Superintendencia del Mercado de Valores (Dominican Republic) (SIMV)

The Dominican Republic's National Securities Council (CNMV) issued this regulation to govern Central Securities Depositories (CSDs) and Securities Clearing and Settlement Systems (SCSS) in alignment with international PFMI standards. The document establishes comprehensive governance requirements, including strict risk management frameworks, conflict of interest protocols, and the mandatory establishment of independent user committees. It further mandates transparent tariff structures, requiring prior regulatory approval for significant fee increases and defining specific charges for custody, clearing, and settlement services.

The Securities Market Superintendence (SIMV) of the Dominican Republic issues this regulation to establish the calculation methods and amounts for regulatory tariffs applied to securities market participants and transactions. The document defines three tariff categories: Registration (Tariff A), Maintenance and Supervision (Tariff B), and Transaction Supervision (Tariff C), while granting specific exemptions for SMEs and primary market activities. It mandates strict payment schedules, indexing mechanisms based on inflation, and enforcement procedures for non-compliance to fund the Superintendence's oversight operations.

The National Securities Council of the Dominican Republic authorized the Superintendence of the Securities Market to initiate a public consultation on a draft modification to Article 18 of the Regulation on Investment Fund Management Companies and Investment Funds (SAFI). The proposed changes aim to strengthen the professional suitability regime for fund administrators by reducing exam validity periods, expanding acceptable certifications, mandating continuous training, and requiring prompt notification of appointments. This regulatory update seeks to mitigate systemic risks, align with international standards, and enhance investor protection amidst the growing complexity of the investment fund industry.

The National Securities Market Council of the Dominican Republic issued Resolution R-CNMV-2026-06-MV on April 21, 2026, granting final approval to the modification of the Fee Regulation for Regulation and Services of the Securities Market Superintendence. The updated regulation harmonizes the capital ranges for securities intermediaries, eliminates fees for commercial paper, and introduces new fees for green, social, and sustainable bond offerings. These changes aim to align the fee structure with current market realities, promote sustainable finance, and ensure the operational sustainability and transparency of the regulatory body.

The National Securities Market Council of the Dominican Republic approved a modification to the Securities Market Superintendence's regulatory agenda for the March to September 2026 period. This amendment adds a specific initiative to improve the drafting of Article 18 regarding the professional suitability requirements for investment fund administrators. The resolution mandates the publication of this modification and instructs the Superintendent to complete all necessary administrative procedures in accordance with regulatory improvement laws.

The National Securities Market Council of the Dominican Republic issued Resolution R-CNMV-2026-07-MV on April 21, 2026, to definitively approve modifications to the Regulation for Centralized Securities Depositories and Securities Clearing and Settlement Systems. The amendments aim to enhance the regulatory framework by clarifying the treatment of delivery delays, strengthening risk management and operational continuity standards, and introducing new definitions for critical incidents and root cause analysis. This decision follows a public consultation process and incorporates technical feedback from key market participants to ensure the stability and efficiency of the country's financial market infrastructure.

The National Securities Market Council of the Dominican Republic issued Resolution R-CNMV-2025-27-MV to formally approve the Regulation for Collaborative Financing (Crowdfunding) of Investment in the Securities Market. This regulation establishes the legal framework for public offerings of crowdfunding securities, defining the authorization processes for issuers and the operational requirements for platform administrators. The measure aims to enhance financial inclusion by facilitating access to capital for small and medium-sized enterprises while ensuring investor protection and market transparency.

The Dominican Republic's Superintendence of the Securities Market issued this regulation to establish the authorization, operational requirements, and definitions for securities intermediaries and brokers under Law No. 249-17. The document defines key financial terms, including risk-weighted assets, capital adequacy indices, and various types of securities placement contracts, while mandating strict documentation and legalisation procedures for foreign entities. It further outlines the mandatory licensing tiers for brokers and the administrative protocols for application evaluation and registration maintenance.

The National Securities Market Council of the Dominican Republic approved Resolution R-CNMV-2025-10-MV, establishing the regulatory framework for the authorization, operation, selection, and supervision of external auditors. The regulation mandates that auditors register with the Superintendence of the Securities Market, adhere to international auditing standards, and maintain strict independence and confidentiality. It also outlines specific procedural requirements for auditor selection, rotation, and the supervision of their services provided to market participants and autonomous patrimony.

The Dominican Securities Market Superintendence issued a modified regulation requiring securities market participants to implement risk-based anti-money laundering and counter-terrorist financing compliance programs. The rules mandate specific due diligence, record-keeping, and reporting obligations for central securities depositories, closed-end fund administrators, and other restricted-duty entities. Key changes include new definitions for risk factors and screening banks, as well as strict requirements for suspicious activity reporting and independent audits.

The National Securities Council of the Dominican Republic approved Resolution R-CNMV-2025-01-MV to establish the regulatory framework for public offering trust fiduciaries, securitization companies, and autonomous assets in securitization processes. The regulation defines the authorization, inscription, and operational requirements for these entities, incorporating feedback from public consultations and technical reviews. It mandates specific governance standards, including the maintenance of a Net Worth Adequacy Index and strict separation of duties for asset administration and valuation.

The National Securities Market Council of the Dominican Republic approved Resolution R-CNMV-2024-09-MV, adopting a new regulation governing change of control, mergers, supervision, administrative intervention, dissolution, and liquidation for securities market participants. This regulation implements Law No. 249-17, replacing previous supervisory and inspection rules while establishing specific procedural requirements and exceptions for various market entities. The approval follows a public consultation process that incorporated feedback from industry stakeholders to refine the regulatory framework and ensure market transparency.

The National Securities Market Council of the Dominican Republic approved the Regulation on Cybersecurity and Information Security in the Securities Market to mandate strict information protection standards for market participants. The regulation establishes general criteria and guidelines to ensure the integrity, availability, and confidentiality of information while mitigating systemic risks associated with cyber threats. It applies obligatorily to key entities such as securities intermediaries, central counterparties, and depositories, requiring them to implement robust cybersecurity governance and risk management practices.

The Dominican Republic's Securities Market Superintendence issued the Corporate Governance Regulation to establish mandatory minimum principles for market participants, ensuring transparency and proper internal control. The document defines key governance roles, outlines the scope of application for various financial entities, and mandates the creation of a Corporate Governance Code detailing shareholder rights and board responsibilities. It further regulates related-party transactions, defines conflict of interest scenarios, and enforces a 'comply or explain' framework for voluntary adopters.

The National Securities Market Council of the Dominican Republic approved the Regulation of Price-Providing Companies to establish the authorization, registration, and operational requirements for entities calculating security valuations. This regulation implements Article 196 of Securities Law No. 249-17, defining the scope, definitions, and general valuation principles for price-providing societies and their clients. The approval follows a public consultation process that incorporated feedback from industry associations to refine governance, conflict of interest, and service continuity standards.

The Dominican Republic's Securities Market Superintendence issues this regulation to govern public offerings of securities in accordance with Law No. 249-17. It establishes the scope, definitions, and specific types of public offerings, while mandating strict confidentiality and insider trading prevention during the preparation phase. The document outlines the Superintendence's authorization powers, registration requirements, and specific procedural timelines for reviewing and approving offering requests.

The National Congress of the Dominican Republic enacted Law No. 183-02 to establish the regulatory and institutional framework for the country's monetary and financial system. The legislation grants functional, organizational, and budgetary autonomy to the Monetary Administration, comprising the Monetary Board, the Central Bank, and the Superintendence of Banks, to ensure price stability and financial system solvency. It defines strict authorization regimes for financial intermediation, outlines the legal status and responsibilities of regulatory personnel, and establishes the Monetary Board as the supreme authority for setting monetary policy and overseeing regulatory compliance.

The National Securities Market Council of the Dominican Republic approved the Regulation on Insider Information, Relevant Facts, and Market Manipulation to establish rules for the use, control, and disclosure of privileged information. The regulation defines key terms such as insider information and market manipulation, and prohibits market participants from using non-public information for trading or recommending trades. It also mandates the classification of relevant facts and outlines specific prohibitions against market manipulation to ensure transparency and integrity in the securities market.

The National Securities Market Council of the Dominican Republic approved the Regulation of the Administrative Sanctioning Procedure to govern the enforcement powers of the Securities Market Superintendence. This regulation establishes the legal framework, principles, and phased procedures for investigating and sanctioning violations of Law No. 249-17 and Law No. 155-17. It defines the separation of investigative and sanctioning functions, outlines administrative appeals, and incorporates feedback from public consultations to ensure transparency and due process.

The National Securities Market Council of the Dominican Republic approved the final Regulation for Risk Rating Agencies on March 24, 2022, establishing the principles, criteria, and requirements for their authorization and registration. The regulation mandates that agencies maintain independence, objectivity, and transparency while adhering to IOSCO best practices and Dominican Law No. 249-17. It defines the scope of risk ratings, enforces permanent evaluation through semi-annual reports, and outlines specific operational standards to ensure the integrity of the securities market.

The National Congress of the Dominican Republic enacted Law No. 167-21 to establish a comprehensive framework for regulatory improvement and the simplification of administrative procedures across all public administration entities. The law mandates the use of specific tools, including regulatory planning agendas, ex ante and ex post regulatory impact analyses, and regulatory quality assessments, to ensure that regulations provide net benefits to society. It further requires the implementation of open government principles, public consultations, and the standardization of administrative processes to reduce bureaucratic burdens and enhance legal certainty.

The National Congress of the Dominican Republic enacted Law No. 163-21 to stimulate the capital market by granting tax exemptions on capital increases and establishing a reduced 15% capital gains tax rate for public offering securities for a three-year period. The legislation introduces a special liability regime protecting buyers from the seller's tax obligations and empowers the National Securities Council to grant temporary differentiated corporate governance treatments to facilitate market entry. These measures aim to democratize investment opportunities, encourage corporate transparency, and foster economic recovery by incentivizing companies to utilize the stock market for financing.

The Dominican Republic's Superintendence of the Securities Market issued this regulation to establish the principles, requirements, and procedures for the authorization, registration, operation, and exclusion of investment management companies and investment funds. It defines key terms, mandates that management companies be single-purpose anonymous societies, and outlines a two-phase authorization process involving document verification and operational capacity evaluation. The regulation details specific documentation requirements, timelines for regulatory review, and internal governance standards including business plans, organizational manuals, and conduct codes.

The National Securities Market Council of the Dominican Republic issued the Third Resolution to approve the Regulation on Supervision, Change of Control, Merger, Administrative Intervention, Suspension, and Exclusion of Issuers and Public Offering Securities. This regulation establishes the legal framework for the Superintendence of the Securities Market to supervise issuers, manage administrative interventions, and enforce the suspension or exclusion of securities and issuers from the registry. It clarifies the scope of supervision for fixed and variable income securities, defines procedures for mergers and changes of control, and incorporates feedback from public consultation to enhance market transparency and investor protection.

The National Securities Market Council of the Dominican Republic issued Resolution R-CNMV-2020-08-MV to formally approve the Regulation on Integrated Risk Management for Securities Intermediaries. This regulation establishes mandatory principles, organizational structures, and procedures for managing market, operational, and liquidity risks to minimize systemic risk and protect investors. It mandates the implementation of economic capital concepts, stress testing, and specific liquidity coverage ratios aligned with international standards from IOSCO and the OECD.

President Danilo Medina issued Decree No. 119-16 to amend the Regulations for the Application of the Securities Market Law, specifically defining trust securities and establishing rules for their issuance, liquidation, and hedging mechanisms. The decree mandates that trust securities be issued by authorized societies against the trust's assets and requires specific disclosures in offering prospectuses, including a disclaimer limiting the trustee's personal liability. These changes incorporate public consultation feedback to stabilize the financial system and expand investment instruments within the Dominican Republic's securities market.

The National Securities Market Council of the Dominican Republic approved the definitive regulation establishing the legal framework for centralized trading mechanisms and their administering societies under Law No. 249-17. This regulation defines key operational terms, outlines authorization and supervision requirements for administering societies, and sets forth detailed procedures for application, documentation, and technical evaluation. The framework aims to unify and expand provisions regarding the authorization, organization, functioning, and transparency of these trading mechanisms in alignment with international standards.

The National Securities Market Council of the Dominican Republic issued Resolution R-CNMV-2019-16-MV to approve the definitive regulation governing operations in the Over-The-Counter (OTC) market and securities transaction recording systems. This regulation establishes the legal framework for OTC trading, defines the roles and obligations of value intermediaries and system administrators, and mandates non-discriminatory pricing for non-professional investors. It further details the tariff structures, authorization processes, and operational standards required for entities managing securities registration systems to ensure market efficiency, equity, and transparency.

The National Congress of the Dominican Republic enacted Law No. 249-17 to comprehensively regulate, supervise, and promote an orderly, efficient, and transparent securities market aligned with international IOSCO and OECD standards. The legislation establishes the Securities Market Superintendence as an autonomous regulatory body with broad normative powers to protect investors, ensure market integrity, and mitigate systemic risk. It defines key market participants, instruments, and concepts while granting the regulator authority to impose sanctions and manage fees for market supervision and registration.

The National Congress of the Dominican Republic enacted Law No. 311-14 to establish a National Automated and Uniform System for Sworn Asset Declarations, requiring high-ranking public officials to disclose their wealth to combat administrative corruption. The legislation mandates the submission of initial and final asset inventories, defines a comprehensive list of obligated officials, and grants the Chamber of Accounts authority to verify declarations and impose sanctions for omissions or falsification. Furthermore, the law introduces criminal penalties for illicit enrichment, including imprisonment and asset confiscation, while lifting banking secrecy to facilitate investigations into unexplained wealth increases.

The National Congress of the Dominican Republic enacted Law No. 155-17 to replace the previous anti-money laundering statute and align national legislation with international standards set by the FATF and UN conventions. The law establishes comprehensive criminal penalties for money laundering and terrorism financing, defines key terms such as beneficial ownership and politically exposed persons, and mandates strict due diligence obligations for regulated entities. Additionally, it strengthens institutional oversight mechanisms and introduces measures to enhance tax transparency and the liquidation of inactive commercial entities.

The National Congress of the Dominican Republic enacted Law No. 200-04 to guarantee every person's right to request and receive complete, truthful, and timely information from all state organs and entities exercising public functions. The legislation mandates the proactive publication of administrative data via permanent services and internet platforms, while establishing strict fifteen-day deadlines for responding to specific information requests. It defines exhaustive exceptions for withholding information based on national security, privacy, and commercial interests, and imposes sanctions for non-compliance or unjustified denial of access.

The National Congress of the Dominican Republic enacted Law No. 479-08 to modernize the country's corporate legislation by replacing outdated commercial code provisions with updated standards aligned with international norms. The law establishes the legal framework for various commercial entities, including simplified anonymous societies (SAS), defines their formation, registration requirements, and the rights and obligations of shareholders. It also regulates corporate governance, capital contributions, and the conditions under which the legal personality of a company may be disregarded.

The National Congress of the Dominican Republic enacted Law No. 340-06 to establish a unified legal framework for public procurement that ensures efficiency, transparency, and international compliance. The legislation mandates that all public sector entities adhere to strict principles such as equality, free competition, and fairness while defining the scope, procedures, and exclusions for acquiring goods, services, works, and concessions. It further regulates the registration of bidders, sets limits on petty cash expenditures, and outlines specific conditions under which standard procurement formalities may be waived or modified.

The Dominican National Congress enacted Law No. 107-13 to regulate the rights and duties of individuals in their interactions with the Public Administration, establishing a comprehensive framework for administrative procedure. The law mandates that the Administration act objectively in the general interest, enforcing twenty-two specific principles such as legality, efficiency, proportionality, and due process to ensure good governance. It explicitly recognizes a fundamental right to good administration, detailing thirty-two subjective rights for citizens and corresponding duties for both the public and administrative personnel to guarantee transparency, participation, and effective legal protection.

The Dominican Republic's National Social Security Council enacted Law No. 87-01 to establish a unified Social Security System comprising contributory, subsidized, and subsidized-contributory regimes. The legislation defines the structure, financing, and administration of the Old Age, Disability, and Survivorship Insurance alongside the Family Health Insurance, creating specialized supervisory bodies like the Pension Superintendence. It mandates the creation of Pension Fund Administrators and Health Risk Administrators while establishing transition periods and social services for the elderly.

President Danilo Medina issued Decree No. 664-12 to approve the Implementation Regulation of the Securities Market Law No. 189-11, replacing the previous Regulation No. 729-04. The regulation aligns Dominican securities market rules with international standards from IOSCO and OECD, establishing comprehensive frameworks for investor protection, corporate governance, and market transparency. It defines key financial concepts and regulates the activities of various market participants, including issuers, intermediaries, and securitization entities, to ensure a fair and efficient financial system.

The National Congress of the Dominican Republic enacted Law No. 189-11 to establish a unified legal framework for developing the mortgage and securities markets, specifically introducing the trust figure to facilitate long-term housing financing. The legislation mandates the creation of financial instruments such as mortgage-backed securities and securitization to channel capital market resources toward affordable housing projects. Additionally, the law implements fiscal incentives, streamlines judicial procedures for real estate execution, and establishes strict regulatory oversight to protect investors and ensure market stability.