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Trabajo de fin de Grado. Grado en Derecho. Curso académico 2014-2015, [ES] El derecho de suscripción preferente es uno de los derechos esenciales atribuido a los socios por el hecho de ostentar tal condición y la piedra angular del Derecho de Sociedades. Este trabajo parte de las nociones y características básicas que se han de conocer del derecho de preferencia para adentrarse en su ámbito de aplicación y de exclusión, así como en los debates doctrinales en torno a la delimitación de éstos. Los socios podrán ejercer sus derechos de suscripción en el contexto de una emisión de obligaciones y en el de una ampliación de capital con emisión de acciones nuevas contra aportaciones dinerarias con el fin de mantener su cuota de participación en la sociedad en el plano económico y administrativo. La legislación española ha ido evolucionando hacia un sistema caracterizado por una mayor limitación al ejercicio de dicho derecho y en este sentido destaca la STJCE que obligó al legislador interno a una reforma clave en lo que al Derecho de Sociedades se refiere. La exclusión se encauza por vías diferentes atendiendo a la modalidad del aumento (exclusión ex lege o acordada). Se hace una especial alusión a la “exclusión acordada” y al “interés social”, como el presupuesto material más trascendente y en cuya interpretación la doctrina aparece dividida., [EN] The right to preferential subscriptions is one of the essentials rights attributable to shareholders because of their status and the cornstone of Company Law. This dissertation starts from the basic notions and features you have to know about preferential subscription right to delve in its scope of application and exclusions, as well as in doctrinal debates over its limits. Shareholders may exercise their subscription rights in the context of a bond issue and in a capital increase by an issue of new shares with a charge to monetary contributions in order to mantain its participation share in the company at economic and administrtive level. Spanish legislation has evolved into a system characterized by a greater limitation on the exercise of that right and in this regard stresses the STJCE judgment which obliged the national legislator to a key reform as Company Law is concerned. The exclusion is channeled in different ways based on the type of capital increase (exclusion ex lege or accorded). Special mention is made to the "agreed exclusion" and "social interest” as the most important budget of fact and whose interpretation divides doctrine.

The global financial crisis and ensuing credit crunch has revived the discussion on the role of public sector in the financial system around the world and in El Salvador, authorities have announced plans to step up their activities. A clearly defined strategy for the public banks, focused on complementing private sector activity, is necessary as their activities expand to improve access to finance and diversify the sources of funding. Any process of growth needs to accompany by improvement in risk management processes, governance arrangements and enhanced supervision. Going forward, the two public retail banks should increase their specialization in different market segments. The development bank role can be enhanced while maintaining its second tier status. To make the guarantee funds effective, in addition to scale their size, several operational features need to be improved.