In March 2019, the Paraguayan National Securities Commission, or "CNV", issued Resolution No. 1/2019 the "Resolution"), contemplating key provisions relating to the offering of securities in Paraguay.

Among the most important modifications, the Resolution regulates:

1. A much broader definition and criteria to determine what is a public offering in Paraguay;
2. Private offerings and other safe harbors that may exempt local registration with the CNV; and
3. Possibility of issuing securities in book-entry form.

These provisions will substantially impact offering of securities by foreign issuers in Paraguay.

Find the full text of the Resolution (in Spanish) HERE