Regulatory Alerts2018-11-21 | NDMC-18Added · Updated
Technical Standards for Closed-End Venture Capital Investment Funds
The Committee of Standards of the Central Reserve Bank of El Salvador issued these standards to regulate Closed-End Venture Capital Investment Funds, defining their authorization, registration, and operational requirements. The document mandates that funds invest off-exchange in securities of companies developing medium-to-long-term business projects and requires managers to verify investor risk profiles and disclose specific investment policies. It establishes detailed documentation obligations for registration, including internal regulations, placement prospectuses, and five-year financial projections, while specifying marketing conduct and valuation methods for unlisted securities.
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