The Central Bank of Paraguay published remarks by its securities superintendent, Rodrigo Ruiz Morel, at the Annual Convention of the Ibero-American Federation of Investment Funds in Buenos Aires, where he reviewed the country’s recent securities market reforms and the features being presented to regional fund industry participants. The presentation centered on Law 7572/2025, approved on Nov. 7, which overhauls Paraguay’s securities market framework, including for investment funds. The law introduces differentiated classes of fund units, removes the mandatory registration requirement for private funds and allows greater structural flexibility. It also opens the market to foreign issuers, recognizes digital securities and establishes a framework for crowdfunding. Alongside the legal changes, Ruiz highlighted three competitive features of Paraguay’s market: risk-based supervision, new market infrastructure supporting trading, custody and settlement, and further digitalization through the Digital Deposit Certificate, or CDAd, which is widely used in the over-the-counter market. He also referred to the secondary regulation now under public consultation and invited regional market participants to contribute experience and best practices to its final design.
Central Bank of Paraguay2025-11-28
Central Bank of Paraguay outlines securities market overhaul and public consultation on secondary rules at FIAFIN convention
The Central Bank of Paraguay used a regional fund industry convention to outline the securities market reforms introduced by Law 7572/2025 and the market’s operational developments. The reforms include new flexibilities for investment funds, access for foreign issuers, recognition of digital securities and crowdfunding rules. Secondary regulation is now under public consultation.