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: 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.


Paraguay: New regulation for capital markets

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.

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