Ongoing Emissions Report, Daily Report Movements, Movements and Historical Report, there are three new reports from the Superintendency of Securities.
An article on Crhoy.com reports that "... From Monday, the Superintendent of Financial Institutions (SUGEF) will have online information about the movements of the balances of emissions registered in the National Registry of Securities and Intermediaries, namely debt issues (bonds), equities and securities for participation of closed-end funds. "
The proposal to create a market for direct trading of securities has been rejected by the authorities, yielding to pressure from industry participants themselves.
Although the World Bank itself proposed analyzing the creation of a market where investors could directly buy and sell securities, the government bowed to pressure from the National Stock Exchange and stock brokers, and chose not to include the proposal in the initiative for modernization of the Law Regulating the Securities Market.
The Superintendency of Securities has permitted secondary market trading of the bonds issued by the Republic of Costa Rica which mature in 2025 and 2043.
According to the Superintendency of Securities (Sugeval) for these securities the minimum face value must be $200,000 and the minimum increments after negotiation is $1.000, as in international markets.
In Costa Rica the Hotel El Tucano aims to become an international club that will offer medical, cosmetic and holistic services.
For this reason on Tuesday November 27 it will be holding a bond auction for $7 million.
"The debt will be incurred by the Trust Altara El Tucano-Scotiabank, which will own 100% of the shares of the hotel and will support the issue with a program of international sales of memberships at a cost of $16,000 each", reports Nacion.com.
RECOPE has received authorized to file a Standardized bond issue totaling $200 million, to be placed on Costa Rica and Central American stock markets.
A statement from the Costa Rican Petroleum company (RECOPE SA):
SUGEVAL gives green light for RECOPE bond program
The Costa Rican Petroleum Refinery (RECOPE SA) has been registered as an issuer in the National Issuer Registry of the Securities Superintendence (SUGEVAL), which by Resolution SGV-R-2702 of August 27, 2012 authorized a program of A Standardized Bond issues, which will be placed both on the domestic market, and in Central America.
The bill for the Efficient Management of Public Finances contains reforms that would make the system inviable.
The law intends to make the cost of supervising the securities market be fully covered by its participants (Stock Market, Ceval, Brokerage Houses and Mutual Funds), who currently contribute 20%.
José Rafael Brenes, head of the National Stock Exchange in Costa Rica, argues that this provision would be lethal to the system, since the cost of monitoring would represent 53% of market participant’s profits, which currently represents 10%.
The Administrative Tribunal of Costa Rica has rejected a suit by the National Stock Exchange (BNV in Spanish).
Since the Costa Rican Central Bank (BCCR) created a market for liquidity (MIL) in 2009 to negotiate short-term operations, the interbank market (MIB) operated by the National Stock Exchange for the same purpose, has been affected, as the BCCR’s intention is that all transactions be done on its system, so that there will be better control of financial system liquidity, and hence inflation.