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Public Offer of Bonds by International
38-2006 of National Securities Commission
Gazette No. 38.428, May 3, 2006
the issuance and placement of bonds by international financial institutions
Securities Commission (Comisión Nacional de Valores-CNV) has enacted
certain provisions referred to the public offering and placement of bonds,
commercial paper and participations by international financial institutions
created by international public law treaties of which Venezuela is a signatory.
The term under which a commercial paper shall be outstanding is to be from 15 to
360 days, the one related to bonds shall extend for more than 360 days, and, in
the case of participations, the same will be issued in attention to the
characteristics of the underlying asset. This resolution was especially issued
in relation to the bond issue floated by the Andean Development Corporation (Corporación
Andina de Fomento-CAF), which is the first placement in Venezuelan currency
in a number of years.
John R. Pate, De Sola Pate & Brown, Caracas, Venezuela.
The full text
of this resolution may be obtained through: