock market is still very young and is
represented by two stock exchanges, one in Quito and
one in Guayaquil. The Guayaquil Stock Exchange is
considered more dynamic, with a total volume traded of
1583 million dollars during the first ten months of 2007.
Currently, around 270 Ecuadorian companies manage
their investments on the stock market.
The Guayaquil Stock Exchange uses a more sophisti-
cated stock trading system. It is currently waiting for the
publication of a new stockmarket law that will affect opera-
tions of stock exchanges, converting them into non-profit
entities aimed at providing benefits to their major stake-
holders and brokers. Once approved, the law will allow
theGuayaquil andQuito Stock Exchanges to connect with
the major stock exchanges in Chile, Peru and Colombia.
Currently, the Guayaquil Stock Exchange is much more
profitable for banks, producing interest of over 7% over
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