Through Resolution G.G. No. 100/2026, dated July 17, 2026, the Central Bank of Paraguay (“BCP”) approved the Operating Regulations for the issuance, custody, placement, recording of transactions, clearing and settlement of Digital Certificates of Deposit (“CDA-d”) held in custody by the BCP’s Securities Depository.
The Regulations establish the operational framework applicable to CDA-d, defined as digital savings deposits issued by banks or finance companies through the CDA-d System and represented by book entries instead of physical certificates. The CDA-d System is administered by the BCP and enables the issuance, registration, custody, clearing and settlement of these instruments through an online, real-time connection and integration with the Real-Time Gross Settlement (“RTGS”) system.
In addition, custodians must register beneficial holders through the Unique Depositor Registry (“RUA”) and open and manage their respective securities subaccounts. For purposes of creating the RUA, individuals will be identified using their identity document, legal entities using their Taxpayer Identification Number (RUC), and foreign individuals using their Non-Resident Person Code or passport number. Beneficial holders must also be previously registered in the BCP’s persons database.
With respect to transactions, the Regulations govern both the primary and secondary markets for CDA-d. Issuance and placement may be carried out through the CDA-d System’s graphical user interface or through messaging and must be settled on the same business day. In the secondary market, custodians must record transfers of ownership and settle them on the same day as the transaction. The Regulations also contemplate other transactions involving CDA-d, including repurchase agreements (repos), pledges and other security interests, as well as early redemption, attachment and immobilization.
Finally, the Regulations establish the main obligations applicable to custodians and provide that their provisions will become effective upon the CDA-d System becoming operational.
