Regulatory Alerts2023-12-14 | NDMC-33Technical Standards for the Constitution of Joint Stock Companies by Public Subscription When the Subscription Sale Process is Conducted Through a Stock Exchange
The Central Reserve Bank of El Salvador issues technical standards regulating the constitution of joint stock companies via public subscription when the sale process occurs through a stock exchange. The regulations mandate specific procedural steps including the approval of a program by the Financial System Superintendence, the establishment of a restricted bank account for funds, and strict oversight of promotional activities by broker houses. These rules ensure that promoters meet minimum capital contribution requirements and that all subscription funds are immobilized until the company is officially registered or the process is definitively suspended.
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