On October 9, 2020, the Central Bank of Venezuela (“CBV”) ordered the suspension of products and services offered by universal and microfinance banks that facilitate the payment in foreign currencies for goods and services in Venezuelan (“Notice”).1  

In brief On October 9, 2020, the Central Bank of Venezuela (“CBV”) ordered the suspension of products and services offered by universal and microfinance banks that facilitate the payment in foreign currencies for goods and services in Venezuelan (“Notice”).1 In further detail 1.    Authorized banking operations. The Notice reiterated that…

On 1 September 1 2020, the National Superintendence of Cryptoassets and Related Activities (“SUNACRIP”) issued Administrative Guidelines No. 057-2020, which established the requirements and procedures for delivering and receiving cryptoassets remittances to individuals in Venezuela (“Guidelines”)1

On September 15, 2020, the Office of the Superintendent of Banking Sector Institutions (“SUDEBAN”) issued Resolution No. 041.20, which established temporary measures for evaluating credit portfolios, the creation of provisions in risk categories, the execution of guarantees and special conditions for credits granted before the entry into force of the Decree No. 4.1681 of March 23, 2020 (“Resolution”).2 The Resolution entered into force on September 15, 2020.

The Office of the National Superintendent for Securities (NSS) issued Notice No. DSNV/CJU/00520 of June 14, 2020,[1] whereby it established the guidelines to continue the activities of the securities market, under the Easing Measures for the National Quarantine Plan (7+7) and the Constitutional State of Alarm generated by the COVID-19 pandemic (“Notice”).

The Notice applies to security brokers, brokerage houses, stock exchanges and other subjects regulated by the Decree with Rank, Value and Force of Securities Market Law (“Subjects”).

The 7+7 easing timetable consists of a cycle of seven quarantine days and seven easing days, until a vaccine for COVID-19 is found. The Subjects will work and have customer service activities solely in a determined schedule within the seven easing days. The 7+7 easing timetable may be subject to change by the National Executive.

The  Autonomous Service of Registries and Notaries (“SAREN”) published on June 14, 2020 in its website’s news section and in its social media1 an announcement about the incorporation of Commercial Registries, Public Registries, Public Notaries and Principal Registries (“Registries and Notaries”) to the 7+7 easing timetable established by the National Executive.

The 7+7 easing timetable consists of seven quarantine days per seven easing days, until there is a vaccine for COVID-19. Registries and Notaries will only open in specific work hours within the seven days of the easing period.

To this date, no regulation in this respect has been published through an Official Gazette.