3. What types of activities require a license in your jurisdiction?
What types of activities require a license in your jurisdiction?

Under Venezuelan law, licensing requirements apply to the following activities when conducted by foreign entities and at least partially within Venezuela, regardless of whether foreign entities conduct such activities on a habitual basis: (a) securities brokerage, (b) banking activities, (c) raising funds from the public to be deposited or placed with institutions that are not licensed in Venezuela; and (d) advertising and publicity directly or indirectly related to the activities described above. In addition, licensing requirements also apply when conducting the following activities on a habitual basis in Venezuela: (e) providing investment advisory services and (f) acting in direct or indirect contact with financial intermediaries or securities brokers operating abroad (jointly, "Restricted Activities").1

In terms of securities, the activities and/or persons that require authorization are the following: (a) legal entities whose securities are subject to public offering; (b) collective investment entities, their management companies and persons who intervene directly or indirectly in the offering of securities issued by these entities; (c) public securities brokers, securities brokerage firms and brokerage houses; (d) investment advisors; (e) stock exchanges; (f) agricultural commodity brokers and agricultural commodity brokerage houses; (g) exchanges of agricultural products and inputs; (h) securities depositories; (i) transfer agents; (j) securitization companies; (k) clearing houses for options, futures and other derivative products; and (l) risk rating companies.2


1 Article 7, Decree with Rank, Value and Force of Law of the Financial Institutions of the Banking Sector, Official Gazette No. 6,154 Ext, published on 19 November 2014, reprinted in Official Gazette No. 40,557 of 8 December 2014.

2 Article 3, Securities Market Law, Official Gazette No. 6,211 Ext. of 30 December 2015, reprinted in Official Gazette No. 6,220 of 15 March 2016.