On October 7, the Superintendency of the Securities Market (SMV) launched a public consultation about an article required to update the Sanctions Graduality System. The objective of the project is to incorporate a new sanctions regime which would only be applied in the event of non-compliance due to the late presentation of financial information, annual reports and significant facts. Interested parties may send in comments on the bill until November 7 to the SMV.
The provisions of this regime apply to the issuers of publicly-offered securities, all those entities registered with the Securities Market Public Registry and any other persons not registered in this Public Registry required to submit this information.
In addition, the Ministry of Economy and Finance approved the Collaboration Agreement signed with the International Bank for Reconstruction and Development (IBRD) to implement stock exchange funds “with a positive impact on the local capital markets, in particular the public debt market.”