FX securities market
Today, the Venezuelan Central Bank (VCB) published on its web page, the Guidelines to Carry Out Operations of Purchase and Sale of Securites through the System of Transactions with Securities in Foreign Exchange - Sistema de Transacciones con Títulos en Moneda Extranjera (SITME) (the "Guidelines")

http://www.bcv.org.ve/c7/pdf/lineasitmejun10.pdf.

The most relevant aspects of the Guidelines are the following:

(i) The documents to be provided by individuals and entities domiciled in Venezuela to authorized banks for purposes of accessing the SITME are listed;

(ii) Only one authorized financial institution may be used for purposes of carrying out SITME transactions each month and the user must hold at least an account in such bank for more than 45 days;

(iii) Legal persons may acquire securities for USD 50,000 daily up to a maximum monthly effective value of USD 350,000 (not cumulative) provided that they are importers

(a) whose products are not included in Lists 1 and 2 of the Joint Resolution of the Ministries of the Popular Power for Economy and Finance, Commerce, Basic Industries and Mining, Agriculture and Land, Health, Energy and Petroleum, Science Technology and Intermediate Industries and Food (Official Gazette of April 5, 2010); or

(b) whose products are included in Lists 1 and 2 of the Joint Resolution of the Ministries of the Popular Power for Economy and Finance, Commerce, Basic Industries and Mining, Agriculture and Land, Health, Energy and Petroleum, Science Technology and Intermediate Industries and Food (Official Gazette of April 5, 2010) and that have not acquired foreign currency through CADIVI within the last 90 days; or

c) of capital goods and supplies.

(iv) individuals may acquire securities for

(a) USD 1,000 per month up to an annual effective value of USD 6,000 (not cumulative) for remittances to relatives;

(b) up to an annual effective value of USD 5,000 for costs of studies abroad, travel abroad and payment for goods for the rendering of professional services; and

(c) up to an annual effective amount of USD 10,000 for special health, education, culture and sports expenses.