Author: Content

Executive Summary

Regulation	Date	Content
Decreto 4145	1 de julio del 2025	“POR EL CUAL SE REGLAMENTA EL CAPÍTULO IV DE LA LEY N° 1328/1998, «DE DERECHO DE AUTOR Y DERECHOS CONEXOS» Y SE DEROGA EL DECRETO N° 4212/2015”.

Aspectos Generales:

Nuevo decreto reglamenta el derecho de remuneración compensatoria por copia privada en Paraguay.

El Poder Ejecutivo ha emitido el Decreto nro. 4145/2025, por el cual se reglamenta el Capítulo IV de la Ley nro. 1328/1998 “De Derecho de Autor y Derechos Conexos”, relativo al derecho de remuneración compensatoria por copia privada. Esta nueva norma deroga expresamente el Decreto nro. 4212/2015 y busca actualizar el marco regulatorio en atención a los cambios tecnológicos, económicos y sociales ocurridos desde la anterior reglamentación.

El nuevo decreto establece con claridad que el derecho de remuneración compensatoria por copia privada consiste en una compensación económica a favor de autores, compositores, artistas, intérpretes y productores de fonogramas o videogramas, por la reproducción no autorizada de sus obras cuando esta se realiza con fines personales y mediante equipos o soportes idóneos para ello. Se reconoce el carácter civil y patrimonial de este derecho, destacando que el perjuicio económico derivado de dichas copias debe ser reparado conforme al mandato legal.

Entre los aspectos más relevantes, el decreto centraliza la recaudación y distribución en la Entidad Paraguaya de Artistas Intérpretes o Ejecutantes (AIE-Paraguay). El pago de la compensación, del 0,50 %, será exigido a importadores y fabricantes de equipos y soportes de reproducción, quienes deberán estar inscriptos en un registro específico (RISMÓMPP) administrado por la DINAPI. Esta institución también podrá verificar operaciones y controlar el cumplimiento de las obligaciones declarativas.

En lo que respecta a la distribución de los fondos, se establece que los gastos de gestión no podrán superar el 15% del total recaudado, y que un 10% del remanente será destinado a actividades de promoción de la propiedad intelectual y lucha contra la piratería, en coordinación con la DINAPI. El 90% restante será distribuido en partes iguales entre las tres entidades de gestión colectiva mencionadas.

Por otra parte, se introducen previsiones específicas respecto a las exenciones. Los equipos y soportes destinados a la producción o reproducción legítima de obras, por parte de productores audiovisuales, fonográficos, editores o sus licenciatarios, podrán quedar exentos del pago de la compensación, siempre que se justifique debidamente el destino de estos ante la entidad recaudadora.

En comparación con el Decreto N.º 4212/2015, esta nueva reglamentación presenta una estructura más detallada y mecanismos más definidos para la recaudación, control y distribución de los fondos. Mientras que la normativa anterior se limitaba a reglamentar de manera general los derechos de remuneración, el nuevo decreto introduce un enfoque más operativo, con procedimientos concretos, criterios de valoración claros, obligaciones formales para importadores y fabricantes, y roles institucionales más marcados para la DINAPI y la DNIT. Por otro lado, la nueva normativa ya no incluye a representantes de los titulares de derechos sobre obras audiovisuales en este esquema, como sí lo hacía el decreto anterior. Sería oportuno que estos creadores puedan contar en el futuro con fondos que fomenten la producción y difusión de este tipo de expresiones culturales.

Esta actualización normativa representa un paso importante hacia una aplicación más efectiva del derecho de remuneración compensatoria en Paraguay, en beneficio de los titulares de derechos de autor y conexos.

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Para obtener más información respecto de alguno de los temas abordados en esta edición de Newsletter, por favor póngase en contacto con nuestros expertos: Manuel Acevedo (macevedo@vouga.com.py); Laura Lezcano (llezcano@vouga.com.py); Grecia Florentín (gflorentin@vouga.com.py); Stephanie Medina (smedina@vouga.com.py) 

Through Resolution No. 8, Minute No. 19, dated May 18, 2025 (the “Resolution”), the Board of Directors of the Central Bank of Paraguay (“BCP”) resolved to introduce amendments and derogations to the Regulation on the Establishment of Banks, Finance Companies, and Other Credit Institutions, previously approved by Resolution No. 24, Minute No. 75, dated November 11, 2010.

One of the main changes introduced concerns the eligibility requirements applicable to individuals proposed for inclusion in the list of Directors or Administrative Bodies of such entities. Under the previous regime, individuals who had been sanctioned or were subject to investigations or disciplinary proceedings by supervisory and/or financial regulatory bodies were expressly prohibited from holding such positions. The revised text eliminates this prohibition. Instead, the Superintendency of Banks (“SIB”) is now granted the authority to assess the administrative, disciplinary, or sanction-related background of candidates, to issue a technical opinion regarding the suitability of the proposed profile. This opinion will serve as the basis for determining whether the individual meets the standards required to hold the corresponding position.

In addition, the Resolution introduces changes to the formal review procedure to be conducted by the SIB in relation to applications for the establishment of new entities. Should any pending documentation, missing requirements, or noncompliance be identified, these must be addressed within a maximum period of 6 months from the date of the notification. Once all requirements have been fulfilled, a period of three 3 months will begin to run for the BCP to issue a decision on the application. In cases where adverse opinions are issued that recommend discontinuing the application process, a report must be prepared and submitted to the BCP Board of Directors, which, after conducting its review, will instruct the SIB to inform the applicant entity of the final decision adopted.

Finally, the Resolution derogates the section that required prior authorization from the SIB for integration, purchase, or transfer of shares in financial system entities, when such transactions, either individually or cumulatively, involve shares equal to or greater than 10% of the entity’s share capital.

Through Resolution No. 5, Act No. 24 dated June 12, 2025, the Board of Directors of the Central Bank of Paraguay amended articles of the Regulation on Foreign Exchange Forward Market Operations, approved by Resolution No. 18, Act No. 2 dated January 12, 2023 (the “Regulation”).

The amendment affects Article 5 of the Regulation, which relates to the term of foreign exchange forward operations. Previously, Article 5 established that “the term of a foreign exchange forward operation may not exceed thirty-six (36) months“the term of a foreign exchange forward operation shall be agreed upon by the parties involved”.el plazo de una operación Forward de Divisas será acordado entre las partes involucradas«.

Through Resolution No. 2, Minute No. 21, dated May 22, 2025 (the “Resolution”), the Board of Directors of the Central Bank of Paraguay resolved to delegate to the Superintendency of Securities (“SIV”) various powers related to the authorization and supervision of market participants in the securities sector.

Pursuant to the Resolution, the SIV is expressly authorized to grant operating licenses to issuers, external auditors, credit rating agencies, clearinghouses, securitization companies, bondholders’ representatives, commodity brokers, stock and trading desk operators, and investment advisors.

In addition, the SIV is granted the authority to approve the internal regulations of Stock and Commodity Exchanges, Central Securities Depositories, and Clearinghouses.

Through Circular SB.SG. No. 84 dated May 27, 2025, the Superintendency of Banks (“SIB”) reminded exchange offices of their legal obligation to notify the opening or closure of branches, agencies, and auxiliary offices at least 30 days in advance, in accordance with Article 22 of Law No. 2794/05 “On Foreign Exchange Entities and/or Exchange Offices”.

In the case of openings, the notification must be accompanied by a sworn statement in which the entity expressly declares that it complies with all the requirements established by the applicable regulations.

Finally, the SIB warns that failure to comply with these provisions may result in the imposition of sanctions pursuant to the regime set forth in Chapter VIII of Law No. 489/95 “Organic Law of the Central Bank of Paraguay” as amended by Law No. 6104/18 “Which amends and expands Law No. 489/95”.

The Ministry of Public Works and Communications (Ministerio de Obras Públicas y Comunicaciones or “MOPC”) has launched International Public Tender No. 09/2025 (ID 469514) for the design and construction of the new General Hospital of San Estanislao, in the department of San Pedro. This landmark project aims to improve healthcare access in the northern region of the country, benefiting populations in the departments of San Pedro, Concepción, Amambay, and Canindeyú.

Project Value and Financing

The project, financed by the Inter-American Development Bank (IDB), has an estimated value of USD 60 million, of which USD 30.25 million will be allocated to the design, construction, and maintenance of the infrastructure.

Offer Submission Deadline

Interested companies must submit their bids by August 4, 2025. The deadline for submitting inquiries is July 29, 2025. A site visit is scheduled for May 27. All dates are subject to change by the contracting authority (MOPC).

Project Details

The hospital will include:

• 189 hospital beds: 157 for general hospitalization and 32 for intensive care.
• Emergency services, operating rooms, gynecology and obstetrics, inpatient wards, intensive care, outpatient services with 31 consulting rooms, laboratories, diagnostic imaging, administrative areas, accommodation facilities, parking, green spaces, and a helipad.

The MOPC will oversee the bidding process, construction, and supervision, while the Ministry of Public Health and Social Welfare (Ministerio de Salud Pública y Bienestar Social or “MSPBS”) will be responsible for equipping the facility and strengthening healthcare services.

Execution and Contract

The contract will follow the 2017 FIDIC Yellow Book model, an international standard that places responsibility for both design and construction on the contractor. The projected timeline is 30 months (6 for design and 24 for construction), followed by an additional 18 months of maintenance after provisional handover.

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For further information, please contact: Rodolfo G. Vouga (rgvouga@vouga.com.py); Manuel Acevedo (macevedo@vouga.com.py); Silvia Benítez (sbenitez@vouga.com.py); Lucas Rolón (lrolon@vouga.com.py); Yvo Salum (ysalum@vouga.com.py).  

Through Resolution No. 12, Minutes No. 15, dated April 10, 2025, the Board of the Central Bank of Paraguay (“BCP”) resolved that brokerage firms will become Direct Participants in the Real-Time Gross Settlement System (LBTR) and the Securities Depository System (DEPO/X), effective as of March 31, 2027.

Currently, brokerage firms operate as Indirect Participants in the Paraguayan Payment System (SIPAP) through services provided by third parties. However, with this change, they will be directly integrated into the LBTR and DEPO/X systems.

In this regard, the BCP will establish the implementation schedule to ensure an orderly transition in accordance with the technical and operational requirements to be defined. Until the effective date, brokerage firms will continue to operate as Indirect Participants.

Through Resolution No. 7, Minute No. 11, dated March 13, 2025 (the "Resolution"), the Central Bank of Paraguay established new caps on the fees applied for payment intermediation services made through credit or debit cards. This measure aims to align the Paraguayan market with international practices and promote financial inclusion.

According to the Resolution, the new limits will be applied gradually:

1. From July 1, 2025, the maximum fee will be 4% for credit cards and 3% for debit cards.
2. As of July 1, 2026, these caps will be reduced to 3% for credit cards and 2% for debit cards.

The decision is based on a technical analysis that identified current rates as being above regional standards. The reduction in commissions seeks to benefit businesses, especially small ones, by allowing them to access to electronic payment methods at lower costs, which could translate into more competitive prices for consumers.

Through Resolution No. 6, Minute No. 11, dated March 13, 2025, the Central Bank of Paraguay (“BCP”) introduced amendments to Article 20 of Resolution No. 43, Minutes No. 95, dated December 30, 2015, which regulates the collection of intermediation fees on debit and credit card transactions.

With this modification, issuing entities and/or operators must publish all intermediation fees applied to affiliated merchants on their websites, distinguishing between debit and credit card transactions. This information must be presented in a matrix that categorizes transaction amounts and average payment receipt values (tickets) and will be distinguished by type of card, whether debit or credit. Additionally, entities are required to continuously update the information on the fees charged, ensuring that merchants and the public have access to up-to-date and accurate data.

Furthermore, BCP will establish the maximum rate applicable to intermediation fees. It is clarified that this maximum rate encompasses the total sum of all intermediation fees charged during the payment process, regardless of the functions or means used by the entities involved. However, additional fees may be applied for services other than electronic payment intermediation, such as business management, fund flow administration, or data analysis, provided that acquiring these services is not mandatory to access intermediation services.

Issuing entities and/or operators must submit their fee policies applicable to affiliated merchants to the central bank within the first half of January each year. These policies must include at a minimum: (i) a technical justification for the applied fees or reasons for modification; (ii) a technical study supporting any variations; (iii) a description of the services provided; and (iv) a breakdown of fixed and variable costs, specifying the calculation methodology and the distribution of costs among fees, operators, and merchants within their respective networks.

Through Resolution No. 3, Minute No. 16, dated April 15, 2025, the Board of Directors of the Central Bank of Paraguay ("BCP") authorized banking and financial institutions to purchase, hold and sell debt securities in foreign currency, issued by national governments and foreign financial institutions, provided such securities have an investment-grade credit rating granted by at least two of the following rating agencies: Fitch Ratings, Moody's or Standard & Poor's.

The regulation sets a global limit of up to 20% of each institution’s effective equity for holding these financial instruments. Furthermore, it establishes that, for the purpose of calculating capital adequacy indicators, investments in these instruments must be classified according to the risk rating of the issuing country, based on the weighting table defined in the same resolution: