Regulatory Alerts2005-06-30 | Circular 4/2005Added
Circular 4/2005 — Modifies Circular 115/2002
Effective July 1, 2005, the sum of bid amounts submitted by each bidder for a government securities primary placement auction must not exceed 60% of the maximum amount offered for that auction. This 60% limit applies collectively to bids submitted by multiple banking institutions and brokerage houses that are part of the same financial group or controlled by the same shareholder. A shareholder is considered to control both types of intermediaries if they own 30% or more of the voting shares, control the general shareholder meetings, appoint the majority of board members, or otherwise exercise control over both entities.
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