Circular 06-2025 — Authorization for Public Consultation on the Draft Modification of the Guidelines for the Issuance of Sustainable, Green, Social, and Sustainability-Linked Public Offering Securities in the Dominican Republic Securities Market — SIMV — DO

SIMV
Superintendencia del Mercado de Valores de la República Dominicana

CIRCULAR
No. 06/2025

TO: Securities Market Participants, Investors, and the General Public.

Subject: Authorization for Public Consultation Purposes of the Draft Modification of the Guidelines for the Issuance of Sustainable, Green, Social, and Sustainability-Linked Public Offering Securities in the Securities Market of the Dominican Republic.

Having Seen:

a. The Constitution of the Dominican Republic, proclaimed by the National Assembly on October twenty-seven (27), two thousand twenty-four (2024).

b. Law No. 249-17, of the Securities Market of the Dominican Republic, which repeals and replaces Law No. 19-00 of May eight (8), two thousand (2000), promulgated on December nineteen (19), two thousand seventeen (2017) (hereinafter, "Law No. 249-17").

c. Law No. 167-21, on Regulatory Improvement and Simplification of Procedures, dated August twelve (12), two thousand twenty-one (2021), and its modification.

d. Law No. 1-12, National Development Strategy 2030, dated January twenty-five (25), two thousand twelve (2012).

e. Law No. 107-13, on the Rights of Persons in Their Relations with the Administration and Administrative Procedure, dated August six (6), two thousand thirteen (2013).

f. Law No. 200-04, General Law on Free Access to Public Information, dated July twenty-eight (28), two thousand four (2004).

g. Decree No. 486-22, dated August twenty-four (24), two thousand twenty-two (2022), which approves the Implementation Regulation of Law No. 167-21 on Regulatory Improvement and Simplification of Procedures.

h. Resolution No. 0017/2024 of the Ministry of Environment and Natural Resources (MMARN), and Sole Resolution of the Superintendent of the Securities Market, R-NE-SIMV-2024-04-MV, dated June four (4), two thousand twenty-four (2024), which approves the Green Taxonomy of the Dominican Republic.

i. Circular C-SIMV-2020-02-MV, dated February twenty-six (26), two thousand twenty (2020), which approves the Guidelines for the Issuance of Sustainable, Green, and Social Public Offering Securities in the Securities Market of the Dominican Republic (hereinafter, the "Guidelines").

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j. The First Resolution, R-CNMV-2025-19-SIMV, of the National Securities Council, dated October twenty-one (21), two thousand twenty-five (2025), which approves the Regulatory Agenda or Planning of the Superintendence of the Securities Market for the period from September one (1st), two thousand twenty-five (2025) to March thirty-one (31), two thousand twenty-six (2026).

k. The practical guide for the issuance of thematic securities, dated May fifteen (15), two thousand twenty-five (2025), prepared by the Ministry of Environment and Natural Resources (MMARN), Superintendence of the Securities Market (SIMV), Association of Multiple Banks (ABA), and Stock and Securities Market of the Dominican Republic (BVRD), with the technical support of the Global Green Growth Institute (GGGI).

Considering:

That the Dominican Constitution, article 138, subjects the action of the Public Administration to "the principles of efficiency, hierarchy, objectivity, equality, transparency, economy, publicity, and coordination, with full submission to the legal order of the State (...)".
That the Superintendence of the Securities Market, in its capacity as the regulator of the Securities Market and in accordance with article 7 of Law No. 249-17, shall have as its objective to promote an orderly, efficient, and transparent securities market, protect investors, ensure compliance with the law, and mitigate systemic risk, through the regulation and supervision of natural and legal persons operating in the securities market.
That the Superintendent is the highest executive authority of the Superintendence of the Securities Market, having under his charge the direction, control, and representation thereof.
That Law No. 249-17, article 17, items 1 and 2, empowers the Superintendent of the Securities Market to: "1) Execute the securities market policy in accordance with the guidelines established by the Council, and 2) Comply with and enforce the provisions of this law and its regulations, ensuring the correct application of its principles, policies, and objectives.
That item 14) of the aforementioned article empowers the Superintendent of the Securities Market to: "issue the resolutions, circulars, and instructions required for the development of this law and its regulations"
That article 25 of Law No. 249-17 establishes that: "(...) It corresponds to the Superintendence of the Securities Market the development of technical or operational norms derived from said law, the applicable regulations, and necessary norms, for the exercise of its power of internal self-organization". It is the criterion of the Superintendence of the Securities Market to standardize requirements, criteria, or guidelines that allow these issuances to be categorized, as appropriate; which has proven to be effective and has contributed enormously to the good functioning and good organization of the securities market.

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SIMV
Superintendencia del Mercado de Valores de la República Dominicana

That the Guidelines will contain information regarding the regulation and international principles followed by issuers interested in using sustainable, green, social, and sustainability-linked securities to finance themselves.
That the Guidelines constitute an important input for the boost of the Dominican sustainable, green, social, and sustainability-linked securities market, as the Dominican Republic has great potential in projects that could be eligible for the issuance of these securities. Therefore, the country has the potential to play a transcendental role in the financing of climate change solutions, and green securities will have a central role in this process.
That the Guidelines were prepared in concordance with the Green Taxonomy of the Dominican Republic, internationally recognized standards such as the Green Bond Principles, the Social Bond Principles, the Sustainability-Linked Bond Principles (SLBP), and the Sustainable Bonds Guidelines prepared by the International Capital Market Association (ICMA) and the International Climate Bonds Standard created by the Climate Bonds Initiative.
That the Superintendence of the Securities Market recognizes the importance and legitimacy of the initiative developed by the International Capital Market Association (ICMA) in order to develop, integrate, harmonize, and provide transparency to the market of sustainable, green, social, and sustainability-linked securities at the international level.
That these Guidelines intend to incentivize, to the greatest extent possible and within the role corresponding to the Superintendence of the Securities Market, new financial instruments that allow the development of the responsible investment industry through projects of an environmental or social nature within the scope of the securities market.
That it is necessary for the Securities Market to have an updated regulatory framework adjusted to international guidelines and standards in this matter.
That, following the approval and publication of the Green Taxonomy of the Dominican Republic, it is necessary to update the guidelines for the issuance of green, social, and sustainable bonds, with the purpose of incorporating, referencing, and harmonizing said guidelines with this new regulatory instrument, thereby strengthening the transparency and credibility of issuances in the local market.
That it is necessary to include specific guidelines for the issuance of sustainability-linked bonds, with the objective of promoting the transparency, integrity, and credibility of these financial instruments, as well as fostering the development of the sustainable securities market in the Dominican Republic, in coherence with national and international commitments in environmental, social, and governance (ESG) matters.

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SIMV
Superintendencia del Mercado de Valores de la República Dominicana

That in this sense, the Superintendence of the Securities Market, in collaboration with the International Finance Corporation (IFC), undertook to review the provisions regulating the Guidelines for the Issuance of Sustainable, Green, and Social Public Offering Securities in the Securities Market of the Dominican Republic.
That, in compliance with the legal mandate, through the first Resolution R-CNMV-2025-19-SIMV, on October twenty-one (21), two thousand twenty-five (2025), the National Securities Council approved the regulatory agenda or planning of the Superintendence of the Securities Market, corresponding to the period from September two thousand twenty-five (2025) to March two thousand twenty-six (2026), in which, among other projects, the draft Resolution under consideration was included.
That, for its part, Law No. 107-13, on the Rights of Persons in Their Relations with the Administration and Administrative Procedure, dated August six (6), two thousand thirteen (2013) (hereinafter "Law No. 107-13"), establishes in its article 30 that "[t]he minimum and mandatory standards of administrative procedures that seek the adoption of regulations that have a general scope, whose purpose is that the Public Administration obtains the necessary information for its approval, in addition to channeling dialogue with stakeholders and the general public, 'promoting the fundamental right to citizen participation as the foundation of good democratic governance'.
That, for its part, article 23 of the General Law on Free Access to Public Information, No. 200-04, dated July twenty-eight (28), two thousand four (2004) (hereinafter "Law No. 200-04"), establishes the obligation to "publish through official or private media of wide dissemination, including electronic media or mechanisms and with sufficient advance notice to the date of its issuance, the draft regulations that intend to be adopted by regulation or acts of a general nature, related to requirements or formalities that govern the relations between individuals and the administration or that are required of persons for the exercise of their rights and activities".
That, in addition to the foregoing, article 24 of the aforementioned Law No. 200-04, provides that entities that perform public functions or that administer State resources must provide in their respective budgets the necessary sums to publish in mass communication media, with wide national dissemination, the draft regulations and acts of a general nature detailed in article 23 of Law No. 200-04.
That the paragraph of the aforementioned article 24 expresses that the entity or person that performs public functions or that administers State resources, which has an Internet portal or a page on said communication medium, "must provide for the existence of a specific place in that medium so that citizens can obtain information on draft regulations, service regulation, acts, and communications of general value, which determine in some way the form of protection of the services and access to persons of the mentioned entity. This

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Superintendencia del Mercado de Valores de la República Dominicana

information must be current and explanatory of its content, with language understandable to the common citizen."

That, article 3, item 8, of Law No. 167-21, on Regulatory Improvement and Simplification of Procedures of August twelve (12), two thousand twenty-one (2021) (hereinafter "Law No. 167-21") establishes that public consultation is "a mechanism of citizen participation that is used to transparentize the process of production and review of regulations, allowing the receipt of comments from different interested groups and the general public."
That, parallel to this, article 6 of Decree No. 486-22, instructs entities and organs of the Public Administration to create their agendas or regulatory planning; whose paragraph I, literal g, adds that "[e]ntities and organs of the Public Administration must indicate the period in which public consultations of regulatory proposals are intended to be carried out, when appropriate".
That article 30 of Decree No. 486-22 provides that entities and organs of the Public Administration will promote citizen participation in public management through public consultations; at the same time that it breaks down the purpose of these, insofar as they contribute to: "1) The Public Administration obtaining information on public policy problems and their possible solution. 2) The regulatory process being carried out under the principles of transparency, participation, accountability, and motivation. 3) The resulting regulation being able to be enriched by the participation of actors affected by the problem and by the regulation. 4) Channeling dialogue with other entities and public organs, with stakeholders and the general public, with weighting of sectoral policies and implied rights and promoting the fundamental right to citizen participation as the foundation of good democratic governance. 5) Actors knowing and being part of the regulatory process, contributing to the predictability of regulatory action".
That, for its part, from the reading of both article 23 of Law No. 167-21, and article 33 of Decree No. 486-22, it is clearly understood that the public consultation of significant economic and social regulatory proposals will be for forty-five (45) business days.
That article 7 of Law No. 167-21 establishes that "[s]ignificant economic and social regulations are considered those that fall within the following criteria: 1) They create new obligations for those subject to regulation or make existing obligations stricter. 2) They create or modify procedures, except when the modification simplifies or facilitates compliance by the individual. 3) They reduce or restrict rights or benefits for those subject to regulation. 4) They establish definitions, classifications, restrictions, characterizations, or any other reference term, that affect or may affect the rights, obligations, benefits, or procedures of those subject to regulation."

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SIMV
Superintendencia del Mercado de Valores de la República Dominicana

Therefore:

The Superintendent of the Securities Market, in the use of the powers granted to him by article 17, item 14), of Law No. 249-17 of the Securities Market of the Dominican Republic, which repeals and replaces Law 19-00 of May eight (8), two thousand (2000), promulgated on December nineteen (19), two thousand seventeen (2017), orders the following:

I. Authorize the publication of the notice, in one or more printed media of wide national circulation and on the institutional portal, for public consultation purposes of securities market participants and the general public, of the draft modification of the "Guidelines for the Issuance of Sustainable, Green, Social, and Sustainability-Linked Public Offering Securities in the Securities Market of the Dominican Republic".

II. Inform securities issuers that the commitment to allocate funds to sustainable, green, social, and sustainability-linked projects constitutes a voluntary decision on the part of the issuer. However, once the securities issuer opts for this type of instrument, the application of the present regulation is mandatory in all its parts.

III. Inform that the Annex forms an integral part of this Circular on Guidelines for the Issuance of Sustainable, Green, Social, and Sustainability-Linked Public Offering Securities in the Securities Market of the Dominican Republic.

IV. Grant a period of forty-five (45) business days to gather the opinion of securities market participants, interested sectors, and the public, starting from the business day following the publication of this Circular.

V. Instruct the Regulation and Innovation Directorate of the Superintendence of the Securities Market to publish the content of this Circular on the institution's website.

In Santo Domingo, National District, capital of the Dominican Republic, on the fifteen (15) day of the month of December, two thousand twenty-five (2025).

[Signature]
Ernesto Bournigal Read
Superintendent

EBR/AJSJ/mdl/cp/omya/ac/gt/rm

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SIMV
Superintendencia del Mercado de Valores de la República Dominicana

I. Preamble

The Superintendence of the Securities Market (hereinafter the "Superintendence" or by its full name), as an autonomous and decentralized body of the State, in accordance with what is established in article 7 of Law No. 249-17 of the Securities Market, promulgated on December nineteen (19), two thousand seventeen (2017)¹, has as its objective to promote an orderly, efficient, and transparent securities market, protect investors, ensure compliance with this law, and mitigate systemic risk, through the regulation and supervision of natural and legal persons operating in the securities market.

The Superintendence joins the commitments assumed at the country level in Law No. 1-12 National Development Strategy 2030, dated January twenty-five (25), two thousand twelve (2012)², by virtue of which public entities are urged to articulate public policies around said law and its four (4) Strategic Axes. For the preparation of these guidelines, the objectives established in the third and fourth Axis of said Law have been taken especially into account, which seek to promote an articulated, innovative, and environmentally sustainable economy³, as well as a society with a culture of sustainable production and consumption, which manages risks and the protection of the environment and natural resources with equity and efficiency, and which promotes adequate adaptation to climate change.⁴

With the desire to contribute to the achievement of such objectives, the Superintendence of the Securities Market intends to promote the issuance of sustainable, green, social, and sustainability-linked securities in the Dominican Republic, observing, especially, the principles and standards instituted at the international level and the best market practices. With this instrument, it is expected to contribute to the development of the securities market and attract new investors, as well as motivate companies and the State itself, at the national level, to make a transition towards a more sustainable economy and promote a greener and more sustainable culture in the country.

¹ Law No. 249-17 of the Securities Market, promulgated on December nineteen (19) of the year two thousand seventeen (2017): https://simv.gob.do/leyes/ ² Law No. 1-12 National Development Strategy 2030, dated January twenty-five (25) of the year two thousand twelve (2012): http://www.siteal.iipe.unesco.org/sites/default/files/sit_accion_files/siteal_republica_dominicana_0341.pdf ³ Law No. 1-12 National Development Strategy 2030, dated January twenty-five (25) of the year two thousand twelve (2012); p. 12. ⁴ Law No. 1-12 National Development Strategy 2030, dated January twenty-five (25) of the year two thousand twelve (2012); p. 13.

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Superintendencia del Mercado de Valores de la República Dominicana

II. What are sustainable, green, social, and sustainability-linked securities?

In this section, the concepts of sustainable, green, social, and sustainability-linked securities are developed in accordance with international principles and standards in this matter and best market practices, also taking into consideration the definitions provided in Law No. 249-17 and the applicable regulations.

1. General Information:

a) Definition:

On a generalized basis, the global market refers to "green, social, and sustainable bonds" as fixed-income public offering securities labeled as green, social, and sustainable.

Taking into account the peculiarities of the securities market of the Dominican Republic, for the purposes of these guidelines, the term "securities" will be used instead of "bonds", in accordance with the definition established in item 43) of Article 3 of Law No. 249-17⁵ Fixed-income securities: are debt securities originating from the issuer's liabilities, whose yield does not depend on their financial results, therefore representing an obligation to return the invested capital plus a predetermined yield, under the terms and conditions stated in the respective security.

Consequently, the scope of these Guidelines will extend only to those sustainable, green, social, or sustainability-linked securities that meet the following characteristics:

Green Securities: fixed-income securities where the proceeds are exclusively allocated to finance, or refinance, in whole or in part, new or existing projects that are eligible as "green projects"⁶. The proceeds of the issuance will be exclusively allocated to finance activities with environmental benefits, which may include intangible assets. The eligibility of these projects may be determined based on green project classification standards, such as the Green Taxonomy of the Dominican Republic, which establishes assets and activities that, according to technical criteria, generate substantial environmental benefits. Green projects, in turn, can generate social benefits.
Social Securities: fixed-income securities where the proceeds are exclusively allocated to finance or refinance, in whole or in part, new or existing projects that are eligible as "social projects"⁷. The proceeds of the issuance will be allocated to projects with social benefits. In turn, social projects can also generate environmental benefits.

⁵ Law No. 249-17 of the Securities Market, promulgated on the nineteenth (19) day of December of the year two thousand seventeen (2017); pages 7 and 8.
⁶ "Eligible green projects shall be understood as those that represent benefits for the environment, such as, for example, projects related to transport, energy, water, construction, waste and pollutant control, and agriculture, among others. In the Dominican context, the Green Taxonomy of the Dominican Republic constitutes the main technical reference framework for identifying eligible green activities, in accordance with national environmental objectives and defined technical criteria.

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SIMV
Superintendence of the Securities Market of the Dominican Republic

that are eligible as "social projects"⁷. The proceeds of the issuance will be allocated to projects with social benefits. In turn, social projects can also generate environmental benefits.

Sustainable Securities: fixed-income securities where the proceeds are allocated to finance or refinance, in whole or in part, a combination of eligible green projects and social projects, generating both environmental benefits and social benefits.
Sustainability-Linked Securities: fixed-income securities in which the use of proceeds is not necessarily allocated to specific green or social projects, but are structured based on the achievement or failure of key sustainability objectives (known as Sustainability Performance Targets or SPTs). These objectives are linked to key performance indicators (KPIs) that reflect the issuer's strategic commitments in environmental, social, or governance matters. Their structuring can be supported by technical frameworks such as the Green Taxonomy of the Dominican Republic, to define indicators, set ambitious targets, and reinforce the credibility of the instrument.

Securities issued under these guidelines will be identified in the Centralized Trading Mechanisms as "VS".

b) Origin and dynamics:

The green bond market emerged globally in 2007-2008, in the context of growing concern about climate risks and the financial costs associated with the issuance of Greenhouse Gas (GHG) emissions. The first green bond issuances were carried out by multilateral development banks. In Latin America, the first green bond issuers entered the market in 2014. As of the issuance of these guidelines, the green bond market in Latin America and the Caribbean (LAC) represents only two percent (2%) of the global volume of green bond issuances.⁸ Gradually, other types of labels emerged in the market to differentiate bond issuances whose proceeds are allocated to other types of projects – distinct from green ones – which can cover a wide range of issues (generating social impacts, ocean protection, promoting culture, etc.). However, the green bond continues to dominate the climate bond market, followed by sustainable bonds and social bonds.

Green bonds represent a valuable opportunity for the global financial system to contribute to the achievement of commitments assumed in the Paris Agreement⁹, and to the mobilization of resources towards climate projects. Under the Paris Agreement, all countries

⁷ "Eligible social projects shall be understood as those whose objective is to help address or mitigate a specific social problem or achieve positive social results, especially, but not exclusively, for a specific group of the population.
⁸ Climate Bonds Initiative (2019). Latin America Green Finance State of the Market.
⁹ Paris Agreement: https://unfccc.int/sites/default/files/spanish_paris_agreement.pdf

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Superintendence of the Securities Market of the Dominican Republic

committed to reducing Greenhouse Gas (GHG) emissions, setting Nationally Determined Contributions (NDCs) per country over the coming decades.¹⁰

In addition, both green bonds and social, sustainable, and sustainability-linked bonds act as catalysts for achieving the United Nations Sustainable Development Goals¹¹, adopted on the twenty-fifth (25) day of September of the year two thousand fifteen (2015) by world leaders with the aim of eradicating poverty, protecting the planet, and ensuring prosperity for all as part of a new sustainable development agenda (the 2030 Agenda).

More frequently, issuers of sustainable, green, or social securities are multilateral development banks, Financial Intermediation Entities, commercial companies, municipal entities, and public service institutions.

2. Conceptual and Regulatory Frameworks:

a) Conceptual Framework

Sustainable, green, or social securities are "regular"¹² securities to which an additional characteristic is required: the proceeds obtained must be exclusively allocated to finance only green projects, only social projects, or a set of green and social projects, which generate positive impacts on the environment or on society, respectively.

Such impacts can manifest in various ways such as: reduction of carbon emissions, improvement in energy or water consumption efficiency, replacement of fossil fuels with renewable energies, job generation, access to essential services such as housing, education, health, among others.

The commitment to allocate proceeds to this type of green or social projects constitutes a voluntary decision of the issuer, which is usually fully reflected in the bond framework (document that details the four (4) pillars developed by the International Capital Market Association (hereinafter "ICMA") in the Green Bond Principles (GBP), the Social Bond Principles (SBP), and the Sustainability Bonds Guidelines (SBG) and in some aspects of the issuance prospectus, subjecting the securities issuer to compliance with said voluntary commitment towards investors, who

¹⁰ Taking 2010 as the base year, the Dominican Republic's Intended Nationally Determined Contribution (INDC) is 25% of base year emissions for 2030. This is conditioned on favorable, predictable support, the viability of climate financing mechanisms, and the correction of existing market mechanism failures. See: https://www4.unfccc.int/sites/ndcstaging/PublishedDocuments/Dominican%20Republic%20First/INDC-RD%20Agosto%202015%20(espa%C3%B1ol).pdf ¹¹ United Nations Organization (2019). United Nations Sustainable Development Goals (SDGs). [Online]. Available at: https://www.un.org/sustainabledevelopment/es/objetivos-de-desarrollo-sostenible/ ¹² For the purposes of these guidelines, regular securities shall be understood as those defined as fixed-income securities in subsection 43) of Article 3 of Law No. 249-17 of the Securities Market: they are debt securities originating from the issuer's liability, whose yield does not depend on their financial results, thus representing an obligation to repay the invested capital plus a predetermined yield, under the terms and conditions stated in the respective security.

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SIMV
Superintendence of the Securities Market of the Dominican Republic

trust that the invested funds will be allocated to the projects identified by the issuer. Consequently, investors will base their investment decision in the securities on the information provided by the issuer, as well as on the level of credibility of this and the statements contained in the security framework.

On the other hand, sustainability-linked securities present a differentiated structure, as they are not based on the specific use of funds, but on the issuer's commitment to achieve certain sustainability performance objectives (SPTs), measured through relevant, measurable, and verifiable key indicators (KPIs). The proceeds obtained are intended to be used for general corporate purposes, so the specific use thereof is not determinative for their categorization. However, in some cases, issuers may opt to combine the GBP/SBP approach. This voluntary decision of the issuer is also reflected in the bond framework, which addresses the five (5) pillars developed by ICMA in the Sustainability-Linked Bond Principles (SLBs) and details relevant information for the investor.

Consequently, there is a clear need to ensure that the development of the sustainable, green, social, and sustainability-linked securities market is consistent and transparent, understanding it as absolutely necessary to define a common framework of guidelines for this segment of the market.

b) Regulatory Framework:

In the Dominican Republic, there is no special regulation for sustainable, green, social, and sustainability-linked securities, making general norms for the issuance of fixed-income securities applicable to them.

These guidelines shall prevail over any other norm or regulation, whether national or international, that contradicts what is stipulated in this document, which have been prepared in accordance with international standards in the matter and following market best practices.

Precisely, in the following section, the main initiatives, principles, and guidelines for the standardization of issuance requirements applicable to sustainable, green, social, and sustainability-linked securities recognized by the Superintendence are exposed.

3. Principles, Initiatives, and Best Practices Recognized by the Superintendence of the Securities Market of the Dominican Republic:

The Superintendence recognizes the following initiatives, principles, and guidelines, which have been especially observed for the preparation of these guidelines.

a) Green Bond Principles, Social Bond Principles, Sustainability-Linked Bond Principles, Sustainability Bond Guidelines:

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SIMV
Superintendence of the Securities Market of the Dominican Republic

The Superintendence recognizes the importance and legitimacy of the initiative developed by ICMA in order to develop, integrate, harmonize, and provide transparency to the market of sustainable, green, and social securities internationally.

To this end, ICMA has prepared for Green and Social Bonds a series of principles that are structured in four (4) pillars: the use of proceeds, the process for evaluation and selection of projects, the management of proceeds, and reporting. While for Sustainability-Linked Bonds, five (5) pillars were defined: selection of key performance indicators (KPIs), calibration of sustainability performance targets (SPTs), bond characteristics, reporting, and verification.

Likewise, to ensure compliance with the principles, ICMA recommends that issuers ensure that issued securities have a review by an external and independent entity with recognized experience in environmental or social sustainability matters, to ensure compliance with the issuer's sustainability standards and the statements made by the securities issuer through the projects financed with the issued security.

ICMA developed the Green Bond Principles¹³ (GBP), the Social Bond Principles¹⁴ (SBP), the Sustainability-Linked Bond Principles (SLBP)¹⁵ and the Sustainability Bond Guidelines¹⁶ (SBG), and defines these principles as "a roadmap to follow for minimum commitments that issuers who wish to add the sustainable, green, or social label to their issuances must comply with", which are characterized by being voluntary, collaborative, and consultative.

Therefore, through this document, the Green Bond Principles, the Social Bond Principles, the Sustainability-Linked Bond Principles, and the Sustainability Bond Guidelines of ICMA are recognized as the roadmap to be followed by issuers who wish to label their securities issuances as sustainable, green, social, and sustainability-linked.

Below, the basic components or pillars of these principles are detailed, whose theme differs depending on the type of security in question (green, social, or sustainability-linked).

The Green Bond Principles establish in each of its four (4) components the following:

¹³ International Capital Markets Association (2021). Green Bond Principles. [Online]. Available at: Green Bond Principles » ICMA ¹⁴ International Capital Markets Association (2023). Social Bond Principles. [Online]. Available at: Social Bond Principles (SBP) » ICMA ¹⁵ International Capital Markets Association (2024). Sustainability-Linked Bond Principles (SLBP) [Online]. Available at: Sustainability-Linked Bond Principles (SLBP) » ICMA ¹⁶ International Capital Markets Association (2021). Sustainability Bond Guidelines. [Online]. Available at: Sustainability Bond Guidelines (SBG) » ICMA

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SIMV
Superintendence of the Securities Market of the Dominican Republic

Use of Proceeds: the proceeds of the issuance must be exclusively allocated to finance green projects with clear environmental benefits, and the legal documentation of the bond must include details regarding the use of proceeds, as well as the identification and quantification of environmental benefits. In case green projects are to be refinanced, it must be clearly specified that it is a refinancing. There are ten (10) major categories of eligible green projects according to ICMA¹⁷: (1) renewable energy; (2) energy efficiency; (3) pollution prevention and control; (4) sustainable management of natural resources and land use; (5) conservation of terrestrial and aquatic biodiversity; (6) clean transport; (7) sustainable water and wastewater management; (8) climate change adaptation; (9) products, production technologies, and processes adapted to the circular economy; and (10) green buildings. These categories are indicative and not exhaustive, and there may be others of similar characteristics that are also eligible.
Process for Evaluation and Selection of Projects: the issuer of a green security must communicate to investors its environmental sustainability objectives, the clear and defined process through which it is determined that the green projects to be financed fit within the aforementioned eligible green project categories, and the eligibility criteria related to each category, and complementary information on the process by which the issuer identifies and manages environmental and social risks associated with the projects.
Management of Proceeds: a strategy or methodology must be established to follow the traceability of funds and their effective allocation to identified eligible projects, recommending that the issuer have an external auditor or another independent third party to verify the management and allocation method of the proceeds of the issued green security.
Reporting: issuers must prepare and make available updated information on the use of proceeds, which must be renewed annually until full allocation has been made, and made available promptly in case of relevant developments. Likewise, they must maintain an updated list of financed projects, including a description of the project, the amount allocated, and the expected environmental impact. This information must be renewed annually until the full allocation of funds.

The Social Bond Principles establish in each of its four (4) components the following:

Use of Proceeds: the proceeds of the issuance must be exclusively allocated to finance social projects that seek to address or mitigate a specific social problem or seek to achieve positive social results, especially, but not exclusively,

¹⁷ To establish the Use of Proceeds, one can follow these categories established by ICMA or use other classification standards such as the Green Taxonomy of the Dominican Republic or the Climate Bonds Initiative Taxonomy.

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SIMV
Superintendence of the Securities Market of the Dominican Republic

for one or several target populations¹⁸. The legal documentation of the bond must include details regarding the use of proceeds, as well as the identification and quantification of intended social benefits. In case social projects are to be refinanced, it must be clearly specified that it is a refinancing. The Social Bond Principles suggest a non-exhaustive list of six (6) major categories of eligible social projects: (1) affordable basic infrastructure; (2) access to essential services; (3) affordable housing; (4) job generation and programs designed to prevent and/or alleviate unemployment derived from socio-economic crises, economic transition projects, and/or other considerations related to "just transition"; (5) food security and sustainable food systems; and (6) socioeconomic progress and empowerment. Likewise, the Social Bond Principles suggest some examples of target populations such as people living below the poverty line, people with low education levels, or vulnerable groups, even as a result of natural disasters.

Process for Evaluation and Selection of Projects: the issuer of a social security must communicate to investors its social objectives, the clear and defined process through which it is determined that the social projects to be financed fit within the aforementioned eligible social project categories and show the intended benefit for the target population, and the eligibility criteria related to each category, and complementary information on the process by which the issuer identifies and manages environmental and social risks associated with the projects.
Management of Proceeds: a strategy or methodology must be established to follow the traceability of funds and their effective allocation to identified eligible projects, recommending that the issuer have an external auditor or another independent third party to verify the management and allocation method of the proceeds of the issued social security.
Reporting: issuers must prepare and make available updated information on the use of proceeds, which must be renewed annually until full allocation has been made, and made available promptly in case of a relevant event. Likewise, they must maintain an updated list of financed projects, including a description of the project, the amount allocated, and the expected social impact. This information must be renewed annually until the full allocation of funds.

On the other hand, the Sustainability-Linked Bond Principles establish in each of its five (5) components the following:

Selection of Key Performance Indicators (KPIs): the selected KPIs must be relevant, strategic, and significant for the issuer. Likewise, they must be aligned with their sustainability strategies or policies; and must be

¹⁸ In the latest available version of the Social Bond Principles published by ICMA, it is recognized that the definition of target population may vary depending on contexts and that, in some cases, these target populations can also be addressed by addressing the general public.

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measurable in a consistent manner, verifiable externally by independent third parties, and comparable with external or international references¹⁹. It is recommended to prioritize KPIs that have already been included in previous reports (annual, sustainability, Nationally Determined Contribution (NDC), national emissions inventories, among others), to facilitate the analysis of historical performance. If they have not been disclosed before, it is suggested to present verified data for at least the last three years.

Likewise, the process and justification for the selection of KPIs must be communicated, defining their scope, calculation methodology, baseline, and standards or references used (preferably aligned with SMART principles²⁰).

Calibration of Sustainability Performance Targets (SPTs): the calibration process of one or more SPTs for each KPI is key to the structure of SLBs as it will be the expression of the level of ambition with which the issuer is willing to commit and, therefore, is considered realistic. SPTs must be ambitious, comparable, coherent, and time-bound. The goal-setting exercise should be based on a combination of benchmarking approaches, such as the issuer's historical performance (minimum 3 years), historical data of the selected KPIs, and, when possible, prospective guidance on the KPI, and positioning relative to sector peers, and science-based scenarios. Additionally, information published on the establishment of goals should clearly refer to: the dates and key events for the evaluation of SPTs, the baseline used and its justification, possible future adjustments in case of relevant changes, the strategy to achieve the goals (operational levers, investments, ESG governance²¹), and external factors that could affect compliance. It is recommended that issuers designate an external reviewer to issue a Second Party Opinion (SPO).
Bond Characteristics: in SLBs, the financial and/or structural conditions of the bond are subject to changes according to compliance with the SPTs linked to the KPIs. The most common trigger event is a coupon variation, although other financial or structural adjustments may apply. These variations must be proportional and significant with respect to the original conditions of the bond; and clearly defined in the issuance documentation. Any backstop mechanism in case the SPTs cannot be calculated or measured satisfactorily should be explained. Issuers may also consider including, when necessary, language in the bond documentation to account for possible exceptional events (such as a significant change in scopes resulting from merger and acquisition operations) or external events, including changes

¹⁹ For corporate issuers, KPIs must be material and aligned with their sustainability strategy and business model, addressing ESG challenges specific to the sector and under management control. In the case of sovereign issuers, they must reflect their key sustainability policies and environmental, social, or governance objectives.
²⁰ SMART: Specific, measurable, achievable, relevant, time-bound.
²¹ ESG: Environmental, social and governance.

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SIMV
Superintendence of the Securities Market of the Dominican Republic

drastic changes in the regulatory environment that could substantially affect the calculation of the KPI, to the reformulation of the SPT, and/or proforma adjustments of the baselines or the scope of the KPI.

Publication of Reports: issuers must prepare and keep available updated information on the results of the selected KPIs, including baselines when relevant; a verification assurance report regarding the SPTs describing the performance against the SPTs and the related impact, and the timing of such impact, on the financial and/or structural characteristics of the bond; and any information that allows investors to monitor the level of ambition of the SPTs. Such information must be renewed annually or in any relevant case to evaluate the performance of the SPT that leads to a possible adjustment of the financial and/or structural characteristics of the SLB. Additionally, verification regarding the SPTs must be publicly available.
Verification: issuers should obtain external and independent verification of their performance level with respect to each SPT for each KPI by a qualified external verifier at least once a year, or in any relevant case to evaluate the performance of the SPT that leads to a possible adjustment of the financial and/or structural characteristics of the SLB. Additionally, verification regarding the SPTs must be publicly available.

With the aim of promoting the integrity of the sustainable securities market and ensuring that issuers are able to anticipate and meet investor expectations, in June 2018, ICMA launched the updated Sustainable Bond Guidelines in 2021, applicable to sustainable securities, which are defined as those in which funds will be exclusively allocated to finance or refinance a combination of green projects and social projects that also generate environmental benefits or green projects that, likewise, generate social benefits. In this case, the guide determines that the issuer follows, jointly, the Green Bond Principles and the Social Bond Principles.

It is important to highlight that ICMA recommends the use of independent external reviews to determine the alignment of sustainable, green, social, or sustainability-linked securities with the four or five components of the GBP, the SBP, or the SLB, as applicable. The following table summarizes the main aspects of the GBP, SBP, and SLBP:

Element	Green / Social Bonds	Sustainable Bonds	Sustainability-Linked Bonds (SLB)
Based on use of funds	Yes	Yes	No
Performance targets	No	No	Yes
Change in bond conditions if targets are not met	No	No	Yes
Requires framework and verification	Yes	Yes	Yes
External review expected	Yes	Yes	Yes

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SIMV
Superintendence of the Securities Market of the Dominican Republic

b) Green Taxonomy of the Dominican Republic:

The Superintendence of the Securities Market of the Dominican Republic recognizes the Green Taxonomy of the Dominican Republic as the official technical framework for the classification of environmentally sustainable economic activities in the country. This tool seeks to facilitate the channeling of financial resources towards projects that generate significant and verifiable environmental benefits.

The Taxonomy is aligned with national environmental objectives, Nationally Determined Contributions (NDCs), and international commitments assumed by the country under the Paris Agreement. Its purpose is to offer a common language to identify economic activities that contribute substantially to the environmental objectives of climate change mitigation; climate change adaptation; sustainable use and protection of water and coastal-marine resources.

The Taxonomy addresses six (6) environmental objectives: 1. Climate change mitigation; 2. Climate change adaptation; 3. Sustainable use and protection of water and coastal-marine resources, 4. Ecosystems and Biodiversity, 5. Prevention and Control of Pollution, 6. Circular Economy. The first three objectives are addressed through substantial contribution criteria, meaning that activities can be considered aligned if they generate direct and measurable environmental benefits in any of these areas. On the other hand, the Ecosystems and biodiversity objective is addressed partially under the substantial contribution approach, focusing on ecosystems directly linked to the water and water resources objective. Finally, all objectives, including pollution prevention and control and circular economy objectives, are incorporated from the perspective of No Significant Harm (NSH), which implies that all eligible activities must demonstrate that they do not generate relevant negative impacts on these areas to be considered aligned with the Taxonomy.

The environmental objectives included in the Taxonomy are related to a specific set of economic sectors. For example, the climate change mitigation objective covers activities distributed in 7 sectors, while the sustainable use and protection of water and coastal-marine resources objective comprises 4 sectors, and one additional one that also has substantial contributions to the ecosystems and biodiversity objective. On the other hand, the climate change adaptation objective is addressed transversally, through tools and guidelines applicable to multiple sectors.

In total, the Taxonomy identifies sixty-five (65) activities, fifty-eight (58) activities for climate change mitigation, six (6) activities for sustainable use and protection of water and coastal-marine resources, and one (1) activity that contributes both to the ecosystems and biodiversity protection and restoration objective and to the sustainable use and protection of water and coastal-marine resources objective (co-benefits). For each asset or activity to be considered aligned with the Taxonomy, it must meet three types of requirements: 1. Substantial contribution criteria, 2. No Significant Harm (NSH) requirements to other environmental objectives, and 3. Minimum Social Safeguards (MSS).

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SIMV
Superintendence of the Securities Market of the Dominican Republic

Chapter V. International Standards and Green Bond Classification Taxonomies, is dedicated to explaining in greater detail how issuers can use the Taxonomy to structure and align their green securities issuances according to this national framework.

c) Climate Bonds Initiative:

The Superintendence recognizes the validity of the International Standard for Climate Bonds²² (CBS, in English), developed by the Climate Bonds Initiative²³ (CBI, in English), a non-profit organization that seeks to mobilize the green bond market to finance climate change solutions. To this end, CBI facilitates information and periodic studies about the global green bond market, prepares specialized sector guides for green bond certification, and provides advice for the development of public policies in this matter.

The Climate Bonds Standard and its CBI certification scheme are designed as an easy-to-use tool for investors and issuers with the aim of helping them prioritize investments that truly contribute to addressing the climate change problem. The CBS is composed of two parts: (i) a main standard detailing management and reporting processes and (ii) a set of sectoral criteria detailing the requirements that assets must meet to be eligible. The certification scheme requires issuers to obtain independent verification, prior and subsequent to issuance, carried out by an entity approved by CBI²⁴, to ensure that the bond meets the CBS requirements. Furthermore, CBSs are aligned with the GBP. The intention is that the development of this standard produces a higher level of confidence, quality, and transparency in the green bond market.

The Taxonomy developed by CBI for the identification of eligible assets is summarized in the following chart²⁵:

²² Climate Bonds Standard and Certification Scheme; https://www.climatebonds.net/standard/about ²³ Climate Bonds Initiative: https://www.climatebonds.net/ ²⁴ List of Verifiers approved under the Climate Bonds Standard: https://www.climatebonds.net/certification/approved-verifiers ²⁵ The colored circles found in each of the assets show whether they are assets for which CBI has already developed certification criteria (blue), assets whose certification criteria are in the development phase (orange), and finally, those assets for which CBI is about to start developing the corresponding certification criteria.

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SIMV
Superintendence of the Securities Market of the Dominican Republic

[Diagram of sectors and activities]

d) International Organization of Securities Commissions:

The Superintendence recognizes the final report on sustainable finance in emerging markets and the role of the securities market regulator FR08/2019²⁶ issued by the Emerging Markets and Growth Committee of the International Organization of Securities Commissions (IOSCO, in English) in June 2019, in which ten (10) recommendations are established that member countries must consider when issuing regulation or guidelines on sustainable instruments. These recommendations are grouped into the following categories:

Integration of ESG (environmental, social, and corporate governance) factors by issuers and regulated entities in their general risk assessment and governance (Recommendation 1);
Integration of ESG factors by institutional investors in their investment analysis, strategies, and general governance (Recommendation 2);
Disclosures, reports, and performance reports on ESG matters (Recommendation 3);
Definition and Taxonomy of sustainable instruments (Recommendation 4);
Specific requirements on sustainable instruments (Recommendations 5 to 9); and,

²⁶ International Organization of Securities Commissions (2019). Sustainable Finance in Emerging Markets and the Role of Securities Regulators. [Online]. Available at: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD630.pdf

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SIMV
Superintendence of the Securities Market of the Dominican Republic

Capacity and expertise building for ESG securities issuance (Recommendation 10).

For the preparation of these guidelines, Recommendations 4, and 5 to 9 have been especially observed, namely: (4) definition of sustainable instruments; (5) definition of eligible projects and activities that can be financed with the funds of the issued instruments; (6) establishment of requirements for the issuance of sustainable securities, such as, among others, the use and management of the funds raised with the issuance, and the processes used by issuers for the evaluation and selection of eligible projects; (7) establishment of requirements regarding monitoring and reporting on the use of funds, including their allocation and the destination of unallocated funds; (8) development of measures to prevent, detect, and sanction issuers who make improper use of funds; and (9) the consideration of the use of independent external reviews in sustainable securities issuances, for the purpose of verifying their consistency and of the eligible projects financed with the definitions of eligible projects that result as applicable.

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SIMV
Superintendence of the Securities Market of the Dominican Republic

III. The process of issuing sustainable, green, social, or sustainability-linked securities:

For the authorization request of thematic securities — sustainable, green, social, or sustainability-linked — issuers must present a series of documents that support the nature and commitment of the instrument to sustainability principles. These requirements include: (1) the framework of the sustainable, green, social, or sustainability-linked security; (2) an independent external review report of the security framework; (3) the issuer's document or autonomous patrimony formally designating the reviewing entity; (4) documents supporting the professional qualification of the company that performed said review; (5) the submission communication of the independent external reviewing company accompanied by a sworn statement; (6) a certification and/or opinion from an independent verifying entity confirming the nature of the security; (7) the incorporation of sustainability reports and indicators in the Annual Corporate Governance reports; (8) maintaining the corresponding regulatory and operational framework for the type of fixed-income security, which will be issued through the stock exchange mechanism and custodied in the centralized securities depository.

1. Prior to issuance:

Issuers of sustainable, green, social, or sustainability-linked securities must have the technical advice that is accurate for the preparation of the Sustainable, Green, Social, or Sustainability-Linked Security Framework that is intended to be issued. The framework consists of a document in which the issuer's sustainability strategies and objectives are described, as well as its voluntary adherence to the GBP, the SBP, the SLBP, or the SBG, depending on the type of security structured.

In the case of green, social, or sustainable securities, the framework must identify the eligible green or social categories of projects to be financed or refinanced in whole or in part with the funds of the issued security, specifying the classification standard used to determine these categories, such as the Green Taxonomy of the Dominican Republic, the GBP, the SBP, or the SBG.

In the case of sustainability-linked securities, the framework must focus on the definition of key performance indicators, the calibration of sustainability performance targets, and the clear description of financial or structural consequences in case of non-compliance with said targets. In these securities, funds are not necessarily allocated to specific projects, but can be destined for general corporate purposes, with the measurable commitment to sustainability improvement being the basis of their structure. Nevertheless, the issuer can rely on technical frameworks such as the Green Taxonomy of the Dominican Republic and the SLBP.

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SIMV
Superintendence of the Securities Market of the Dominican Republic

a) Identification of eligible projects for sustainable, green, or social securities:

The issuer must clearly define in the sustainable, green, or social security framework the projects that will be financed with the funds of this security, as well as the social or environmental impacts that are expected to be achieved with these projects, to the extent possible. It may involve projects identified individually or well unidentified projects that meet clear eligibility criteria in relation to any of the eligible categories proposed by the Green Taxonomy of the Dominican Republic, the GBP, the SBP, or the SBG.

In the case of unidentified projects individually, the issuer must pay special attention in the framework to the development of clear and consistent eligibility criteria, and guarantee that a process of evaluation and selection of projects will be followed to ensure that funds are allocated to eligible green or social projects under each of the eligible categories that have been defined.

As previously stated, issuers can rely on the Green Taxonomy of the Dominican Republic as a technical reference framework to identify economic activities with substantial environmental benefits. Additionally, there are various internationally recognized standards that can be of great use to issuers at

Circular 06-2025 — Authorization for Public Consultation on the Draft Modification of the Guidelines for the Issuance of Sustainable, Green, Social, and Sustainability-Linked Public Offering Securities in the Dominican Republic Securities Market

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