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Securitization in the Dominican Republic

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

Assets that produce measurable cash flows can be moved to a separate estate run by a licensed securitizer or public offering trustee, each needing RD$30 million of capital, indexed. Transfer is full and effective against third parties, the estate is not taxed on income, and securities are repaid only from the asset flows.

USD figures use the Banco Central de la República Dominicana reference selling rate of RD$60.9007 per US dollar for 29 October 2026, rounded to the cent.

Key facts

Securitizer or trustee minimum capital, base	30000000 DOPLey 249-17 art. 148, as of 2026-10-30 · in force
Reference selling rate used for USD conversions	60.9007 DOP per USDBanco Central reference rate, as of 2026-10-29 · in force

The rule

1. Securitization can use present or future assets, payment flows or rights over them that generate cash flow, which is the sole payment source.Ley 249-17 del Mercado de Valores, art. 134, 2017-12-19 official text · verified 2026-10-30

2. The cash flow must be mathematically determinable and statistically measurable, on documented history or projections.Ley 249-17 del Mercado de Valores, art. 134 paragraph I, 2017-12-19 official text · verified 2026-10-30

3. Assets may carry charges only if the process provides for their cancellation.Ley 249-17 del Mercado de Valores, art. 134 paragraph II, 2017-12-19 official text · verified 2026-10-30

4. Only securitizers and trustees authorized for public offering trusts may run these processes. A securitizer can never be the originator, and a trustee can never be the settlor.Ley 249-17 del Mercado de Valores, art. 146, 2017-12-19 official text · verified 2026-10-30

5. Securitizers and public offering trustees need capital of at least RD$30,000,000 in cash, indexed annually.
Example: RD$30,000,000 before indexation / US$492,605.18Ley 249-17 del Mercado de Valores, art. 148, 2017-12-19 official text · verified 2026-10-30

6. The transfer is a full transfer of ownership with all benefits and risks, including guarantees, and is legally and accountingly effective against third parties.Ley 249-17 del Mercado de Valores, art. 138, 2017-12-19 official text · verified 2026-10-30

7. The separate estate arises on issue of the issuance rules, or on the trust deed for a public offering trust.Ley 249-17 del Mercado de Valores, art. 137, 2017-12-19 official text · verified 2026-10-30

8. Transfers of credits and their guarantees in a securitization need neither the consent of nor notice to the debtors.Ley 249-17 del Mercado de Valores, art. 135, 2017-12-19 official text · verified 2026-10-30

9. Banks need prior authorization to take part as originator, securitizer or manager, or to buy securities from securitized bank assets.Ley 183-02 Monetaria y Financiera, art. 44 literal b, 2002-11-21 official text · verified 2026-10-30

10. A representative of the mass of holders is mandatory.Ley 249-17 del Mercado de Valores, art. 231 numeral 2, 2017-12-19 official text · verified 2026-10-30

11. Transfers into an autonomous estate are not subject to VAT or real estate transfer tax, and estate income is not subject to income tax.Ley 249-17 del Mercado de Valores, art. 330, 2017-12-19 official text · verified 2026-10-30

12. Mortgage loans of a financial entity backing authorized securities, and their flows, cannot be attached by the originator's creditors.Ley 189-11 Mercado Hipotecario y Fideicomiso, art. 75, 2011-07-16 official text · verified 2026-10-30

Worked example

An originator moves receivables of RD$500,000,000 (US$8,210,086.26) to a separate estate. If the structure is correct, the assets leave its balance sheet, and holders look only to the flows. The cost of the licence sits with the securitizer, not the originator.

Step by step

Identify a homogeneous asset pool with documented flows.
Clear charges or build their release into the deal.
Engage a licensed securitizer or trustee and a rating agency.
File with the regulator and appoint the holders' representative.
Confirm the transfer mechanics: debtor consent and notice are not needed under art. 135.

Common traps

The law does not reach assets without measurable flows.
Recourse features can undermine the separation; have them reviewed.
Regulation R-CNMV-2025-01-MV for trustees and securitizers was not retrievable for this page.

Sources

← Securities brokers, advisers and market infrastructure in the Dominican RepublicTrusts (fideicomiso) and guarantee trusts in the Dominican Republic →

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