With almost a decade in the role of legal representative of holders of bonds, commercial paper, and other titles of debt (that companies have issued on the public and private market) and which the stock market law of the Dominican Republic currently refers to in general under the name of representative of debt holders, we can state that the primary function has been to watch out for the interests of investors, so that they not be adversely affected during the term of the titles issued, providing them with the best protection possible.
Specifically, we can state that this function has made it possible to perform all the acts of administration and preservation that have been necessary to exercise the rights and defense of the common interests of investors.
In addition to the role of representing the holders in everything regarding their common or collective interest, is the important role of informing them as well as the Superintendency of Securities as quickly as possible and through the proper channels of any noncompliance with obligations deriving from the issue by the issuing entity, and that of acting in the name of the debt holders in judicial and bankruptcy proceedings, and even in processes of obligatory administrative liquidation.
It´s worth noting that the representation must be exercised by the legal representative of the debt holders, from the date of the authorization by the Superintendency of Securities of the public offering of the respective debt instruments, until their redemption, unless the general assembly of debt holders removes the representative or the latter resigns, either due to serious cause, which case will be analyzed by the Superintendency of Securities, or due to just cause foreseen in the contract of the respective issue.
José Salas / Managing Partner Salas, Piantini & Asociados