Travieso Evans Arria Rengel & Paz

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SICAD Call No. 04-2014

On March 10, 2014, the National Center of Foreign Trade (Centro Nacional de Comercio Exterior – “CENCOEX”) called for auction No. 04-2014 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 that have been incorporated for at least twenty-four (24) months, have carried out regular imports during the last two (2) years, are  duly registered with the Registry of Users of the Complementary System of Foreign Currency Administration (Registro de Usuarios del SistemaComplementario de Administración de Divisas - “RUSICAD”), meet the requirements established in the rules regulating the SICAD, and are domiciled in any part of the national territory:

 

1. Legal persons of the auto parts sector (only spare parts for agricultural machinery).

2. Legal persons of the food sector (only the items specified in the attachment).

3. Legal persons of the health sector (only spare parts for medical equipment).

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

 

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: 3.5 % 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 began on Tuesday, March 11, at 9:00 a.m. and ends on Wednesday, March 12, at 3:30 p.m. On Friday, March 14, the CENCOEX will inform the amount auctioned and the total amount awarded. The process will be completed on Monday, March 17, date on which the amounts awarded will be paid.

 

In order to access the call for Auction No. 04-2014, please click here:

http://www.cadivi.gob.ve/images/stories/pdfs/Sicad/Convocatoria/convocatoria_sicad4.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.”