Costa Rica's General Superintendency of Securities ordered Transcomer Puesto de Bolsa de Comercio S.A. to file for public offering authorisation and register its MACAB products (income, capitalizable, corporate and maturity), as well as any similar products, in the National Register of Securities and Intermediaries. The supervisor concluded the products meet the definition of a security under the Securities Market Regulatory Law because they are designed to raise funds from the public. The order is grounded in the Securities Market Regulatory Law and Sugeval regulations on public offerings and intermediation activities. An appeal filed by Transcomer was ultimately rejected unanimously and with final effect by the National Council for Supervision of the Financial System on 28 November, and a subsequent request for clarification was declared inadmissible on 20 December. Transcomer has until 24 February 2025 to comply. The release also notes that Transcomer operates on Bolsa de Comercio, S.A. (Bolcomer), which is overseen by the Central Bank of Costa Rica under the Commercial Code and Bolcomer’s operating rules, including a provision excluding instruments reserved to securities exchanges under securities market legislation.
Central Bank of Costa Rica 2025-01-13
Costa Rica's General Superintendency of Securities orders Transcomer to seek public offering authorization and register MACAB products
Costa Rica's General Superintendency of Securities has mandated Transcomer Puesto de Bolsa de Comercio S.A. to seek public offering authorization and register its MACAB products in the National Register of Securities and Intermediaries, as they qualify as securities under the Securities Market Regulatory Law. An appeal by Transcomer was rejected by the National Council for Supervision of the Financial System, and a clarification request was deemed inadmissible. Transcomer operates on Bolsa de Comercio, S.A., regulated by the Central Bank.