Regulatory Alerts2023-08-24
Circular No. 005-2005 on the Statements Regarding the Subscription Period and Value Date in the Information Note
The General Secretariat of the Regional Council for Public Savings and Financial Markets (CREPMF) mandates that Management and Intermediation Companies align the subscription period in their information notes with the Regional Council's authorization date, utilizing an indicative period during application and a definitive effective period upon approval. It further requires that the value date for bonds occur no later than fifteen calendar days after subscription closes, ensuring issuers and SGI firms accurately reflect these timelines in all information notes and advertising materials. These precise timing requirements standardize market operations by eliminating premature subscription start dates and delayed bond value dates, thereby enhancing regulatory compliance and investor clarity.