Regulatory Alerts2013-10-22 | CD-SIBOIF-799-1-SEP20-2013Added · Updated
Resolution Reforming Articles 3, 18, 20 and 21 and Adding Annex III to the Standard on Public Offering of Securities in the Primary Market
The Superintendence of Banks and Other Financial Institutions amended Articles 3, 18, 20, and 21 of the Standard on Public Offering of Securities in the Primary Market and added Annex III. The revisions define institutional and sophisticated investor thresholds, such as a net worth of $500,000 USD, and exempt financial institutions from submitting specific balance sheets, income statements, and cash flow projections by directing investors to public websites. Annex III establishes the minimum content for a simplified prospectus that financial institutions must use instead of the standard format. These changes entered into force upon publication in La Gaceta on September 20, 2013.
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