Circular SV.SG. No. 018/2026 is addressed to investment fund management companies and concerns the use of the Agent Registration Tool (HRA).

The Securities Superintendency of the Central Bank of Paraguay (BCP) has published Circular SV.SG. No. 018/2026, titled "AFPISAs – Herramienta de Registro de Agentes (HRA)".

The published file bears a reference date of October 28, 2026. The circular is addressed to investment fund management companies (AFPISAs) and concerns the use of an electronic platform for administrative registrations in the securities market.

Digitalization of regulatory procedures

Electronic platforms for submitting and managing administrative filings can help simplify procedures, improve document traceability and reduce application processing times.

For supervised entities, these changes also create a need to adapt internal processes and ensure effective coordination among legal, compliance and operations teams.

Implementing new technology involves more than having the appropriate systems in place. It also requires clearly defined internal responsibilities, document review procedures and controls to ensure the integrity and consistency of information submitted to the regulator.

What does this mean for investment fund managers?

Registration and information-update procedures are particularly important for investment fund management companies, given the nature of their activities and the supervisory requirements applicable to them.

Any changes to regulatory management tools should therefore be assessed alongside institutions' internal procedures and the regulations currently governing administrative registrations.

Capital markets law considerations

Modernizing regulatory procedures can help improve market efficiency and transparency.

However, the introduction of digital tools must be accompanied by clear rules defining their scope, documentary requirements and the responsibilities of market participants.

From a legal perspective, digitalization should help improve the certainty and predictability of regulatory procedures without creating uncertainty about compliance obligations.

Scope of the circular

The full text of Circular SV.SG. No. 018/2026 has not yet been verified.

It is therefore not possible to confirm whether the circular introduces new obligations, documentary requirements, deadlines or specific procedures, or to establish its effective date.

A review of the complete circular is necessary before assessing its implications for the entities concerned.