In Costa Rica, the General Superintendence of Securities initiated an administrative sanctioning procedure against Aldesa Puesto de Bolsa, arguing that the company would not have kept the necessary accounting records.
On May 24, in a relevant fact published by María Luisa Fernández Garita, head of the General Superintendence of Securities (Sugeval), it was explained that investigations will be made to determine if the stock exchange post did not keep the necessary accounting records of accounts receivable payment operations during nine months.
The continuous acquisition of real estate and the diversification in the type of infrastructure invested, are the reasons for the growth of real estate funds, which monopolize nearly 40% of the industry's assets.
According to data from the General Superintendence of Securities (Sugeval), the proportion of real estate funds concentrated in the market has been growing for years, since in November 2013 they represented 29% of the industry and in the same of 2018 it rose to 41%.
Arguing that the financial conditions and the term of the operation were not adequate, the Ministry of Finance has decided not to issue $1,5 billion in debt bonds in the local market.
The announcement was made by the Ministry of Finance through a Relevant Fact sent to the General Superintendence of the Securities Market.
A 15% tax, charged by the Treasury on income from interest generated on foreign investments in securities in the local market, has been described as incorrect.
The new regulations for investment funds in Costa Rica allow for finances to be raised for construction, energy, transportation and public infrastructure projects.
The amendment to the General Regulationon Managing Companies and Corporate Investment Funds was adopted on 23 June. With this change, any investment project, from theconstruction of houses to hydropower stations, can be financed and developed using a special investment fund which will be known as Infrastructure Project Investment Funds.
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.
The Superintendency of Securities is preparing for 2016 two new regulations and other reforms already in place to attract more investors.
The regulations relate to Mediation and Complementary and Venture Capital Activities, and reforms to the Regulations on Management Companies and Investment Funds, Regulation of Exchanges, the Custody Rules and Regulations on Corporate Governance.
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. "
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.
Banks authorized by the Superintendency of Securities may perform operations of clearing and settlement of securities in the stock market, which until now has only been done by brokerage houses.
With this modification in the regulations banks may provide more support for trading by its investors, providing the service of clearing and settlement of securities transactions which previously were only handled by brokerage houses.
An agreement has been made to the sale of 100% of the shares of Banco de Soluciones Bansol to Grupo Prival de Costa Rica, a subsidiary of Prival Bank S.A.
The relevant fact was published by the Superintendency of Securities (Sugeval):
"... On October 13th all the shareholders of Banco de Soluciones Bansol de Costa Rica S.A signed the documents for negotiation of the sale of all of the shares in circulation of aforementioned Costa Rican bank.
A proposal put forward by the Superintendency of Securities Market seeks to specialize market funds further, so that administrators focus on design and management and engage third parties for marketing.
The proposal will be submitted for analysis to the National Council of Supervision of the Financial System in October.
Elfinanciero.com reports that among the proposals for modifications they are working on is "...
Modifications to the Regulation on Infrastructure Financing and Securitization now allows for the creation of investment vehicles to finance public works projects.
These investment vehicles can be used for two purposes: to develop the work or to securitize its use or exploitation. With the amendment to the regulations, sustainable infrastructure works can be developed self sufficiently without government intervention.
A proposal by the General Superintendence of Securities would make conditions for securitization trusts more flexible in order to fund private and public infrastructure.
In order to make greater use of the model of funding works using public and private investment through securitization of assets with future cash flows, the General Superintendence of Securities (Sugeval) is preparing a reform to the regulation of Public Offering of Securities, which regulates how investment vehicles that are registered in the Stock Exchange should be structured .
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.
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