SUNAVAL issues circular on submission of digital information for issuance of Valorem securities
17 marzo 2022


On March 17, the National Superintendence of Securities (SUNAVAL in Spanish) published a circular that issues provisions on the presentation of information for the issuance of “Valorem” securities for brokerage firms. The regulation, intended for financial entities that participate in the securities market, presents the Issuers System (SIEM in Spanish) as a digital platform that allows issuers of the Valorem security to submit the information required to operate with them, as indicated in Ruling No. 5 of the Ministry of Economy and Finance. To access the forms to submit information for the issuance of Valorem, you may click here. The circular is already in force. 

The document mentions that issuers of securities must upload their Financial Statements for the years 2020 and 2021 in the SIEM until April 18. Also, the first five working days of each month these issuers will have to submit through the digital platform their List of Shareholders, and may receive the connection credentials to the SIEM through an e-mail sent by SUNAVAL.

It should be noted that the Valorem is a financial instrument for raising funds for those small companies that wish to join the stock market to obtain financing for business projects. This security may be issued by individuals and legal entities and its issuance must be related to investment in entrepreneurial projects that are in their initial stage or in progress and require financing for their growth.

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