On October 14, 2025, the Chamber of Deputies enacted the “Securities and Commodities Market Law” (the “Law”), previously approved by the Chamber of Senators. Consequently, the Law was sent to the Executive Branch for its promulgation. The bill had originally been submitted to Congress for consideration by the Ministry of Economy and Finance.

The Law seeks to unify the local legal framework related to the securities and commodities market, which up until now had been scattered across seven separate laws, including those establishing the Superintendency of Securities, the Securities Market Law, the law regulating investment funds, and the law governing credit rating agencies, among others.

Accordingly, the Law -as well as the Resolution regulating the Law to be issued in the coming months- will now regulate the operations of entities directly or indirectly involved in the securities market, such as stock and commodity exchanges, brokerage firms, securities depositories, investment funds, credit rating agencies, clearing and settlement houses, securitization companies, securities traders, and investment advisors.

Additionally, the Law introduces rules governing crowdfunding, which previously was not regulated as an activity.

The Law also reaffirms the Central Bank of Paraguay as the governing authority over activities related to the securities and commodities market, acting through the Superintendency of Securities. In this regard, the Superintendency of Securities will issue the corresponding resolution to regulate the provisions of the Law in the coming months.

In future updates, we will examine in greater detail the main reforms introduced by the Law, which establishes the new regulatory framework for the Securities and Commodities Market and for investment services and activities.