Chile
Consultation on certain aspects of Fintech Law
The scope of the new Fintech Law in Chile continues to be shaped. Following concerns raised by industry and market participants over the information requested for registration/authorisation in the registry of financial service providers, the CMF launched a consultation on proposed amendments to the Fintech Law. It is expected that the CMF will amend the law following the consultation process. Watch this space!
Argentina
New private offering safe harbour now available
Safe harbours are now available in Argentina in relation to:
- private offering
- offering addressed to employees/other officers
- offering without sufficient contact to Argentina
Effectively no public offer in Argentina will be triggered where the offer is restricted to certain types and/or number of investors in Argentina provided some other conditions are complied with.
United States
CFTC approves final rule amending CFTC Reg 4.7
Reg 4.7 provides exemptions from certain compliance requirements for CPOs regarding offerings to qualified eligible persons (QEPs) and for CTAs regarding trading programs advising QEPs.
The Final Rule:
- updates QEP portfolio requirements
- allows CPOs of funds operated under Reg 4.7 to choose to distribute monthly account statements within 45 days of month-end
- includes technical amendments designed to improve its efficiency and usefulness for intermediaries and their prospective and actual QEP pool participants and advisory clients, as well as the general public
Note that it does not impose minimum disclosure requirements as previously proposed.
Bahamas
New Securities Industry Act now in effect
Key changes in the SIA 2024 include:
- Derivatives - establishment of a modern regulatory framework for derivatives. However, elements of the derivatives framework have been deferred until further rules are developed
- Digital Assets - allows the SCB to declare a digital asset or class of digital asset as a security, bringing the tokenization of securities under the SIA 2024
- Powers of SCB - various changes to clarify and enhance the SCB’s enforcement and supervisory authority. These includes the power to impose sanctions in the case of statutory breaches without a prior hearing, issue directives, access records, require information and express authority to file a criminal complaint
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