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In brief

The Office of the National Superintendent of Securities (SUNAVAL) has authorized the Decentralized Stock Exchange of Venezuela, S.A. (BDVE) to act as a decentralized stock exchange as of 19 January 2021 (“Guidelines“),1 after the trial period of 90 days under Guidelines No. 146.

The Guidelines approved: (i) BDVE’s Regulations and Operations Manual;2 and (ii) authorized and instructed BDVE to publish the following through its website, mobile applications and social media:

  1. information regarding operations and online transactions efficiently and in real time
  2. its manuals, internal rules, regulations, operations manuals, process documents and digital prototypes of examples of operations

For more information regarding BDVE, please consult Baker McKenzie, “Venezuela: The Securities Authority authorized the operation of a decentralized electronic stock exchange for 90 days” on

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1 Guidelines No. 306 of 30 December 2020 (Official Gazette No. 42,050 of January 19, 2021).

2 V.


José P. Barnola Jr. joined Baker McKenzie in 1996 and became partner in 2003. He is a senior member of the Venezuela tax practice group and counsel of the tax practice group in Mexico, and has extensive experience in tax advice, transactional tax and tax litigation. José has authored over 30 legal articles on several legal and tax issues published in Venezuela, United States, Canada and México (see list in and has over 18 years' experience as tax law professor. He has written and spoken on investment protection and tax planning, cross-border distribution activities, corporate reorganizations, VAT, tax litigation, employee taxation and other hot topics of the Venezuelan tax system. Since 2018, José has been based in Baker McKenzie's office in Mexico City on a special temporary assignment, where he provides complex planning and transactional investment protection and tax advice, especially for the oil and gas industry, as well as tax litigation. José is the Latin America representative in Baker McKenzie's Tax Dispute Resolution Global Steering Committee, in charge of designing and implementing the global, regional and local strategic plans of the Firm.


Jesús Dávila joined Baker McKenzie in 2002 and became partner in 2009. He is recognized as a leading lawyer in Venezuela by Chambers Latin America and IFLR1000. Jesus advises domestic and multinational companies on the full scope of corporate transactions, including mergers, acquisitions, takeovers, joint ventures and a variety of other corporate work. He has a strong track record providing insightful advice to companies on matters of antitrust, foreign investment and technology transfer, IT/Communications, and trade and commerce. Jesus has been a professor in various renowned universities in Venezuela.


Maria Celis joined the Firm in 1997 and became partner in 2008. She has 20 years of experience working in corporate, mergers and acquisitions, joint ventures, telecommunication, real estate and anti-trust matters, and works with important national and international companies on corporate reorganization and M&A matters. She heads the Venezuela office Diversity & Inclusion committee and she was awarded as a highly commended lawyer in the category “Gender Diversity Lawyer of the Year Venezuela” by Chambers and Partners in the Latin America Awards 2019. In addition, she is member of the Sustainability committee of the Venezuela office and represents Venezuela in the Real Estate and M&A Latin America Steering Committees.


Marie Roschelle Quintero is a Mid-Level Associate in Baker McKenzie's Caracas office.


Douvelin J. Serra-Gonzalez joined the Firm in 1996 and became a local partner in 2006. She is a recognized leading lawyer in the Central Region of Venezuela advising on corporate matters including exchange controls, mergers and acquisitions, corporate general tax and corporate reorganizations. Douvelin also advises on science and technology, and intellectual property matters.