The law to regulate Public Trusts guarantees that they will be the most regulated investment vehicle.
The Government detailed the arguments that justify the approval of the bill that seeks to establish rules to regulate Public Trusts in the country.
In a press release issued by the President’s Press Office, it is stated that this Government, like no other, wants to set limits, “because we are not going to take advantage of the existing legal vacuum. Therefore, we proposed a rule to regulate the organization, structure and operation of Public Trusts”.
He also specifies that 12 trusts currently operate without any regulation and adds that now everything is allowed, because nothing is forbidden.
He also specifies that this is why a rule was proposed to regulate the organization, structure and operation of Public Trusts.
He stated that in view of the unfounded criticisms that have been launched against the initiative, it was appropriate to clarify that “Public Trusts are not a private company”.
In this sense, they state that the public assets that are transferred always retain their nature of state property, property of all Dominicans and, in the case of any sale operation, it would necessarily have to be approved by the National Congress, as required by the Constitution.
The authorities also maintain that the Public Trusts will become, by virtue of this law, the most transparent and supervised investment vehicle; because, in addition to complying with the law of purchases and contracts, they will be supervised by the Comptroller General’s Office, the Chamber of Accounts, the Superintendence of Banks, the Superintendence of Securities, the National Congress and all citizens through the Law of Free Access to Public Information.
Source: Presidencia.gob.do
