Carlos Codas

Carlos is a partner at Ferrere at its Paraguay offices. He is a specialist in civil, commercial, financial, insolvency, administrative, public procurement and litigation areas. He leads judicial processes focusing on commercial and administrative litigation.

Carlos Codas earned his degree as attorney cum laude from Universidad Nacional de Asunción (Paraguay), and holds an LLM from the University of Pennsylvania (USA), a Master’s in Public Administration and Economic Law from Universidad de Salamanca (Spain), and a Business and Law Certificate from the Wharton School of the University of Pennsylvania.

After completing his LLM he did an internship at Hughes Hubbard & Reed, LLP, in Miami (USA).

His practice focuses on legal advice in the commercial, banking, securities, insurance, financial and general administrative law areas. He works on legal structuring of all types of financial products, financings, and structured, syndicated, bilateral and multilateral transactions, with first-class national and international clients.

Before joining FERRERE, Codas was Manager of the Legal Unit of the Central Bank of Paraguay (BCP). In that post he handled legal matters related to regulation and supervision of entities under BCP oversight (banks, finance entities, insurers, currency exchanges, bonded warehouses, electronic payment entities). He was also in charge of over 600 commercial and public law actions. 

Additionally, he led high-level technical teams in the drafting bills of law for amendment of the Central Bank of Paraguay’s charter, as well as the General Banking Law, both approved by the National Congress (based on the highest Basel standards). He was also part of the drafting team for the law creating the “Superintendency of Pensions” and was responsible for preparing the legal regulations for Paraguay’s Payment System, the Securities Depositary, and led the technical team that regulated mobile payment entities in Paraguay.

Codas has published the book La nueva regulación financiera en Paraguay, an important reference work on Paraguay’s current financial framework. His varied experience in the public and private sectors, in domestic and international spheres, allows him to provide comprehensive advice with high added value.



  • Instituto Paraguayo de Derecho Bancario (IPDB)
  • International Bar Association
  • Attorney, Universidad Nacional de Asunción, 2007
  • LLM, niversity of Pennsylvania, 2012
  • Master in Public Management and Economic Law, Universidad de Salamanca, 2016
  • Business and Law Certificate, Wharton School, 2012
  • University Teaching, Universidad Americana, 2010
  • Expert in Taxes and Proceedings, Instituto Superior de Formación Tributaria y Empresarial, 2011


"His ample knowledge of the banking and finance legislation in Paraguay."

Chambers Latin America / Banking & Finance / 2020

Leading Lawyer

Legal 500 / Banking & finance

Paraguay: Securities Exchange Commission approves to register the second Bond Issuance Program of the Inter-American Investment Corporation – IDB Invest

On April 3, 2020, the Paraguayan Securities Exchange Commission (Comisión Nacional de Valores) issued the registration certificate No. 25_03042020, approving the submission of the second Bond Issuance Program (Programa de Emision Global or “PEG”) of the Inter-American Investment Corporation (“IDB Invest”).


Securities Exchange Commission approves an extraordinary regime for the issuance of short-term notes to tackle the consequences of COVID-19

The Paraguayan Securities Exchange Commission (Comisión Nacional de Valores) issued Resolution approving a temporary and extraordinary regime for issuing companies (SAE or SAECA) to issue short-term notes to meet their working capital needs and to restructure debt.


Paraguay: COVID19 - Cancellation of Flights

As an attempt to mitigate the spread of COVID-19 in Paraguayan territory, the Paraguayan aviation authority (Direccion Nacional de Aeronautica Civil) banned all foreign commercial and private flights from landing in Paraguayan airports.


About contracts and pandemics: ¿can COVID-19 be a force majeure event?

A few months ago, probably no-one, as farsighted and responsible as someone can be, could have foreseen the current public health situation we are facing as a result of the COVID-19 outbreak. 


COVID-19: Restriction on circulation and new limits for land borders

With a view to effective control of health measures put in place among other preventive actions implemented due to the risk of expansion of the coronavirus or COVID-19, on Monday March 16 the President of Paraguay issued Decree No. 3456 declaring a health emergency throughout national territory. 


COVID-19: Urgent, temporary and extraordinary economic measures in Paraguay

To mitigate the economic effects that may be caused by implementation of public and private COVID-19 preventive actions, various entities, in coordination, have taken extraordinary and temporary steps to aid the economy, credit and, in general, consumer spending. The most noteworthy are as follows.


Coronavirus: temporary border lockdown

As an attempt to mitigate the spread of COVID-19 in Paraguayan territory, the Paraguayan immigration authority (Direccion General de Migraciones) ordered a temporary border lockdown for fifteen days starting on March 16th. 


Chambers Global once again recognizes FERRERE

Chambers Global, the Chambers & Partners guide that brings together information on the international law market, once again recognized FERRERE in the four jurisdictions in which it has a presence.


Paraguay: Modifications to credit and debit card regulations

The Paraguayan Central Bank (the "BCP"), by its Resolution No. 10, Act No. 49 of July 12, 2019, amended and broadened the rules regarding the fees and charges for administration and operation of credit and debit cards.

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