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Report: Uruguayan central bank to strengthen supervision of financial sector

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Report: Uruguayan central bank to strengthen supervision of financial sector

plansto strengthen its supervision of the financial sector through 2018 in line withinternational standards, partly by increasing scrutiny of private debtofferings, El Pais reported April 13.

Thecentral bank aims to create new norms governing debt offerings to avoidregulatory problems, the report said. In particular, the bank will define aprivate issuance in terms of the number of investors, with 20 people being the newlimit starting in the second quarter of 2016.

As aresult of the measure, most new issuances will be classified as publicofferings, Javier Domínguez, the head of the banking and finance department atlaw firm Ferrere, was quoted as saying.

Thenew norms will also simplify public debt issuances to facilitate access tocapital markets for firms seeking financing, the publication reported.

Inaddition, the central bank will evaluate whether currently unregulatedparticipants in the securities market should be regulated, and will makechanges in information systems to achieve greater transparency, according tothe report.