The market regulator is preparing rules for a new type of short-term investment fund, which will be available before July.
The Superintendency of Securities (Sugeval) in Costa Rica announced that it will add to its portfolio an investment fund focused on very short term securities which are low risk and high liquidity, reported El financierocr.com. This new instrument will be approved in the first half of 2016.
Financial companies expect that sometime before March 30 regulations of these investment instruments whose law was passed last year will be published.
It is expected that in the second half of the year the first fund management companies will be operating, once the legislation being prepared by authorities for the financial market is made known in detail. In order to promote this new instrument they are also preparing "... A plan for dissemination and promotion of a law for private business, finance and business groups in general."
Iconi Holding and Intermarket are the companies that the Securities Regulator has warned not have support or supervision in the country.
The Superintendency of Securities (Sugeval) has updated the list of unsupervised and unregulated entities for which reports have been received of possible unauthorized securities offerings, which could even be fraudulent.
Federico Carrillo, executive vice president and general manager of the International Bank of Costa Rica, has been dismissed by the Board.
Through a press release, the Bank reported that "the dismissal of Mr. Carrillo Zurcher is based on a loss of confidence by the Board, due to the failure to control some of Bicsa's financial operations, namely swaps" .
The BVES anticipates $100 million of securitization processes in 2012, nearly triple the $39 million securitized in 2011.
The president of the Stock Exchange of El Salvador (BVES), Rolando Duarte, said that this year the securitization of assets or future cash flows of private and public companies would total about $100 million, reported ElSalvador.com.
Act 311 establishes a system of coordination and institutional cooperation between local financial control centers and creates a Superintendency of the Stock Market in the reform of Decree Law 1 of 1999 and Act 10 of 1993.
A statement by the National Assembly of Panama says that the financial system will be reordered and a Superintendency of the Stock Market created after the assembly passed the bill on its third reading.
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