Travieso Evans Arria Rengel & Paz

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SICAD Call No. 03-2014

On February 24, 2014, the National Center of Foreign Trade (Centro Nacional de Comercio Exterior – “CENCOEX”) called for auction No. 03-2014 to be made through the Complementary System of Foreign Currency Administration (Sistema Complementario de Administración de Divisas - “SICAD”) acting through the Universal Public Banking System. The persons convoked to take part in the auction are the following legal persons duly registered with the Registry of Users of the Complementary System of Foreign Currency Administration (Registro de Usuarios del Sistema Complementario de Administración de Divisas - “RUSICAD”) that meet the requirements established in the rules regulating the SICAD, that are domiciled in any part of the national territory and that have been existing at least for the last twelve (12) months:

 

1. Legal persons of the chemical, petrochemical, and plastic resin sector.

2. Legal persons of the sector of containers and packages.

3. Legal persons of the auto parts sector (intended only for the agricultural sector).

4. Legal persons of the health sector (consumable medical supplies specified in the attachment /It does not imply their permanent incorporation into the SICAD).

 

Description of the auction:

• Total amount of the auction: USD. 220,000,000.00.

• Minimum amount per purchase order: USD. 5,000.00.

• Maximum amount per purchase order: 1% of the total amount of the auction.

• Multiple per purchase order: USD. 1,000.00.

 

The call imposes on the legal persons favored by the auction the obligation to execute a Faithful Performance Contract for Exchange Transactions and the relevant Faithful Performance Bond.

The receipt of purchase orders begins on Tuesday, February 25, at 9:00 a.m. and ends on Wednesday, February 26, at 3:30 p.m. On Friday, February 28, at 6:00 p.m., the CENCOEX will inform the amount auctioned and the total amount awarded. The process will be completed on Wednesday, March 5, date on which the amounts awarded will be paid.

In order to access the call for auction No. 03-2014, please click here:

 

http://www.cadivi.gob.ve/images/stories/pdfs/Sicad/Convocatoria/convocatoria_sicad3.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.”