Regulatory Alerts2018-03-13 | CD-SIBOIF-1046-1-MAR13-2018Added · Updated
Regulation Reforming Articles 16 and 17 and Annexes I and III of the Regulation on Public Offering of Securities in the Primary Market
The Board of Directors of the Superintendence of Banks and Other Financial Institutions reformed Articles 16 and 17 of the Regulation on Public Offering of Securities in the Primary Market, establishing a four-year placement term for debt issuance programs and repealing the previous short-term debt issuance program rules. The amendment to Annex I mandates annual prospectus updates via supplements and requires notarized declarations with delegated signature powers, while Annex III modifications clarify investor information periodicity for financial institutions. Issuers with existing registered programs must apply the new four-year term starting from their original registration date, and banks must disclose that their securities are not covered by the Deposit Guarantee Fund. This regulation entered into force upon notification on March 13, 2018.