Author: dev_

La Comisión Nacional de Valores (en adelante CNV) ha dictado la Resolución N° 8 E/17 por la cual se aprueban la Resoluciones N° 1602/17, 1603/17 y 1604/17 de la Bolsa de Valores y Productos de Asunción S.A. Las citadas resoluciones evidencian una actualización normativa que fortalecerá el mercado de valores del Paraguay, por ello es importante destacar su emisión.

En relación a las resoluciones aprobadas por la CNV, la Resolución N° 1602/17 establece el reglamento del Mercado de Derivados Financieros de la Bolsa de Valores y productos de Asunción.

La Resolución N° 1603/17 dispone el reglamento de admisión para las diferentes categorías de participantes a ser habilitados para la negociación de contratos de derivados financieros.

En tanto, la Resolución N° 1604/17 autoriza a la Bolsa de Valores y Productos de Asunción, la negociación de contratos de futuros Guaraní-Dólar de los Estados Unidos de Norteamérica, con las especificaciones contenidas en la Resolución N° 1604/17 de la Bolsa de Valores de Asunción.

It is worth mentioning the active participation of Cynthia Fatecha, member of Vouga Abogados, in advising the Bolsa de Valores y Productos de Asunción S.A. in the issuance of the aforementioned resolutions.

Como archivo adjunto se encuentra la Resolución N° 8 E/17 de la Comisión Nacional de Valores así como la Resoluciones N° 1602/17, 1603/17 y 1604/17 de la Bolsa de Valores y Productos de Asunción S.A., y en caso de consulta o requerir aclaración, favor no dude en contactar al respecto con Cynthia Fatecha (cfatecha@vouga.com.py).

El Ministro de Obras Públicas (MOPC), Ramón Jiménez Gaona, anunció la Licitación Internacional para el mes de mayo, del Proyecto Costanera Sur de la ciudad de Asunción, el cual prevé la construcción de una avenida de 7,9 km de extensión con cuatro carriles y un paseo central de 15 metros de ancho, así como la edificación de 5.000 viviendas sociales.  El proyecto es resultado de un convenio firmado en el 2016 entre el MOPC y la Itaipú Binacional. 

El proyecto será licitado en los términos de la Ley 5074/13 «Llave en mano», en el que el oferente se hace cargo de las obras y también del financiamiento, con una inversión estimativa de USD. 180 millones. 

En total serán intervenidas unas 110 Ha., y las obras se iniciarían en mayo con los trabajos de refulado (relleno) de un primer sector de 30 Ha., a cuenta de Itaipú Binacional, que financiará también las primeras viviendas a construirse en ese sitio para unas 2.000 familias, en principio. Igualmente, se incluirá un plan de cierre definitivo del relleno sanitario Cateura, con sus instrumentos de implementación y monitoreo, además del diseño Ejecutivo de un parque para recreación y esparcimiento en la zona del cerro Tacumbú.

El ministro de Obras Públicas, Ramón Jiménez Gaona, agregó que se trata de una obra muy importante, tanto en lo social como en lo vial, para el mejor aprovechamiento de Asunción, ya que unirá la capital con el cerro Lambaré, en un trayecto de casi 8 km, que junto a las 5.000 viviendas sociales, suman 110 hectáreas a ser intervenidas.

Paralelamente a la inversión del MOPC, la entidad Binacional Itaipú invertirá unos 70 millones de dólares en el proyecto.

En caso de que requiera mayor información, no dude en contactarnos. 

The National Securities Commission issued Resolution 24/2017 by which it establishes the documents and requirements for the registration of Multilateral Organizations as issuers, as well as of the bonds to be issued by them, for the purposes of their public offering on the stock exchange.

Paraguay participates in Multilateral Organizations and, in this respect, Law No. 1284/98[1] establishes in its ninth article the following: “...The other legal entities in the which the State has a participation and which issue publicly offered securities, shall be subject in all respects to the provisions of this Law”.. Article 6 states: “...The Commission may exempt certain public offerings from complying with any of the requirements of this Law, by means of general rules”.

Based on the aforementioned articles, the National Securities Commission considered it necessary to establish a special simplified regime for the registration with the National Securities Commission of Multilateral Organizations and the bonds issued by them for public offering and trading on the stock exchange, thus issuing Resolution 24/2017.

This regulation also clarifies that the National Securities Commission does not pronounce on the quality of the securities issued within the framework of the issuance program. The fact that the Commission has registered the issuance only certifies that the program has complied with the legal and regulatory requirements set forth in the aforementioned Resolution, but it does not imply that it guarantees its payment, solvency or that it expresses a value judgment about it, nor about the future performance of the issuing entity. The information contained and presented is the sole responsibility of the issuing Multilateral Organization and each investor shall evaluate the convenience of acquiring these issued securities.

As an attachment you will find Resolution 24/2017 and in case of consultation or clarification, please do not hesitate to contact Cynthia Fatecha (cfatecha@vouga.com.py) or Rodolfo Vouga (rgvouga@vouga.com.py)

[1] Securities Market Law.

Paraguay's Minister of Foreign Affairs, National Chancellor Eladio Loizaga, has confirmed the approval of Paraguay's entry into the Development Centre of the Organization for Economic Cooperation and Development (OECD), which gives Paraguay an important international position. 

The session of the OECD Board of Directors approved last Thursday (26/01/2016) the incorporation of Paraguay to this institution, as confirmed by the Minister of Foreign Affairs. 

Founded in the 1960s, the OECD brings together several countries with the mission of promoting policies that improve people's economic and social well-being, providing a forum where governments can work together to share expertise and seek solutions to common problems, jointly measuring productivity and global trade and investment flows. 

Paraguay's membership in this organization undoubtedly represents an important seal of good practice and gives the country a significant image. 

The Secretariat for Consumer and User Defense (SEDECO) issued Resolution SDCU No. 390/16, by which it regulated the right of consumers to the proportional reduction of interest in case of early cancellation of debts, sales or provision of services on credit, as established in Art. 30 of Law No. 1334/98.

The proportional reduction consists of not considering the interest not accrued on the principal debt -capital-, for which purpose the aforementioned Resolution adopts the debt rescheduling procedure instead of applying a discount rate. This reduction may not be hindered, limited or conditioned to the payment of any penalty, regardless of its denomination.

The Resolution also provides for the obligation to issue to consumers, immediately, a clear, simple and detailed settlement of debts. To this effect, it establishes the simple nominal interest formula to determine the interest of the re-settlement, which will be calculated on the unit of time “Year“ expressed in whole numbers or in their fractions (common or decimal), as appropriate.

The regulation also imposes administrative sanctions on suppliers and providers that deny or hinder consumers from fully exercising the rights contained in the aforementioned regulation. Its application is under the authority of SEDECO, through a free administrative procedure that begins with the filing of a claim or complaint by the affected consumer.

For further information, please contact: Marco Colmán (mcolman@vouga.com.py) or Marcela Dos Santos (madosantos@vouga.com.py) 

As part of a regional effort aimed at facilitating the granting of patents to those who have simultaneously filed applications in more than one of the countries that make up the Prosur-Prosul Industrial Property Cooperation System -Argentina, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru and Uruguay-, the National Directorate of Intellectual Property (DINAPI) issued last December 9 Resolution DINAPI/RG/N° 14/2016, approving the guide for filing an application to participate in the accelerated patent examination procedure (PPH) in Paraguay, as agreed between the industrial property offices that make up said cooperation system.

By means of this resolution, the MOTTAINAI principle will be applied as a basis, which allows considering the patentability examination evaluated by an Office of Prior Examination (OEA) by the Office of Subsequent Examination (OEP), thus ensuring that the Patent applicant has the benefit of an accelerated examination of the corresponding application, as long as the requirements established in the aforementioned Resolution are met.

The incorporation of this procedure, aimed at accelerating the examination of patent applications for inventions and utility models, is part of a three-year Pilot Plan.

In the attached file you will find the Resolution mentioned above.

For further information, please contact: Laura Lezcano (llezcano@vouga.com.py).

FMO hired Vouga Abogados for the structuring of a credit line of up to US$ 10 million granted to the agrochemical company Agrofértil.

The line will be used to increase Agrofértil's financing capacity for the acquisition of agricultural inputs by producers.

The loan is secured by a guaranty trust administered by the trustee, a local bank. The trust is comprised of promissory notes and other receivables transferred by Agrofértil to the trust.

The transaction was signed on November 2 with the participation of attorneys Cynthia Fatecha and Carlos Vouga for Vouga Abogados.

The state-owned company FERROCARRILES DEL PARAGUAY S.A. (FEPASA) recently approved an initial proposal submitted for feasibility studies for the construction of a freight train in Paraguay. The project intends to take advantage of the existing strip of land between the connection of the Aba'i branch line (Department of Caazapá) with San Salvador (about 40 km), from that point -always following the old route- to Paraguarí, and from this point a new link would be created with the area of Villeta on the Paraguay River, which would complete a total of almost 200 km.

According to statements made by FEPASA's President, the Bolivian company Ferroviaria Oriental S.A. of Bolivia -which had presented itself under the modality of private initiative, contemplated in its General Regulations applicable to the development of projects- would invest at its own risk some US$1.6 million in the second phase for the preparation and presentation of a final proposal, an amount that could be recovered in the event of opting to participate in the third phase, for the subsequent selection by FEPASA of a partner to carry out the project -whose initial estimates would be in the order of US$450 million- provided that the project is viable and of interest.

The aforementioned presentation of the private initiative proposal counted on the legal advice and assistance of the Infrastructure Department of Vouga Abogados.

For further information, please contact: Jorge Figueredo Klein jfigueredo@vouga.com.py.

Last October 10, Decree 6092/2016 was enacted, which highlights in its recital the importance of energy as a factor of economic growth, industrial development and social progress, as well as the indispensability of the development of State policies that are aimed at meeting the energy needs of the population and all productive sectors, with criteria of quality, socio-environmental responsibility and efficiency.
 
The aforementioned decree defines the country's Energy Policy for the next 25 years. Given its strategic location, Paraguay occupies a central place in regional integration and should aim at the sustainable use of its natural resources to obtain clean and renewable energy.
 
To achieve this goal, through the effective implementation and monitoring of the Energy Policy, five key overarching objectives have been established for the National Electricity Sector:

a) Guarantee energy security based on the following criteria: self-sufficiency, efficiency, minimum cost and socio-environmental responsibility;
b) Ensure access to quality energy for the entire population with attention to consumer rights;
c) Use national energy sources;
d) To consolidate Paraguay's position as a hub of regional energy integration; and
e) To promote understanding of the importance of energy and its sustainable use.
 
In order to achieve the aforementioned objectives, the Annex to Decree 6092/16 establishes the following methodology for the development of the energy policy:
First, the higher and specific objectives of the National Energy Sector are defined in accordance with the vision of the energy policy, and then the objectives -both higher and specific- of the different energy sub-sectors are established.
Thus, the National Energy Sector and its four subsectors are duly framed, which are:
Electrical subsector,
Binational hydroelectric entities and electricity integration,
Bioenergy and alternative sources, and
Hydrocarbons,
indicating that there is a correspondence between the specific objectives of each subsector with those of the National Energy Sector (see Table 2 of the Annex to Decree No. 6092/2016).
To better organize the action plans proposed by the standard, three strategic axes are defined (see Table 1), with their respective strategic lines, instruments and goals for the short (2017-2023), medium (2024-2030) and long term (2031-2040).
Among the strategic lines, instruments and goals of great relevance detailed in the Annex to Decree 6092/16 -especially those related to the regulatory, institutional and financial areas- we can highlight the following:

Regarding the National Energy Sector: the creation of a Ministry of Hydrocarbons and Energy, the creation of the National Energy System (SISNAE) through the enactment of a Law of creation and its corresponding regulations, a strengthening plan for the National Council of Public Companies (CONAPE) and a Law of competitiveness of public companies in the energy sector, ANDE's management contracts with CONAPE, PETROPAR's management contracts with CONAPE, guaranteeing public and private financing for maintenance investments, modernization, infrastructure expansion and technological development, the legal framework for environmental safeguards (with emphasis on energy issues).
Regarding binational hydroelectric entities: the creation of a National Infrastructure Bank for Economic and Social Development (BNIDES), which will be - according to the strategic lines of the financing plan - an institution that will channel resources originating in the sector for the development of infrastructure in the country to support economic development, the approval of a Law on the use of additional financial resources from the energy sector, a strategy for the renegotiation of Annex C of the EBY, a Strategic Plan for the commercialization of Paraguayan Energy from the Paraná hydroelectric complex (Paraguay/Argentina; EBY and future CHB) and Itaipú Binacional, the revision of the 1979 tripartite agreement.

Regarding the Electricity Subsector: a National Plan for internal commercialization of electric energy 2017-2023, a National Plan of auctions for Electric Energy contracting, the promotion of electricity in the Energy Matrix, an electric mobility program in the public sector.

In the area of Bioenergy and alternative sources: the strengthening of INFONA, the creation of national funds for the development of renewable energy, the approval of a law for the independent generation of electric energy, the preparation of regulations for the transportation of electric energy, distributed generation and energy transactions with independent producers, the promotion of alternative energy sources.

In Hydrocarbons: regulate price formation and regulate fuel prices, encourage PETROPAR's participation at the national and international level in all activities of the hydrocarbon value chain, a new legal framework for hydrocarbons, a strategic plan for PETROPAR (2016-2023), a strategy for PETROPAR's association with companies, a strategy to raise financial resources for PETROPAR, the beginning of the construction of a refining plant.
 
For further information, please contact: Marta Martínez (mmartinez@vouga.com.py)