LAVCA represents its members and the broader investment community on regulation and tracks critical policy issues relevant to private capital in Latin America.
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Brazil’s National Monetary Council (CMN) has updated the alternatives investment regulation for pension funds. The CNM decreased pension funds’ investment limit in private capital vehicles from 20% to 15% of assets under management, and vetoed any new direct investment in real estate assets.
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On May 9, 2018, the Argentine Congress passed the Productive Financing Law. This law introduces significant reforms to Capital Markets Law No. 26,831 (“CML”) with the objective of achieving a modern financial regulatory framework that contributes to the development of the country’s economy.
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A newly-passed capital markets reform bill in Argentina will loosen restrictions on some funds investing in the country. The upgrade would open the country to a wider range of more risk-averse investment funds. The bill allows closed-end mutual funds to invest in alternative assets like real estate or farmland, while requiring them to raise funds through a public offering to boost transparency, according to Reuters.
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By Gwen McLaughlin, Director, Private Equity, Trident Trust (Cayman Islands); Nick Bullmore, Partner, Carey Olsen (Cayman Islands); Adam Bathgate, Counsel, Carey Olsen (Cayman Islands) On October 2, 2017 the Cayman…
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Mexico’s lower house of Congress has approved a bill to regulate fintech startups.. The law will provide regulatory certainty around issues such as crowdfunding, payment methods and rules surrounding cryptocurrencies…
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Mexico’s National Commission of Savings Systems for Retirement (Comisión Nacional del Sistema de Ahorro para el Retiro), CONSAR is seeking to increase Mexican pension fund’s, known as Afores, investment limits…
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The Argentina Data Protection Agency (Dirección Nacional de Protección de Datos Personales or “DNPDP”) posted online a draft bill for a new data protection act. The changes introduced by the…
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The Colombian Treasury Department has authorized a regulation that allows pension funds to allocate 10% of their portfolios to alternative assets with the aim of allowing AFPs to better match…
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According to recent adjustments to the SIEFORES policy, Mexican Afores (Administradora de Fondos para el Retiro) can now invest in foreign private equity, infrastructure, and others, via CERPIs (which need…
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The Brazilian National Monetary Council (Conselho Monetário Nacional “CMN”) has reduced restrictions regarding Brazilian pension funds investing abroad. The main changes include the reduction of the ceiling for purchasing shares of…
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Before the end of 2018, Mexican Afores (Administradora de Fondos para el Retiro) will carry out a change in their investment model, moving from investing in Mexican funds known as…
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The Carlyle Group, Oaktree Capital Management and Intermediate Capital Group (ICG) have become the first international alternative asset managers approved for investment by Chilean Las Administradoras de Fondos de Pensiones…
LAVCA welcomes comments, issues, or questions on PE/VC-related regulation. Contact policy@lavca.org with any inquires.