The Comisión Nacional de Valores issued Resolution No. 24/2017, which establishes the required documents for the Multilateral Organizations’ registration as issuers, as well as the bonds to be issued by them, for the purposes of their public offering on the stock exchange.
Paraguay engages in Multilateral Organizations and, in this sense, Law No. 1284/98 states in its ninth article the following: “Other legal entities in which the State has participation and which issue securities of public offering, will be subjected to the provisions of this Law.” The sixth article states: “The Commission may exempt certain public offers from complying with any of the requirements of this Law, by means of general rule”.
Based on these articles, the Comisión Nacional de Valores considered it necessary to establish a simplified special regime for the registration of the Multilateral Organizations and the bonds issued thereof for their public offering and trading on the stock exchange before the Comisión Nacional de Valores, issuing at this time the Resolution No. 24/2017.
This standard also clarifies that the Comisión Nacional de Valores does not states on the quality of securities issued within the framework of the issuance program. The fact that the Comisión Nacional de Valores has registered the issue only confirms that the program has complied with the legal and statutory requirements in the aforementioned Resolution, but this does not imply that it guarantees its payment, its solvency or that a value judgment is expressed about the future development of the issuing entity. The issuing Multilateral Organization and each investor are exclusively liable for the information contained and filed, so each individual should evaluate the advisability of acquiring these issued securities.