Regulatory Alerts2025-01-01 | JPRF-V-2025-0148Resolution JPRF-V-2025-0148: Reforms to Title II 'Public Offering' and Title IX 'Special Stock Registry (REB)' of Book II 'Securities Market'
The Financial Policy and Regulation Board of Ecuador issued Resolution JPRF-V-2025-0148 to amend the Securities Market regulations, specifically renaming Title II to 'Public Offering and Generic Registration Securities Issuances' and updating related provisions. The resolution establishes strict leverage limits for securitization and bond issuances, capping them at 200% of equity or 50% for financial entities, while simplifying the registration process for generic securities and negotiable commercial invoices. It further defines eligibility criteria for acceptors of commercial invoices, requiring minimum annual sales of USD 300,000 and three years of operation, alongside new quarterly reporting obligations for issuers and acceptants.
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