Provisions issued by the National Securities Commission (“CNV”) in the face of the pandemic generated by COVID-19

I. Filing of Documents – Front Desk

Documents usually filed by agents, or by entities of any other nature, must be submitted to the CNV by email only, using the address

The CNV will be communicating the date in which this measure is lifted

II. Operations by the Stock and Products Market of Asunción S.A. (BVPASA) and other stock market agents

The BVPASA keeps operating and must ensure the application of any necessary mechanism that will allow remote operation for purchase and sale of securities and electronic transfer of funds for the compensation, settlement and payment of transactions and deadlines.

It is mandatory for the BVPASA, brokerage houses and companies managing equity investment funds to take the necessary measures to ensure the continued provision of essential services to investors, clients or shareholders. In addition, and in line with the provisions of the National Government, they must promote the use of electronic means to carry out their operations.

Regarding customer service, the CNV ordered brokerage houses to arrange for special mechanisms for customer service on a limited basis, in cases of negotiations with securities in paper format. In endorsement process, preventive care must be extreme.

Finally, the CNV ordered the BVPASA, brokerage houses and companies managing equity investment funds to keep the CNV informed about measures taken to ensure the continuity of their activities.

III. Entities registered before the CNV: Extension of Terms

On March 25, 2020, the CNV issued Resolution 11/2020 in order to exceptionally extend the period for the submission of the following periodic information by entities registered before said regulating office:

  • Audited annual financial statements as of December 31, 2019: the term is extended until June 30, 2020.
  • Quarterly financial statements as of March 31, 2020: the term is extended until June 30, 2020.

Additionally, this resolution provides for the extension of all the deadlines for submitting information requested by the CNV and with due dates in March, April, and May, until May 31, 2020. In other words, any information required to be submitted by the CNV to registered entities (such as brokerage houses, fund managers, issuing companies, rating agencies, and the like) and with deadlines falling on March, April or May, may be filed before the CNV by May 31, 2020.

Exceptions to this extension are:

  • Monthly reports required to be submitted by companies managing equity investment funds in accordance with the General Securities Market Regulations.
  • Information required in the framework of agent registration processes and issuance of certificates.
  • Information required by the CNV at the request of the State’s Attorney Office, Courts, Office of the General Auditor of the Republic, and other jurisdictional offices.

Finally, due date for 2020 maintenance fees covering registration and inspection payable by entities registered prior to this Resolution 11/20, is extended until August 31, 2020.

IV. Issuing Companies: Short Term Corporate Bonds, as a temporary and exceptional measure

On March 27, 2020, the CNV issued Resolution 12/20, whereby a special and abbreviated regime for the issuance of short-term corporate bonds is introduced in exceptional and temporary manner.

Through this initiative by the CNV, companies issuing securities under public offer that decide to attract resources from investors to face financial difficulties brought by COVID-19 may count on an abbreviated procedure for the registration, placement and expiration of issued short-term corporate bonds. Details and requirements on this special bond issuance procedure are summarized below:

  • Applications for registration under the global program for short-term bonds issuance may be submitted until August 26, 2020.
  • Issuing companies may issue and place series under the global program until August 31, 2020.
  • Expiration of short-term corporate bonds must be fixed within 360 days, at the most.
  • Registration application must be sent to the CNV in digital format, bearing digital signature of the legal representative from the issuing company, at The following documents must be attached to the application:
  • Letter with details on the general conditions of the global issuance program, duly signed by the legal representative.
  • Authenticated copy of the act of issuance or copy bearing digital signature of those who sign the act of issuance.
  • Affidavit declaring destination given to of the issuance by the representative of the issuing company.
  • Affidavit stating that no creditors meeting or bankruptcy declaration was filed, and the inexistence of any state of interdiction, ensuring the veracity on all provided information
  • Authenticated copy of the contract signed by the Bondholders representative.
  • If the issuing companies have a rating in force at the time of issuance, they are already exempt from a risk rating for the short-term bond.
  • On the contrary, those that do not have a current risk rating are required to count on the same when the amount to be issued plus the outstanding by the issuing company exceeds:
  • in relative values, 100% of the net assets, or
  • in absolute values, USD 2.000.000 or its equivalent in local currency, calculated at the time of the issuance decision.
  • These short-term bonds are exempt from the payment of fees for registration of securities.

Brokerage houses offering these bonds must have the documents that support said offer on file (in paper or electronic format). Additionally, they must have the acceptance of their clients and act in accordance with what is agreed in the signed stock brokerage contract. These requirements must be available to the CNV at all times.

This report is not a legal advice but is limited to briefly informing some of the relevant aspects of the measures taken by the CNV. Should any doubt arises about the contents thereof or measures provided by the CNV, do not hesitate to contact us at the following emails: or or visit our website