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Foreign securities and remote foreign brokers in Costa Rica: the Ley 10973 recognised jurisdiction regime of 2026

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Last verified: 2026-10-30 · Status: Changing

Ley 10973, in force since 7 September 2026, lets CONASSIF declare foreign markets 'recognised jurisdictions' so that SUGEVAL can recognise securities registered there for public offer in Costa Rica, and lets the exchanges admit foreign brokers as remote operators trading on Costa Rican systems for clients from their home country. Regulations are still pending: CONASSIF has six months from entry into force and the exchanges six months after CONASSIF. Remote operators may not market their services publicly in Costa Rica.

Key facts

Foreign registered securities offered publicly in Costa Rica	Allowed via SUGEVAL recognition if the home market is a CONASSIF recognised jurisdiction (regulations pending) textLey 7732 art. 14 bis (Ley 10973), as of 2026-10-30 · in force
Foreign brokers trading remotely on Costa Rican exchanges	Allowed for home country clients once admitted by an exchange (rules pending) textLey 7732 art. 60 bis (Ley 10973), as of 2026-10-30 · in force

The rule

1. A recognised jurisdiction is one that CONASSIF, by reasoned resolution after a SUGEVAL opinion, finds to have equivalent registration and supervision, equal or better investor protection, an adequate supervisor and a signed cooperation and information sharing agreement with Costa Rica. Recognition can be total or partial (a state or province, or segments such as primary, secondary, derivatives, OTC, public or private debt) and the list can be revised.Ley 10973 adding Ley 7732 art. 14 bis, art. 11, 2026-09-02 official text · verified 2026-10-30 · changed: New in force 7 Sep 2026 (La Gaceta 168, Alcance 118).

2. The Superintendent may recognise registrations of securities made in recognised jurisdictions and allow their public offer; CONASSIF approves which markets are recognised.Ley 10973 adding Ley 7732 art. 8(s) and 171(u), art. 10 and 13, 2026-09-02 official text · verified 2026-10-30

3. Exchanges may admit remote operators: intermediaries authorised in a recognised jurisdiction that place orders directly in Costa Rican trading systems, for their own account or for clients from their home country only, settling through local custodians and clearing agents. They may offer only securities registered in the Registro Nacional de Valores e Intermediarios and may not make public offers of intermediation services in Costa Rica.Ley 10973 adding Ley 7732 art. 60 bis, art. 12, 2026-09-02 official text · verified 2026-10-30

4. Each remote operator must appoint an attorney in fact in Costa Rica with powers to represent it before SUGEVAL and the exchange and to receive administrative, arbitral and judicial notices; it is supervised as an intermediary by its home authority, while the exchange may sanction conduct on its trading systems and suspend it as a precaution.Ley 10973 (Ley 7732 art. 60 bis and 165), art. 9 and 12, 2026-09-02 official text · verified 2026-10-30

5. Remote operators may not manage, or hold capital in managers of, investment or pension funds organised under Costa Rican law.Ley 10973 (Ley 7732 art. 57), art. 4, 2026-09-02 official text · verified 2026-10-30

6. CONASSIF must issue its regulations within six months of entry into force, and the exchanges their rules within six months after the CONASSIF rules.Ley 10973, Transitorio I and II, 2026-09-02 official text · verified 2026-10-30

Worked example

A broker authorised in a market later recognised by CONASSIF wants its clients to buy Costa Rican government bonds. Once a Costa Rican exchange admits it as a remote operator, it routes orders directly into the exchange's system for those home clients, settles through a local custodian, and appoints a Costa Rican attorney in fact. It cannot advertise its services to Costa Rican residents.

Step by step

Check whether your home market is on the CONASSIF recognised jurisdiction list (none can be listed until the regulations are issued).
For an issuer: file for SUGEVAL recognition of the foreign registration instead of a full local registration.
For a broker: apply to the exchange for admission as remote operator and appoint a local attorney in fact.
Line up a local custodian and clearing participant.

Common traps

Until CONASSIF issues the regulations (deadline about 7 Mar 2027) the regime cannot be used in practice.
Remote operators serve home country clients only; soliciting Costa Rican investors remains a public offer needing SUGEVAL authorisation.
Recognition can be partial, so check the exact segment recognised.

Sources

← Public offerings, bonds and listings in Costa Rica: SUGEVAL authorisation, commercial paper and the Bolsa Nacional de ValoresTender offers, 10% holdings and insider dealing in Costa Rica's securities market →

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