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Underwriting: a negotiation intended to sell a new issuance of securities, or to grant a long term loan.

Variable income instrument investment mutual funds: shall mean such entitled to invest in stocks, investment fund shares, and short, medium and long term fixed income titles. For a more detailed definition, refer to the section called Main Instruments of the Capital Market.

Voluntary Saving Account in Pension Fund Administrators: this is also known as account two, and is a voluntary saving account that members of a Pension Fund Administrator have the possibility to open. Money deposited therein receives the same treatment than pension funds and, just like them, their profitability is variable. However, they have a non social security nature and, therefore, accrued amount is may be disposed of freely.