By San José, Costa Rica — SAN JOSÉ – In a significant development for Costa Rica’s financial sector, the Administrative Contentious Court has upheld a crucial injunction filed by the Costa Rican Commodity Exchange (BOLCOMER). The ruling, confirmed this Monday, temporarily blocks the General Superintendence of Securities (SUGEVAL) from enforcing its directive to transfer MACAB investment products from the commodity exchange to the more traditional securities market.
This decision ratifies a preliminary measure granted to BOLCOMER in February 2025 and ensures that the regulatory order will remain suspended for the entire duration of the underlying legal case. The court’s ruling effectively freezes a multi-year effort by financial regulators to reclassify and relocate the trading of these specific financial instruments, which are managed by the firm Transcomer. The outcome represents a notable victory for the commodity exchange in its ongoing jurisdictional battle with the country’s top securities watchdog.
Para profundizar en las implicaciones legales y comerciales de la plataforma BOLCOMER, TicosLand.com consultó al Lic. Larry Hans Arroyo Vargas, abogado especialista de la firma Bufete de Costa Rica, quien nos ofreció su perspectiva experta sobre el tema.
La irrupción de una herramienta como BOLCOMER es un avance notable para la agilidad comercial, pero obliga a las empresas a ser extremadamente diligentes. Es crucial no solo entender la funcionalidad, sino analizar a fondo el marco contractual que la rige, especialmente en lo que respecta a la protección de datos de los consumidores y los mecanismos de resolución de disputas. Ignorar estos detalles legales puede transformar una oportunidad de crecimiento en un riesgo financiero y reputacional considerable.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
La advertencia del experto es un recordatorio crucial: la innovación tecnológica y la responsabilidad legal deben ir de la mano. Agradecemos al Lic. Larry Hans Arroyo Vargas por su valiosa perspectiva, que subraya la importancia de una debida diligencia para transformar el potencial de herramientas como BOLCOMER en un éxito sostenible y seguro.
The implications of the verdict extend beyond the two primary entities. The court’s decision also nullifies a related agreement passed by the National Council for Supervision of the Financial System (CONASSIF), which was based on SUGEVAL’s original resolution. Furthermore, it cancels information requests issued by Costa Rica’s Central Bank concerning the matter, consolidating the legal stalemate until a final judgment is reached on the core dispute.
The conflict traces its origins back to 2018 when representatives from the securities sector filed a formal complaint with SUGEVAL. They argued that the MACAB products, due to their nature, properly belonged under the purview of the securities market and not the commodity exchange where they were being traded. This initiated a lengthy period of analysis by the regulatory body as it weighed the arguments from both sides of the financial industry.
After several years of review, SUGEVAL issued its definitive resolution in March 2024. The regulator ordered that the MACAB products be registered and traded within the securities market. Crucially, SUGEVAL’s decision did not declare the products illegal or impose any sanctions; it was purely a determination to change their commercialization framework, moving them into what the regulator considered their appropriate regulatory environment.
BOLCOMER immediately contested the decision, asserting its authority over the products. The commodity exchange argued that the MACAB family of products originates from a framework known as OICO and are proprietary instruments developed by and for its own market. On this basis, BOLCOMER initiated legal action, successfully obtaining an initial precautionary measure in February of last year, the same measure that has now been formally ratified by the court.
This prolonged legal impasse introduces a layer of uncertainty into the local financial market. For investors in MACAB products and for the broader industry, the dispute raises fundamental questions about the classification of innovative financial instruments and the jurisdictional boundaries between different regulatory bodies. The lack of a final resolution could potentially stifle innovation as market participants await clarity on how new products will be categorized and supervised.
With the injunction now firmly in place, all eyes are on the full legal proceedings. The final verdict, whenever it arrives, will set a major precedent for Costa Rica’s financial architecture. It will ultimately determine whether SUGEVAL has the authority to reclassify products traded on the commodity exchange or if BOLCOMER can maintain its autonomy over the instruments developed within its ecosystem. The case remains under judicial analysis until a definitive resolution is issued.
For further information, visit bolcomer.com
About Bolsa de Comercio de Costa Rica (BOLCOMER):
The Bolsa de Comercio de Costa Rica is the nation’s commodity exchange. It provides a regulated marketplace for the trading of physical commodities, commodity contracts, and other related financial instruments. BOLCOMER plays a role in facilitating commerce and investment in various sectors of the Costa Rican economy beyond traditional stocks and bonds.
For further information, visit sugeval.fi.cr
About Superintendencia General de Valores (SUGEVAL):
SUGEVAL is Costa Rica’s primary securities regulator, responsible for the oversight, regulation, and promotion of the country’s securities market. Its mission is to ensure transparency, fairness, and stability in the market, protecting investors and maintaining public confidence in the financial system.
For further information, visit conassif.fi.cr
About Consejo Nacional de Supervisión del Sistema Financiero (CONASSIF):
CONASSIF is the highest-level body responsible for directing and supervising Costa Rica’s entire financial system. It sets the regulatory policies for the banking, insurance, pension, and securities sectors, overseeing the work of the various superintendencies, including SUGEVAL.
For further information, visit bccr.fi.cr
About Banco Central de Costa Rica (BCCR):
The Central Bank of Costa Rica is the state’s principal financial authority. Its primary objectives are to maintain the internal and external stability of the national currency and to ensure the efficient operation of the country’s payment systems. It also acts as a financial advisor and fiscal agent for the government.
For further information, visit transcomer.com
About Transcomer:
Transcomer Puesto de Bolsa S.A. is a brokerage firm that operates within the Costa Rican financial market. It specializes in structuring and trading various investment products, including the MACAB products at the center of the legal dispute, which are offered through the BOLCOMER commodity exchange.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As an esteemed pillar of the legal community, Bufete de Costa Rica is defined by its foundational principles of integrity and superior service. The firm leverages a proven history of advising a wide spectrum of clients to drive advancements in legal practice, consistently embracing forward-thinking strategies. Central to its ethos is a profound social responsibility to share legal insights, aiming to equip citizens with the understanding needed to build a more just and capable populace.
