The Central Bank of Paraguay published remarks by Securities Superintendent Rodrigo Ruiz on Law No. 7572/2025 on the Securities and Products Market, presenting it as a reform that modernizes and unifies the regulatory framework, strengthens investor protection and consolidates risk-based supervision. In a panel discussion on the new legal regime, Ruiz said the law is intended to replace the market’s previous fragmented rule set and give the framework a clearer policy direction. Ruiz said the law explicitly establishes three objectives for the first time: protecting investors, promoting a fair, efficient and transparent market, and reducing systemic risk. He added that the authority plans to complete a first generation of enabling regulations during 2026, then move to a second wave focused on innovation, including private funds, crowdfunding, tokenization, distributed ledger technology and foreign issuances. Supervision is also set to deepen its focus on liquidity risks and the operational resilience of market infrastructures. For innovative products, Ruiz said the key test for bringing an instrument within supervision will be whether it involves raising funds from the public, an expectation of return and information asymmetry. The next stated step is completion of the first set of implementing rules in 2026, followed by further regulatory development for innovative products and market structures.
Central Bank of Paraguay2025-11-18
Central Bank of Paraguay outlines 2026 rulemaking and risk based supervision under new securities market law
The Central Bank of Paraguay used remarks by its Securities Superintendent to position the new Securities and Products Market Law as a reform that unifies the regulatory framework, strengthens investor protection and embeds risk-based supervision. The authority expects to complete a first generation of implementing rules in 2026 and then develop a second wave covering areas such as private funds, crowdfunding, tokenization, distributed ledger technology and foreign issuances. Ruiz also said innovative products should fall under supervision when they involve public fundraising, an expected return and information asymmetry.