Capital Markets 2016

Last verified on Friday 3rd March 2017

Chile

Sebastian Delpiano
Honorato Delaveau & Cía (Santiago)
  1. 1.

    Which laws, regulations and administrative rulings govern the offering and trading of securities and how are they proposed, adopted and amended?

  2. In Chile, securities transactions that have their origin in public offering or that are carried out through intermediation by stockbrokers, as well as secondary markets where such securities are traded and the issuers thereof are governed by Securities Market Law No. 18,045 of 1981 and its subsequent amendments (Law No. 18,045). On the other hand, management of any kind of funds is governed by Third Party Funds Management and Individual Portfolios Law No. 20.712 of 2014 (Law No. 20,712). Both laws, as well as additional ones governing the capital market in Chile, are complemented by administrative rules provided by the Superintendency of Securities and Insurance, in particular, General Rule No. 30, which establishes the registration procedure for publicly offered securities; General Rule No. 336, which regulates private offering of securities; and General Rule No. 352, which establishes the registration procedure for foreign securities.

  3. 2.

    What is the rationale behind this legislation?

  4. The law applicable to the stock market in Chile aims to ensure that this is a transparent, equitable, orderly and competitive market. In this sense, it seeks that the actors involved be in a state of equality, with clear rules, which are objective and non-discriminatory, trying to avoid that anyone were to be able to use, for his or her own benefit or that of a third party, information that is not common knowledge and, through this, obtain advantages that they would not have had if they had not had such information.

    In this sense, the legislation and the regulations applicable to the stock market in Chile seeks to regulate, among other matters, the information that issuers must provide to the market in general, as well as the use of privileged information and ways to avoid conflicts of interest and any manipulation of prices that may occur.

  5. 3.

    Which regulatory authorities oversee capital markets and what is the scope of their jurisdiction?

  6. The Superintendency of Securities and Insurance (Superintendency) is the administrative authority that exercises the supervision of the stock market in Chile. Said Superintendency is an autonomous institution with legal personality and its own patrimony and is governed by Decree Law No. 3,538 of 1980. The hierarchical superior of the aforementioned Superintendency is the Superintendent of Securities and Insurance, who has the legal, judicial and extra-judicial representation of the supervisory entity.

    Among other functions, the Superintendency has to:

    • administratively interpret laws, regulations and provisions falling within its competence;
    • issue rules and instructions to supervised entities;
    • answer queries and investigate allegations or claims that are formulated regarding entities subject to its supervision;
    • examine the operations of the supervised subjects or operations;
    • protect the rights of shareholders and investors; and,
    • sanction, in case of non-compliance with regulations or orders and instructions that have been given.

    Notwithstanding the above, it is important to stress that a bill that seeks to establish a new institutional framework for the Superintendency giving it a collegial structure in the form of a Commission is currently being processed in Congress.

  7. 4.

    How is financial fraud and price manipulation in capital markets regulated?

  8. In order to prevent financial fraud, price manipulation and in general, manipulate the stock market, both Law No. 18,045 and the Superintendency, through the enactment of regulations to this effect, have established various prohibitions which must comply with the entities that participate or intervene in the stock market.

    To this effect, among the prohibitions in Law No. 18,045 is the prohibition on carrying out transactions in securities in order to stabilise, fix or artificially vary prices. It also establishes the prohibition of making fictitious quotations or transactions regarding any security, whether the transactions are carried out in the stock market or through private negotiations, prohibiting everyone from carrying out transactions or induce or attempt to induce the purchase or sale of securities by means of any deceptive or fraudulent act, practice, mechanism or artifice.

  9. 5.

    What sanctions and remedies can the regulatory authorities impose?

  10. In case of infringement of Law No. 18,045, its complementary rules, statutes and/or internal rules that govern the entities subject to the supervision of the Superintendency and to the rules laid down by it, said Superintendency shall be able to establish the following sanctions:

    • censure;
    • fines;
    • revocation of the authorisation of existence granted to the respective entity;
    • regarding the persons appointed or authorised by the Superintendency to exercise its functions, it shall be able to suspend them from office for up to a year or revoke their authorisation or appointment due to serious cause; and,
    • request the courts to impose custodial sentences as well as the accessory penalty of special disbarment from exercising the profession or serving as manager, director, liquidator or administrator in any capacity for a corporation or entity subject to the supervision of the Superintendency.
  11. 6.

    What are the private remedies an investor may pursue?

  12. An investor shall always be able to pursue in the Courts of Justice compensation of all damages caused without prejudice to also pursuing, in its case, criminal sanctions that may apply when such conducts are defined by law. However, it is common for many conflicts to be resolved by arbitrators as per clauses laid down in the agreements that run the capital market.

    Notwithstanding the above, any investor shall be able to ask the Superintendency for the application of one or more of the sanctions listed in the response to question 5, without prejudice to the powers to take independent action of the regulatory body.

  13. 7.

    Give details of the frequency and nature of enforcement actions or private actions. Describe whistle-blower protection and incentives under the regulations.

  14. According to our knowledge, with a few exceptions, actions brought by private investors aimed at obtaining compensation for damages or enforcement of fines or other sanctions by the Superintendency are not common in Chile.

    Notwithstanding the above, the Superintendency, in the exercise of its supervisory activity, has imposed sanctions such as censure and fines on individuals and entities under its control owing to their non-compliance with applicable rules. Also, in certain cases, criminal courts have ruled prison sentences to certain individuals for violating the rules relating to the stock market. 

  15. 8.

    What is the legal definition of a ‘security’ and which types of securities are commonly traded?

  16. According to article 3 of Law No. 18,045, a "security" is any transferable instrument including shares, options to purchase and sell stocks, bonds, debentures, mutual fund units, savings plans, trade bills and, in general, all credit or investment titles.

    The types of securities that are usually traded on the Chilean stock market are stocks, bonds, fund units and other fixed income instruments, without prejudice to those that are traded on the exchange of commodities.  

  17. 9.

    How are securities offered and sold to the public?

  18. Securities can only be offered to the public in general through public offering. To this effect, Law No. 18,045 establishes that public offer of securities is the one directed to the public in general or to certain sectors or specific groups of it.

    In order to carry out the public offering of its securities, the issuer and its securities must be previously registered in the Superintendency. For these purposes, the entity must apply for its registration in the Securities Registry of the Superintendency, through the presentation of a request for this effect and must accompany all documents required by General Rule No. 30, among which is the corporate background of the entity, as well as its financial and economic background. In addition, the application for registration of an issuer in the Securities Registry must be accompanied by the application for registration of its securities.

    Once the issuer has provided the required background and has settled any observations made by the Superintendency, and having made payment of the registration fee for the Securities Registry, the Superintendency goes on to register the issuer and its securities in the mentioned registry, issuing the respective registration certificate. As of that moment, the issuer may make the public offer of its securities.

    Notwithstanding the above, it should be mentioned that funds managed in Chile are submitted to a simplified registration process in the Superintendency in virtue of which it is enough to deposit the fund by-laws in a special registry of the Superintendency, so that on the following working day it is possible to begin the process of putting their respective shares on the market.

  19. 10.

    What are the disclosure requirements for securities issuers for both public and private offerings?

  20. Securities issuers for public offerings are required to provide: (i) at the time of the application for registration of the securities, such legal, financial and economic information that is necessary to comply with the formalities of registration; and (ii) once the securities are registered in the relevant registry, continuous, timely and reliable information to the market through its communication to the Superintendency, which, in turn, makes such information available to the market. They are also forced to report all relevant situations affecting them or which may affect them, of which they are aware.

    Private offering of securities is not regulated in Chile and, therefore, except with respect to what is pointed out in question 11, no other additional information need be provided by the issuers of private offering.

  21. 11.

    Are there exemptions from securities registration?

  22. Private offering of securities in Chile is not subject to Law No 18,045, and therefore, not to any registration process. For these purposes, General Law No. 336 points out that public offerings of securities are not the offerings that meet the following copulative requirements: (i) that they comply with the information and safekeeping obligations of established in General Law No. 336; (ii) that they are not made through mass media; and, (iii) that they be addressed to qualified investors according to the terms referred to in the same law.

    On the other hand, General Law No. 352 established that the public offering of foreign securities is exempted from the registration formalities with the Superintendency when there is a signed a collaboration agreement with foreign markets regulators in order to have accurate, sufficient and timely information on foreign securities and their issuers. In this regard, to this date the Superintendency has signed collaboration agreements with Canada, Colombia, Mexico, Peru and Spain.

  23. 12.

    Do your accounting standards differ in significant ways from other jurisdictions’ generally accepted accounting principles?

  24. Currently, the accounting standard used by issuers and entities whose financial reports are subject to the supervision of the Superintendency are the International Financial Reporting Standards (IFRS), approved by the International Accounting Standards Board (IASB).

  25. 13.

    To the extent that the International Accounting Standards Committee’s International Financial Reporting Standards have not been fully implemented, is full convergence planned? What is the expected timetable?

  26. As stated in question 12, the standard currently used in Chile by issuers and entities subject to the control of the Superintendency is the IFRS. 

  27. 14.

    Does your jurisdiction offer policy and tax incentives to invest in the capital markets?

  28. Yes, the Income Tax Law establishes tax incentives to consistent stock market basically in the exemption to the capital gains for the highest value obtained from the disposal of shares of open stock companies established in Chile with a stock market presence, investment fund quotas, mutual funds units and fixed-income instruments.

    On the other hand, having the intention of transforming Chile into a regional platform for investments, Law No. 20,712 established tax incentives for foreign investors who invest in Chile through investment funds. In that sense, foreign investors investing in regulated investment funds will be subject to a single tax equivalent to 10 per cent of any dividend distributed by the fund or of the capital gains on the disposal of their quotas. Such a tax in any case will be zero per cent if the same investment fund invests at least 80 per cent of its assets in securities or instruments issued abroad.

  29. 15.

    Please describe the applicable tax withholding regime, the customary exceptions and the commonly used standard tax-planning devices.

  30. Entities or persons without domicile or residence in Chile, except for a special rule, will be subject to an additional 35 per cent tax rate as a product of obtaining revenue from a Chilean source. For these purposes, the entity paying such income shall be forced to carry out a withholding of the tax to be paid.

    On the other hand, and in relation to the tax structure aimed at channelling foreign investment into Chile from abroad, it differs depending on the jurisdiction of the foreign entity. The foregoing, without prejudice to whether they are long-term investments, it is usual to establish in the country a company that acts as a holding for its investments.

  31. 16.

    Where and how are securities traded?

  32. Publicly offered securities are traded in Chile on the following stock exchanges: the Chilean Electronic Exchange, Stock Brokers and Santiago Stock Exchange, to date the last being the most important one according to the volumes traded in it. Only stockbrokers who are members of the respective stock exchanges are authorised to trade in these formal secondary markets.

    Notwithstanding the above, currently there is a motion to demutualise the Santiago Stock Exchange to allow brokers who are not members (shareholders) are also able to directly trade in it.

    It should be additionally noted that through the Latin American Integrated Market (MILA) markets in four countries come together in a single one. Colombia, Peru, Mexico and Chile make up this agreement, which allows investors to access a much wider selection of companies in which to invest.

    Finally, it is important to emphasise that generally debt instruments are transacted over the counter (OTC).

  33. 17.

    Where and how do securities clear? Can securities denominated in a foreign currency clear?

  34. This is the function of the Central Counterparty (Contraparte Central SA (CCLV)) which is a corporation organised according to Law No. 20,345, whose objective is to manage financial instrument clearing and settlement systems acting either as a central counterparty entity, for equity derivatives stock market, as well as a financial instrument clearinghouse for the fixed income stock markets, financial intermediation and simultaneous operations.

    For its part, the public offering securities issued in Chile are traded in local currency (pesos) and foreign public offering values in US dollars (without prejudice to the fact that in 2014 the Chile Central Bank authorised the transaction of shares of foreign funds in local currency (pesos)).

  35. 18.

    Please provide a general description of securities settlement systems in your jurisdiction.

  36. See question 17. 

  37. 19.

    What are the distinguishing characteristics of your debt and equity capital markets?

  38. In recent years, most transactions made on the Chilean stock exchanges referred to financial intermediation instruments (IIF), which are debt securities, followed by transactions of dollars and fixed-income securities, while transactions of shares represent a small part of the total operations. IIF, and debt securities represent almost 50 per cent of the total transactions made in the stock exchanges, while share transactions (equities) represent less than 10 per cent of total transactions.

    Additionally, in recent years, transactions with IIF and dollars have constantly been increasing, while transactions of shares have maintained same levels in recent years, without any significant variation.

  39. 20.

    Where and how are derivatives traded?

  40. As a general rule, and unless exceptionally in the case of futures contracts, derivative instruments are not traded in the market and, therefore, they are subject to negotiation between the parties, mainly banks and securities brokers.  

  41. 21.

    Can you explain development of structured finance instruments in your country?

  42. Despite the securitised bonds market proving itself to be efficient in terms of its structure and strength, as a result of isolated events in recent years, for some time now financings structured by investment funds have taken on importance. In effect, for various reasons, some companies that cannot access financing from banks or for other reasons have decided to do so through private entities, have enlisted their interest in financing certain enterprises. Along these lines, through innovative structures, those funds finance these companies through the purchase of the debt instruments they issue, which are secured by the influx of contracts that these companies have with their clients.

  43. 22.

    How are institutional investors defined and regulated?

  44. Article 4 bis of Law No. 18,045 sets that institutional investors are: banks, financial companies, insurance companies, national reinsurance entities and legally authorised funds management companies (for the funds managed by it). In addition, the same legal rule establishes that by general rule the Superintendency can establish which other entities may be considered institutional investors. In this regard, and after several years, the Superintendency placed for market comment a rule under which it broadens the scope of the concept of institutional investors incorporated within these, among others, a foreign institutions whose main line of business is banking, insurance or reinsurance; funds or foreign collective investment vehicles; governmental entities or sovereign funds; multilateral or supranational agencies.

  45. 23.

    Can foreign broker dealers offer and sell securities in the jurisdiction? To which investors and under what circumstances?

  46. No foreign broker dealers can buy or sell securities for their investors directly through the trading systems of the various stock exchanges operating in the country. Therefore, these foreign broker dealers must operate through a local broker, acting as their direct operator.

    This direct operator method allows the foreign broker dealer direct access to the stock exchange electronic trading systems through a computer terminal, using the identification of the local broker. 

  47. 24.

    What is the definition of ‘insider trading’? Outline the major developments in insider trading law giving details of any recent cases.

  48. Law No. 18,045 establishes that inside information is any information referring to one or several issuers of securities, to their business, or to one or more securities issued by them, undisclosed to the market and the knowledge of which, due to their nature, is able to influence the price of the issued securities, as well as confidential information, ie, information regarding negotiations that are still pending which are likely to impair the shares upon becoming known. Inside information is also understood to be decisions to purchase, sell and accept or reject specific offerings from an institutional investor in the stock market.

    The most recent case of a penalty for insider trading in Chile dates back a few months and it was a sanction applied by the Superintendency to a director of an open corporation in the amount of US$3.6 million. On this, the Superintendency states that in 2014, the director in question had information regarding the purchase transaction of 100 per cent of the shares of two foreign companies by the company on whose board he sat. The information concerning the purchase operations of the foreign companies and the eventual sale of 100 per cent of the shares of the company in whose board he participated was not public knowledge. In that sense, with said information, through a company in which he participated, the director would have acquired American Depositary shares of the company without having informed said circumstance to the company or to the Superintendency. 

  49. 25.

    What are the roles of the authorities when a foreign issuer makes a public offering? Who has jurisdiction over the public offering?

  50. In general terms, the public offering of foreign securities must meet the same requirements as those required for the public offering of local securities. Thus, foreign securities must be previously registered in the Foreign Securities Registry which the Superintendency has for this purpose. The above applies, except in the case of foreign securities in whose markets their regulator has signed a collaboration agreement with the Superintendency (see the final paragraph of the answer in question 11).

  51. 26.

    Is there a formal understanding with other jurisdictions to share information and provide reciprocal assistance in enforcement matters? If so, which jurisdictions?

  52. Chile has signed a large number of memoranda of understanding (MOU), ie, the agreements of cooperation and technical assistance, exchange of information and consultations among securities regulators. The purpose behind signing these MOUs aims at complying with the laws and regulatory provisions in the field of securities, futures and derivatives in the jurisdictions of each of the regulators. To this effect, to this date the Superintendency has signed MOUs with the following countries: Argentina, Bolivia, Brazil, Canada, Colombia, Costa Rica, the Dominican Republic, Ecuador, El Salvador, Spain, France, Luxembourg, Malaysia, Mexico, Panama, Paraguay, Peru, Portugal, the United Kingdom, South Africa, Thailand, Taiwan and the United States.

  53. 27.

    Please describe the framework for corporate governance.

  54. Almost a year ago and through the organisation of consultative round tables, the Superintendency initiated a process aimed at the strengthening of standards of corporate governance of the open joint-stock companies. This process culminated in the middle of 2015 and mainly resulted in the enactment of the General Law No. 385, which seeks to improve the information provided by open joint-stock companies in matters of corporate governance, social responsibility and sustainable development, among other aspects.

    Among the main elements of General Law No. 385, the following stand out:

    • to promote the adoption of policies on social responsibility and sustainable development, in particular regarding the diversity in the composition of the board and the appointment of the main executives of the company;
    • to promote the circulation of information to shareholders and the public in general with regard to policies, practices and effectiveness thereof, in matters regarding social responsibility and sustainable development;
    • to improve the quality and reliability of the information contained in the self-assessment of the boards through the evaluation of a third party external to the company;
    • to promote the adoption of principles, guidelines and domestic and international recommendations, as for example, those developed by The Committee of Sponsoring Organizations (COSO) or the ones contained in the Control Objectives for Information and Related Technology (COBIT) created by ISACA or ISO 31000:2009 and ISO 31004:2013; and
    • to explain the handling of conflicts of interest and the update procedures for the code of conduct of the board. 
  55. 28.

    Which governing bodies must public companies adopt and what are their main functions and duties?

  56. In Chile, open joint-stock companies can trade their shares on the stock exchange. In this regard, according to Law No. 18,046 which governs open joint-stock companies, they must have a board, made up of at least five members, which must operate at least on a monthly basis. In addition, those open joint-stock companies which have a stock exchange value equal to or greater than approximately US$55 million and, moreover, at least 12.5 per cent of its issued voting shares are held by shareholders who individually control or own less than 10 per cent of these shares, must have an independent director and a board of directors which shall have, among others, the following functions: (i) examine the financial statements of the company; (ii)propose the external auditors; (iii)examine transactions between related parties; (iv) examine systems of remuneration and compensation plans; and, (v)  prepare an annual management report.

  57. 29.

    Are there any laws governing capital markets that are unique to your jurisdiction?

  58. No, since the Chilean stock market regulation has taken into consideration the experience of other more developed countries, likening it to the local legislation. 

  59. 30.

    How do authorities and issuers resolve matters that are not expressly provided for in the securities laws and regulations?

  60. Issues that are not resolved expressly by law may be consulted to the Superintendency, so it formally rules on a given issue. This faculty of the Superintendency is expressly enshrined in the law.

  61. 31.

    Which types of companies may make public offerings in your jurisdiction?

  62. Any kind of entities can make public offerings of their securities as long as they and the securities that are to be traded are recorded in the Securities Registry of the Superintendency. Despite the above, of the companies that trade their shares on the local stock exchange only open joint-stock companies can do so.

  63. 32.

    Which economic activities or segments are the most active in the capital markets in your jurisdiction?

  64. Issuers of publicly offered securities are mainly concentrated in the following economic activities: exploitation of raw materials, power generation, banking companies, retail companies and telecommunications and construction companies.

  65. 33.

    Describe the main stock exchanges and OTC networks.

  66. More than 200 local issuers participate in the Santiago Stock Exchange.

    Regarding the shares traded in the Santiago Stock Exchange, it is possible to distinguish (i) the shares in the Index of Selective Share Prices (IPSA), which measures price changes of the 40 companies with greater market presence on the Santiago Stock Exchange. Companies are selected on a quarterly basis in March, June, September and December of each year. The index base is renewed at the beginning of each year, taking the value 100, on the last business day of the month of December of the previous year; and, (ii) the shares included in the General Stock Price Index (IGPA) which measures changes in share prices of Santiago Stock Exchange. This is measured through the Stock Exchange Value (stock market value) of the different component companies, classified by components and subcomponents, within the index according to their activity. Companies are selected according to the frequency that they record their operations and volumes traded on the stock exchange.

    Additionally, equity instruments such as shares of investment funds, foreign securities, exchange traded funds (ETFs), monetary values and venture values (risk capital market), as well as fixed-income securities and instruments of financial intermediation are traded on the Santiago Stock Exchange. 

  67. 34.

    Describe recent initiatives undertaken by the government to improve the regulation and efficiency of its capital markets and, if applicable, to incentivise or facilitate companies’ access to the capital markets.

  68. In January 2016, the Superintendency reported that it had begun modernising the regulations affecting the entities registered in the Superintendency, which have to submit information and background according to the type of registration, including the Securities Registry. As part of this process, the Superintendency will review the requirements for the information that should be provided by the entities it supervises.

    For this purpose, the Superintendency invited different stock market players to contribute up to 31 March 2016, providing information that serves as a basis for possible improvements to the regulations in force, both in relation to those elements that could be imposing unnecessary costs, as well as those that have served as the basis for preserving the confidence of the market and/or encourage competition.

  69. 35.

    Describe the main obstacles that a company may confront in your jurisdiction when it is trying to become public. Describe any reform that you feel should be a national priority to improve capital raising by companies.

  70. There are initiatives in Chile to promote the emerging stock market so that companies that have a high growth potential but that, despite this, they are not yet large enough. They can, however, access financing through their start-up in the stock exchange. In this regard, we believe that there is a large number of attractive companies that might arouse the interest of potential investors, but in order to do so they must first modify their decision-making processes, often with the addition to their boards of independent professionals with experience in the field in which they operate.

    For these purposes, we believe that a good regulation taking these companies by the hand to work with financial advisers to guide them in their opening process and, in addition, with clear and aligned tax incentives, can be a great incentive to attract new investment in these kinds of companies.

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Questions

  1. 1.

    Which laws, regulations and administrative rulings govern the offering and trading of securities and how are they proposed, adopted and amended?


  2. 2.

    What is the rationale behind this legislation?


  3. 3.

    Which regulatory authorities oversee capital markets and what is the scope of their jurisdiction?


  4. 4.

    How is financial fraud and price manipulation in capital markets regulated?


  5. 5.

    What sanctions and remedies can the regulatory authorities impose?


  6. 6.

    What are the private remedies an investor may pursue?


  7. 7.

    Give details of the frequency and nature of enforcement actions or private actions. Describe whistle-blower protection and incentives under the regulations.


  8. 8.

    What is the legal definition of a ‘security’ and which types of securities are commonly traded?


  9. 9.

    How are securities offered and sold to the public?


  10. 10.

    What are the disclosure requirements for securities issuers for both public and private offerings?


  11. 11.

    Are there exemptions from securities registration?


  12. 12.

    Do your accounting standards differ in significant ways from other jurisdictions’ generally accepted accounting principles?


  13. 13.

    To the extent that the International Accounting Standards Committee’s International Financial Reporting Standards have not been fully implemented, is full convergence planned? What is the expected timetable?


  14. 14.

    Does your jurisdiction offer policy and tax incentives to invest in the capital markets?


  15. 15.

    Please describe the applicable tax withholding regime, the customary exceptions and the commonly used standard tax-planning devices.


  16. 16.

    Where and how are securities traded?


  17. 17.

    Where and how do securities clear? Can securities denominated in a foreign currency clear?


  18. 18.

    Please provide a general description of securities settlement systems in your jurisdiction.


  19. 19.

    What are the distinguishing characteristics of your debt and equity capital markets?


  20. 20.

    Where and how are derivatives traded?


  21. 21.

    Can you explain development of structured finance instruments in your country?


  22. 22.

    How are institutional investors defined and regulated?


  23. 23.

    Can foreign broker dealers offer and sell securities in the jurisdiction? To which investors and under what circumstances?


  24. 24.

    What is the definition of ‘insider trading’? Outline the major developments in insider trading law giving details of any recent cases.


  25. 25.

    What are the roles of the authorities when a foreign issuer makes a public offering? Who has jurisdiction over the public offering?


  26. 26.

    Is there a formal understanding with other jurisdictions to share information and provide reciprocal assistance in enforcement matters? If so, which jurisdictions?


  27. 27.

    Please describe the framework for corporate governance.


  28. 28.

    Which governing bodies must public companies adopt and what are their main functions and duties?


  29. 29.

    Are there any laws governing capital markets that are unique to your jurisdiction?


  30. 30.

    How do authorities and issuers resolve matters that are not expressly provided for in the securities laws and regulations?


  31. 31.

    Which types of companies may make public offerings in your jurisdiction?


  32. 32.

    Which economic activities or segments are the most active in the capital markets in your jurisdiction?


  33. 33.

    Describe the main stock exchanges and OTC networks.


  34. 34.

    Describe recent initiatives undertaken by the government to improve the regulation and efficiency of its capital markets and, if applicable, to incentivise or facilitate companies’ access to the capital markets.


  35. 35.

    Describe the main obstacles that a company may confront in your jurisdiction when it is trying to become public. Describe any reform that you feel should be a national priority to improve capital raising by companies.


Other chapters in Capital Markets 2016