On May 30 2000 the Venezuela's securities regulator (ComisiĆ³n Nacional de Valores or CNV) enacted new regulations on public tender offers (Official Gazette 36,961).

The CNV enacted the new regulations after thoroughly examining those already in force in other jurisdictions, particularly Spain and France (as they have civil law systems, similar to Venezuela). The rules broaden the scope of the rules contained in the Capital Markets Law. They pertain to:

  • public tender offers of shares;

  • takeovers of public companies; and

  • other share rights of public companies.

The new rules were suppose to be enacted two years ago in order to promote foreign investment. The CNV is expected to enact additional tender offer regulations in the near future.

The legal community's initial response is that Venezuela has gone from a very simply-regulated environment to a very complex one. This may present an obstacle in developing the country's vulnerable financial market.


For further information on this topic please contact Gustavo Reyna at D'Empaire Reyna Bermudez Abogados by telephone (+58 212 264 6244) or by fax (+58 212 264 7543) or by e-mail ([email protected]).

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