A bill to amend the Securities Law may incorporate regulations regarding the public offering of shares or convertible securities abroad.
Proposed regulations would allow listed corporations that publicly offer securities to register them abroad, thus permitting the offering, quotation and trading of securities internationally.
Issuers would be obliged to submit to the Superintendency of Securities and Insurance and local stock exchanges the information given to foreign regulatory agencies and international markets regarding their securities.
Holders of certificates or securities representing shares subject to deposit would have the same rights as all shareholders of the corporation, by way of the entity acting as depositary. The depositary would vote at shareholder meetings in a way agreed in the deposit agreement.
Regarding matters not covered by the deposit agreement, the depositary would have to follow instructions received from the holders. A breach of these instructions would not invalidate the vote, but the depositary would be liable for damages caused to holders.
For further information on this topic please contact Jaime Martínez at Carey y Cía by telephone (+56 2 365 7255) or by fax (+56 2 633 1980) or by e-mail ([email protected])
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