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Circular on transactions through SICAD II

On March 20, 2014, the Venezuelan Central Bank (“VCB”), in coordination with the Ministry of the Popular Power for Economy, Finance, and Public Banking, published a circular informing (i) that the Alternative Foreign Currency Exchange System (Sistema Cambiario Alternativo de Divisas - “SICAD II”) became operative; (ii) the documents to be filed by the Operating Institutions; (iii) the instructions to process foreign currency purchase and sale transactions; (iv) the requirements that the participants will have to meet upon the request from the Operating Institutions; (v) the obligations and responsibilities of the Operating Institutions, and (vi) other aspects relating to the operation of SICAD II.

 

In order to access the circular, please click here.

 

http://www.bcv.org.ve/c5/sicad2/circular21032014.pdf

 

“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”