Regulatory Alerts2026-06-01
Regulation on Tariffs for Regulatory Purposes and Services of the Securities Market Superintendence
The Securities Market Superintendence (SIMV) of the Dominican Republic issues this regulation to establish the calculation methods and amounts for regulatory tariffs applied to securities market participants and transactions. The document defines three tariff categories: Registration (Tariff A), Maintenance and Supervision (Tariff B), and Transaction Supervision (Tariff C), while granting specific exemptions for SMEs and primary market activities. It mandates strict payment schedules, indexing mechanisms based on inflation, and enforcement procedures for non-compliance to fund the Superintendence's oversight operations.
REGULATION ON TARIFFS FOR REGULATORY PURPOSES AND FOR THE SERVICES OF THE SECURITIES MARKET SUPERINTENDENCE
TITLE I GENERAL PROVISIONS
Article 1. Purpose. This regulation aims to establish the amount and method of calculation for regulatory tariffs for registration, maintenance, and supervision of securities market participants, as well as for negotiations and transactions carried out in the securities market, as provided in Article 8 of Law No. 249-17 on the Securities Market of the Dominican Republic, dated December 19, 2017 (hereinafter, the "Law").
Article 2. Scope. Regulatory Tariffs shall apply to:
I. The following securities market participants for registration and maintenance in the Securities Market Registry (hereinafter, the "Registry"), as well as for their supervision by the Securities Market Superintendence (hereinafter, the "Superintendence"):
a) Issuers of public offer securities. b) Securities intermediaries. c) Administrators of centralized trading mechanisms, for themselves and for the administered mechanisms. d) Centralized securities depositories. e) Administrators of clearing and settlement systems. f) Central counterparty entities. g) Administrators of securities transaction registration systems, for themselves and for the administered systems. h) Investment fund management companies, for themselves and for the administered funds; i) Securitization companies, for themselves and for the administered separate estates. j) Fiduciary companies of public offer trusts, for themselves and for the administered trust assets. k) Investment promoters. l) Securities brokers. m) Rating agencies. n) External auditors. o) Price providers. p) Investment advisors. q) Anonymous companies, as provided in Article 37 of the Law.
II. Those who carry out negotiations and transactions in the securities market for the supervision of such operations and negotiations, carried out with public offer securities and other negotiable instruments.
III. Any others approved by the National Securities Council (hereinafter, the "Council") and registered in the Registry by regulatory requirement.
Article 3. Definitions. For the application of this regulation, the following shall be understood:
a) Regulatory Tariff. The absolute amount or percentage fixed by the Council through this Regulation to establish charges to cover the services provided by the Superintendence, as established in Article 8 of the Law.
Paragraph. Among other factors, the amount of the regulatory tariff varies depending on the resource requirements used to perform analysis, monitoring, supervision, and control tasks.
b) Regulatory Tariff for Registration in the Registry. Amount established to cover costs related to the analysis of documentation submitted during the registration process and the authorization request in the Registry, where applicable.
c) Periodic Regulatory Tariff for Maintenance and Supervision of Registered Participants. Periodic payment established to cover costs related to the maintenance and supervision services of the Superintendence.
d) Regulatory Tariff for Supervision of Negotiations and Transactions in the Securities Market. Variable amount payment determined to meet the needs of supervising negotiations and transactions carried out in the securities market.
e) SME. Companies considered as such in accordance with the asset and income parameters established by Law No. 488-08, which establishes a Regulatory Regime for the Development and Competitiveness of Micro, Small, and Medium Enterprises (MSMEs), dated December 9, 2008, and its modification through Law No. 187-17 dated July 28, 2017, and its regulations, formally established and certified by the Ministry of Industry, Commerce, and MSMEs, eligible for differentiated treatment in the Superintendence's service tariff schedule.
TITLE II INCOME OF THE SUPERINTENDENCE
CHAPTER I Other Income
Article 4. Other Income of the Superintendence. In addition to the Regulatory Tariff, the Superintendence may receive income from charges for activities developed for the market or the general public in accordance with Annex II, technical cooperations, donations, the transfer assigned to the Superintendence in the General Budget of the Nation, and for administrative sanctions imposed.
Paragraph I. In application of Article 8, Paragraph I, numeral 2) of the Law, charges for activities developed for the market or the general public include amounts received for the issuance of certificates to non-state entities, granting specialized exams, sale of publications, sale of educational material, holding events, trainings, seminars, and other similar concepts fixed by the Council.
Paragraph II. Income derived from the application of administrative sanctions may only be used for training participants, acquiring technology and equipment to improve the services and operations of the Superintendence for the benefit of the securities market; for investor protection and education programs; and for holding activities, trainings, seminars, and others.
CHAPTER II Regulatory Tariffs
Article 5. Regulatory Tariff Schedule. This is Annex I, which forms an integral part of this Regulation, and is divided according to the following alphanumeric classification system for tariffs:
a) Regulatory Tariff A. For registration in the Registry, which shall be indexed annually, according to the Consumer Price Index published by the Central Bank of the Dominican Republic. b) Regulatory Tariff B. For maintenance and supervision of securities market participants and their activities, as well as for securities registered in the Registry, which shall be indexed annually, according to the Consumer Price Index published by the Central Bank of the Dominican Republic, if applicable. c) Regulatory Tariff C. For supervision of negotiations and transactions in Centralized Trading Mechanisms and the OTC Market. d) Nomenclature of Regulatory Tariffs. The following are established: 1) Issuers of public offer securities, 2) Securities intermediaries, 3) Securities market infrastructure, 4) Autonomous estates, 5) Providers of services to the securities market, 6) Public offer of securities and other negotiable instruments, 7) Securities custody, 8) Negotiations and transactions in Centralized Trading Mechanisms and the OTC Market, and 9) Others.
Paragraph. Each Regulatory Tariff number shall be followed by the corresponding sub-numbers established in Annex I.
Article 6. Exemptions. The following exemptions are enabled:
a) Issuers of public offer securities classified as SMEs and their public offers of securities are exempt from Regulatory Tariffs A and B. b) Subscriptions in the primary market, securities mutuals, margin loans, and monetary policy repos are exempt from Regulatory Tariff C.
TITLE III PAYMENTS TO THE SUPERINTENDENCE
CHAPTER I Form and Frequency of Payment
Article 7. Form of Payment [Modified by Article 1 of R-CNMV-2026-06-MV]. The form of payment for the tariffs indicated in Article 5 of this Regulation shall be as follows:
a) Regulatory Tariffs A and B shall be paid to the Superintendence by the securities market participant. b) Regulatory Tariff C shall be charged to persons who carry out operations and negotiations in the securities market.
Paragraph I. Payments must be made through checks and/or bank transfers, indicating the concept on the payment receipt. The mechanism for making the payment shall be established by the Superintendence.
Paragraph II. In the event that a securities market participant wishes to carry out an additional activity permitted subject to the payment of Regulatory Tariffs A and B, they must cover the additional cost for the corresponding concept. In the case of an increase in the authorized amount for emission programs or the issuance of public offer securities, they must pay Regulatory Tariff A in proportion to the added amount.
Paragraph III. Regulatory Tariff B applies to the participants indicated from registration in the Registry in proportion to the closing of the current fiscal year. In the particular case where a securities intermediary increases its asset range, they must pay the corresponding proportion of Regulatory Tariff B.
Paragraph IV. Regulatory Tariff B for Custody Supervision shall be collected by deducting the corresponding proportion of the sums to be paid by the centralized securities depository in its capacity as payment agent. Securities intermediaries shall be responsible for informing their clients of the charges applicable for Regulatory Tariff B for the indicated concept. In the event that securities are transferred prior to the payment of the corresponding property rights, unless the involved parties expressly agree otherwise, securities intermediaries must calculate and deduct the proportion of Regulatory Tariff B for Custody Supervision accumulated (ongoing custody) from the amount of the operation.
Paragraph V. The responsibility to transparent, calculate, and transfer the amount per lot corresponding to Regulatory Tariff C shall rest with the administrators of centralized trading mechanisms or the administrators of securities transaction registration systems, as applicable, without prejudice to what is provided in Article 17, Paragraph II, of this Regulation.
Article 8. Frequency of Payment [Modified by Article 2 of R-CNMV-2026-06-MV]. The frequency of payment for the tariffs indicated in Article 5 of this Regulation shall be as follows:
a) The person who deposits documents for the purpose of seeking authorization and registration in the Registry must pay the tariff for said concept indicated in Annex II prior to depositing their request. In the event of dismissal or voluntary withdrawal of the request, the paid amount will not be refunded or applicable to other requests. If the applicant wishes to again seek authorization and registration in the Registry, they must pay the tariff for said concept indicated in Annex II, which will have an additional charge of sixty percent (60%) over the original tariff. b) Regulatory Tariff A applied to securities market participants must be paid prior to registration in the Registry for each of the subjects or payment sources listed in Annex I. c) Regulatory Tariff B shall be payable as established in Annex I. Payments must be made in advance within the first ten (10) business days of each quarter. d) Regulatory Tariff B applicable to autonomous estates shall be calculated based on the daily average of assets managed. Payments must be made within the first ten (10) business days of the month following each quarter. For investment funds, this shall enter into force from the moment they are in the operational phase.
Paragraph. Regulatory Tariff B applicable to fixed-income autonomous estates shall be calculated based on the outstanding placed amount at the end of the quarter. Payments must be made within the first ten (10) business days of the month following each quarter.
e) Regulatory Tariff B for Custody Supervision shall be calculated on the monthly average custody balance corresponding to public offer securities registered in securities accounts opened in centralized securities depositories. The collection thereof must be made by deducting the corresponding proportion of the sums to be paid by the centralized securities depository in its capacity as payment agent. In the event that securities are transferred prior to the payment of the corresponding property rights, unless the involved parties expressly agree otherwise, securities intermediaries must calculate and deduct the proportion of Regulatory Tariff B for Custody Supervision accumulated (ongoing custody) from the amount of the operation. Payments to the Superintendence shall be made no later than within seven (7) business days following the close of the month to which the charge corresponds.
f) Regulatory Tariff C shall be calculated based on each pact registered per lot as established in Annex I and paid within the first ten (10) business days of the month following each quarter.
CHAPTER II Non-Compliance
Article 9. Non-Compliance with Payments. For the collection of owed payments, the enforcement procedure established in the Tax Code enabled by virtue of the Law shall be followed.
Paragraph. Recidivism in non-compliance with payment for more than three (3) consecutive times of Regulatory Tariffs B or C, as applicable, shall result in the suspension of the Registry, in accordance with Article 40, numeral 1 of the Law.
TITLE IV REVIEWS AND MODIFICATIONS TO THE TARIFF SCHEDULE
Article 10. Determination of New Regulatory Tariffs. The Superintendence may request the Council to determine Regulatory Tariffs for natural or legal persons, securities, public offers, activities, or others that are not expressly provided for in this Regulation.
Article 11. Review and Modification of the Tariff Schedule. The amounts established in the tariff schedule shall be indexed annually from the entry into force of this Regulation, as applicable, according to the inflation index presented by the Central Bank of the Dominican Republic. Such indexing shall be carried out by the Superintendent of the Securities Market and published on the Superintendence's website.
Paragraph. For the modification of the concept, calculation method, and payment frequency, modification of this Regulation by the Council is required, subject to the qualified majority approval provided in the Law.
TITLE V FINAL PROVISIONS
Article 12. Sectoral Regulation. To comply with the provisions of this Regulation, securities market participants, when establishing their tariff structure, must observe the applicable sectoral legal provisions for the different intervening parties. To this end, the Superintendence is enabled to authorize the operability of this Regulation regarding the particularity of sectors that have special legislation.
Article 13. Mandatory Nature. The provisions established in this Regulation and its Annexes are mandatory in all their parts.
Article 14. Repeal. This Regulation repeals any provision issued prior to it regarding the income and tariffs of the Superintendence.
Article 15. Entry into Force. The provisions of this Regulation shall enter into force from their publication.
The provisions of Resolution R-CNMV-2026-06-MV shall enter into force from the business day following their publication.
Paragraph. Asset management companies for autonomous estates shall have a period of thirty (30) business days to make the necessary adjustments to the emission documents to incorporate the tariff applicable for the modification of documents for autonomous estates indicated in Resolution R-CNMV-2026-06-MV.
This document was prepared by the Securities Market Superintendence for the purpose of facilitating the consultation of the current provisions of the Regulation on Tariffs for Regulatory Purposes and for the Services of the Securities Market Superintendence, approved by the First Resolution of the National Securities Council, R-CNMV-2018-10-MV, dated December 11, 2018, and the Third Resolution of the National Securities Council, R-CNMV-2026-06-MV, dated April 21, 2026 (hereinafter, the "R-CNMV-2026-06-MV"); which are published at: https://simv.gob.do/resoluciones/
ANNEX I "REGULATORY TARIFF SCHEDULE"
[Modified by R-CNMV-2026-06-MV]
SECURITIES MARKET SUPERINTENDENCE REGULATORY TARIFFS IN DOP
TARIFF A. REGISTRATION IN THE SECURITIES MARKET REGISTRY
| TARIFF NO. | SUBJECT/PAYMENT SOURCE | TARIFF IN DOP | PERIODICITY |
|---|---|---|---|
| 1 | Public Offer Securities Issuers | ||
| 1.1 | Issuers [1] | - | - |
| 1.2 | Differentiated Issuers | - | - |
TARIFF B. MAINTENANCE AND SUPERVISION OF PARTICIPANTS AND CUSTODY
| TARIFF NO. | SUBJECT/PAYMENT SOURCE | TARIFF IN DOP | BASE OF CALCULATION | FREQUENCY OF PAYMENT |
|---|---|---|---|---|
| 2 | Securities Intermediaries | |||
| 2.1 | Securities Intermediaries | |||
| Asset Range Level 1 | Asset x 1.0% | One-time payment | 2,240,000 | |
| Asset Range Level 2 | Asset x 1.0% | One-time payment | 3,360,000 | |
| Asset Range Level 3 | Asset x 1.0% | One-time payment | 4,480,000 | |
| 2.2 | Securities Agents | Asset x 1.0% | One-time payment | 500,000 |
| 2.3 | Securities Brokers | 20,000 | One-time payment | 15,000 |
| 3 | Securities Market Infrastructure | |||
| 3.1 | Administrators of Centralized Trading Mechanisms | Asset x 1.0% | One-time payment | 3,000,000 |
| 3.2 | Centralized Trading Mechanisms | 150,000 | One-time payment | - |
| 3.3 | Centralized Securities Depositories | Asset x 1.0% | One-time payment | 12,000,000 |
| 3.4 | Administrators of Clearing and Settlement Systems | Asset x 1.0% | One-time payment | 2,000,000 |
| 3.5 | Clearing and Settlement Systems | 150,000 | One-time payment | - |
| 3.6 | Central Counterparty Entities | Asset x 1.0% | One-time payment | 3,000,000 |
| 3.7 | Administrators of Securities Transaction Registration Systems | Asset x 1.0% | One-time payment | 500,000 |
| 3.8 | Securities Transaction Registration Systems | 150,000 | One-time payment | - |
| 4 | Autonomous Estates | |||
| 4.1 | Investment Fund Management Companies | Asset x 1.0% | One-time payment | 750,000 |
| 4.2 | Open Investment Funds | 300,000 | One-time payment | Assets Managed x 0.03% |
| 4.3 | Closed Investment Funds | 150,000 | One-time payment | Assets Managed x 0.03% |
| 4.4 | Securitization Companies | Asset x 1.0% | One-time payment | 750,000 |
| 4.5 | Separate Estates - Equity Securities | 150,000 | One-time payment | Assets Managed x 0.03% |
| 4.6 | Separate Estates - Fixed Income Securities | 150,000 | One-time payment | Placed Amount x 0.03% |
| 4.7 | Fiduciary Companies of Public Offer Trusts | Asset x 1.0% | One-time payment | 750,000 |
| 4.8 | Public Offer Trusts - Equity Securities | 150,000 | One-time payment | Assets Managed x 0.03% |
| 4.9 | Public Offer Trusts - Fixed Income Securities | 150,000 | One-time payment | Placed Amount x 0.03% |
| 5 | Providers of Services to the Securities Market | |||
| 5.1 | Investment Promoters (Natural Person) | 15,000 | One-time payment | 5,000 |
| 5.2 | Investment Promoters (Legal Entity) | 150,000 | One-time payment | 50,000 |
| 5.3 | Rating Agencies | 250,000 | One-time payment | 100,000 |
| 5.4 | External Auditors | 150,000 | One-time payment | - |
| 5.5 | Price Providers | 150,000 | One-time payment | 75,000 |
| 5.6 | Investment Advisors (Legal Entities) | 250,000 | One-time payment | 100,000 |
| 5.7 | Investment Advisors (Natural Persons) | 15,000 | One-time payment | 5,000 |
| 6 | Public Offer of Securities and Other Negotiable Instruments | |||
| 6.1 | Public Offer for Acquisition of Shares / Competing Public Offer for Acquisition of Shares | 250,000 | One-time payment | - |
| 6.2 | Public Offer of Fixed Income Securities and Commercial Paper by program registration | 10,000 | One-time payment | - |
| 6.3 | Public Offer of Fixed Income Securities and Commercial Paper by subscription | MC x 0.005% | One-time payment after each placement | - |
| 6.4 | Public Offer of Fixed Income Securities with maturity greater than 1 year up to 2 years | MA x 0.04% | One-time payment | - |
| 6.5 | Public Offer of Fixed Income Securities with maturity greater than 2 years | MA x 0.05% | One-time payment | - |
| 6.6 | Public Offer of Variable Income Securities | VN x 0.03% | One-time payment | - |
| 6.7 | Public Offer of Differentiated Issuers | VN x 0.05% | One-time payment | - |
| 6.8 | Public Offer of Other Negotiable Instruments | VN x 0.20% | One-time payment | - |
| 6.9 | Public Offer of thematic bonds linked to sustainability | Authorized Amount x 0.01% | One-time payment | - |
| 7 | Securities Custody [3] | |||
| 7.1 | Charge for Custody Supervision | - | - | DOP 10 for each DOP 1 million custodied or its equivalent in DOP |
| 8 | Others | |||
| 8.1 | Anonymous Companies (Article 37 of the Law) | 25,000 | One-time payment | - |
TARIFF C. NEGOTIATIONS AND TRANSACTIONS
| TARIFF NO. | Charge by Instrument/Mechanism [3] | Charge per Lot for each DOP 1 million negotiated or its equivalent in DOP | Base of Calculation | Payment Frequency |
|---|---|---|---|---|
| 1 | Centralized Trading Mechanisms (CTM) | |||
| 1.1 | Fixed Income via Centralized Trading Mechanisms (CTM) | 10.00 | Per Pact Registration | Quarterly |
| 1.2 | Variable Income via Centralized Trading Mechanisms (CTM) | 5.00 | Per Pact Registration | Quarterly |
| 1.3 | Derivatives via Centralized Trading Mechanisms (CTM) | 12.50 | Per Pact Registration | Quarterly |
| 2 | OTC Registration System | |||
| 2.1 | Fixed Income via OTC Registration System | 22.50 | Per Pact Registration | Quarterly |
| 2.2 | Derivatives via OTC Registration System | 20.00 | Per Pact Registration | Quarterly |
Notes:
[1] Does not apply to Asset Management Companies for Autonomous Estates when issuing against said estate. [2] The indicated tariffs will be calculated on an annualized basis. [3] The indicated tariffs will be applied in proportion corresponding to their respective bases (DOP 1 million).
Legend:
VN: Nominal value for the quantity of securities to be registered in the Registry. MC: Market Capitalization. MA: Market Amount.
This document was prepared by the Securities Market Superintendence for the purpose of facilitating the consultation of the current provisions of the Regulation on Tariffs for Regulatory Purposes and for the Services of the Securities Market Superintendence, approved by the First Resolution of the National Securities Council, R-CNMV-2018-10-MV, dated December 11, 2018, and the Third Resolution of the National Securities Council, R-CNMV-2026-06-MV, dated April 21, 2026 (hereinafter, the "R-CNMV-2026-06-MV"); which are published at: https://simv.gob.do/resoluciones/