On July 25, 2022, the Financial Market Commission issued exempt resolution No. 4691, which approves the submission for consultation of the general regulation requiring the submission of information on fraud in accordance with the new Article 11 of Law No. 20.009 (the “Resolution 4691”); and exempt resolution No. 4697, which approves the submission for consultation of the regulation amending general regulations No. 30, No. 303, No. 473 and No. 475, in the terms indicated (the “Resolution 4697”). Such public consultations will last for three weeks as from their publication.
The regulations put out for consultation under Resolution 4691 seek to standardize the manner in which banking entities; credit support companies; companies whose business consists of issuing credit cards, cards with provision of funds or any other general system; and savings and credit cooperatives that issue and operate credit cards for their members and/or means of payment with provision of funds, comply with the obligation set forth in the new Article 11 of Law 20. 009, regarding the publication of aggregated information on the number of people affected by fraud in payment cards and electronic transactions, including the amounts involved, the terms of response or compliance with the obligations, and to send such information -disaggregated- to the Commission.
On the other hand, the regulations put in consultation under Resolution 4697 are intended to simplify the registration processes in the Securities Registry kept by the Commission and the ongoing reporting obligations of issuers of securities and reporting entities.
In particular, this project makes the necessary amendments to general rules No. 30 and No. 303 in order to complete the implementation of the automated system for debt securities placements.
Some amendments to these regulations are included in the draft regulations, the purpose of which is that certain information related to the issuance of debt securities be reported as an essential fact -i.e., the fact that a placement of securities was made and the average placement rate of these securities-.
In addition, amendments are made to General Regulation No. 473 in order that the fact that an open stock corporation has opted to join the simplified regime of continuous reporting obligations is communicated to the public as essential information.
Likewise, an amendment to general regulation No. 475 is included, which specifies the continuous information obligations that public companies and housing leasing companies will have, in relation to the provisions of section II of general regulation No. 30 and its amendments -as applicable by virtue of their type of company-.