soon be a year of what the future will be known as the trigger for the destruction of the securities industry in Venezuela. That action has its origin in the claim that some brokerage firms conducting illegal foreign exchange transactions without intervention of securities that bear. Based on that, prosecutors raided companies, arrested 10 people and now more than fifty brokerage firms and brokerage firms disturbed or in liquidation and another to deliver their licenses to operate.
Since 2003 with the introduction of exchange rate regime, the Ministry of Finance and the Central Bank created the necessary legal platform for the pressure and demand for foreign acquisition does not fall only on Cadivi. Thus, the exchange agreement # 1 and # 4 regulated securities, allowing that could be traded in both currencies (Bs and USD). Subsequently, the Central Bank issued around eight resolutions which authorized the use of the TICC to be traded in the secondary market, both Bs and dollars and in 2007 responded positively to a query of the Banking Association in favor of the negotiability in the secondary market for TICC.
These regulations are joined against Illegal Exchange Act expressly excludes the securities transactions of the application of the penalties provided for therein. It is only after the beginning date of these cases against brokerage firms when amending the Act and eliminate the exceptions to the use of securities, but obviously the laws are not retroactive. In addition to the above, during the legal process, it was learned from an opinion rendered by your own legal adviser of the Ministry of Finance which stated the legality and lawfulness of transactions TICC the Office of Public Credit. During the hearing of the accused demonstrated the prosecution itself, unintentionally, that all the transactions in question were made with securities and were not fraudulent or simulated.
Despite this, the judge issued a decision that is likely to have serious repercussions for the industry because it believes the exchange rate of illegal transactions were made with securities denominated TICC.
This decision opens the door for other sectors of the economy are exposed. In this case, banks, traders, industrialists and, finally, the Venezuelan community (two million individuals participated in these operations) could be subject to research and detained by a judge, having operated in a market created, approved and used by the Government.
The public sector: compliance with an exchange policy promoted by the Government at any given time, can not later be prosecuted criminally for a specific official will have an aversion to the subject. That which creates is that today we have more shortages, stagnant, depleted reserves and falling investment. Furthermore, the absence of an alternative market legal and controlled, and demonized merely encourage the creation of a black market, without control, which undermines the trade and money laundering favors from corruption, terrorism and drug trafficking.
The private sector: the name is to be prevented, and that legal certainty is clearly vulnerable to study this case and this is a decision that impacts the activities of a group well above the five brokerage firms initially pursued.
Hopefully things take rationality and disposing of this trial, in favor of legal certainty and stability of our economy.
El Universal, 08/05/2011, link to the original
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