Public offerings are currently regulated by the Law Regulating Securities Market, by means of the last reform effected under Law Nr.7523, mentioned above, and in those aspects of the Law Regulating Publicity on the Public Offering of Securities Nr.7091 dated February 9, 1988, which the necessary publicity for decision making and effecting investments.
Pursuant to Article 1 of this latter law, a public offering or investment publicity is considered to be that which is transmitted to the public or to determined sectors or groups by any means of publicity or diffusion, to place, acquire, negotiate, or administer securities or funds of their own or third parties, for any cause or title, or that in which services for intermediation, commission, or financial brokerage are offered.It is the duty of the National Securities Commission to authorize and oversee within the nation's territory
The public offering of securities or other similar documents issued by private entities domiciled in country or on foreign soil. To this end, this Commission has established by regulation all of the requirements that the different entities must comply with in order for the public offering of their securities of intermediation or commission services to be authorized.
This Commission is authorized to suspend or eliminate the preceding authorizations and suspend operations with securities from those entities making such offerings and by the securities market intermediaries when they are not duly authorized or the continuity of their activities might affect the interests of the investors. Whosoever makes a public offering of securities or documents similar to them, or offers intermediation services, without authorization on the part of the National Securities Commission, shall be punished with a prison sentence.
On the other hand, the Commission has the power to demand from the issuers that make public offerings of securities and from those subjects offering intermediation services on the securities market, the provision to the public and to the Commission of the financial information, operating results, in short, the relevant facts, which might affect the investors' interests, as well as any other information that the Commission may consider necessary.
Furthermore, the Commission may order the immediate suspension of the advertisement or publicity of the physical or corporate persons that present a public offering of securities or intermediation services, when these are contrary to the regulations laid down by the Commission or when it considers that it is misleading or that information is affirmed or provided that is not true, as well as applying sanctions that may go so far as canceling the authorization to operate or the unlisting of the securities issued.
Real Estate - Investment 
