Regulatory Alerts2014-09-22 | CD-SIBOIF-847-2-AGOST8-2014Added · Updated
Norm on Reform to Article 39 of the Standard on Public Offering of Securities in the Primary Market
The Board of Directors of the Superintendence of Banks and Other Financial Institutions amended Article 39 of the Standard on Public Offering of Securities in the Primary Market to authorize the direct placement of investment fund participations via counter or out-of-bid auction. This exemption from standard stock exchange or underwriting placement mechanisms applies specifically to participations of open or closed investment funds managed by Investment Fund Management Companies. The amendment requires issuers or underwriters to disclose placement mechanisms in the prospectus, ensure equitable distribution, and retain investor offer documentation for Superintendent review.
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