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SICAD Call-No. 15-2014

On June 17, 2014, the National Center of Foreign Trade (Centro Nacional de Comercio Exterior - “CENCOEX”) called for foreign currency Auction No. 15-2014 to be made through the Complementary System of Foreign Currency Administration (Sistema Complementario de Administración de Divisas - “SICAD”), acting through the Venezuelan Corporation of Foreign Trade (Corporación Venezolana de Comercio Exterior – “CORPOVEX”) and the Public Universal Banking. The persons convoked to take part in the Auction are the following legal persons that have been incorporated for at least forty-eight (48) months, that have been performing regular imports for the last two (2) years, meet the requirements established in the rules regulating SICAD, are duly registered with the Registry of Users of the Foreign Currency Administration System (Registro de Usuarios del Sistema de Administración de Divisas  - “RUSAD”) and are domiciled in the national territory:

 

• Legal persons of the toy sector. The purchase orders will be made through CORPOVEX.

• Legal persons of the metallurgical sector. The purchase orders will be made through the Public Universal Banking.

• Legal persons of the non-metallic minerals sector: The purchase orders will be made through the Public Universal Banking.

 

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: Variable.

• 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. It also states that the legal persons that have an Authorization for Acquisition of Foreign Currency (“AAD”) or Authorization for Payment of Foreign Currency (“ALD”), issued by the Foreign Currency Administration Commission (Comisión de Administración de Divisas - “CADIVI”) may participate in the Auction.

 

The receipt of purchase orders began on Wednesday, June 18, at 09:00 a.m. and will end on Friday, June 20, at 03:30 p.m. On Monday, June 23, CENCOEX will inform the amount auctioned and the total amount awarded. The process will be completed on Wednesday, June 25, date on which the amounts awarded will be paid.

 

In order to access the call for Auction No. 15-2014, please click here:

http://www.cadivi.gob.ve/images/stories/pdfs/Sicad/Convocatoria/convocatoria_sicad15.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.”