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Vouga Abogados advised Las Ardenas S.A., part of Grupo Azeta, in the acquisition of Tigo Money, with the closing subject to regulatory approvals.

Grupo Azeta’s entry into this market will strengthen the development of the platform to meet demands for innovation and efficiency in the sector, thereby promoting financial inclusion for a large segment of the Paraguayan population.  

The Vouga Abogados team, led by partners Rodolfo G. Vouga and Manuel Acevedo, and comprising senior associate Cecilia Vera, associates Lucas Rolón, Belén Rodriguez, Camila Dutra, and other team members, was responsible for managing the legal and regulatory due diligence, drafting and negotiating the transaction documents, as well as advising on regulatory requirements before the Central Bank of Paraguay and the National Competition Commission.

At Vouga Abogados, we are proud to support strategic transactions of this magnitude, reaffirming our commitment to legal advisory in mergers and acquisitions, fintech, and financial regulation, while contributing to the development of the digital financial ecosystem in Paraguay.

Through Resolution SV. SG. No. 022/2025 dated December 11, 2025 (the "Resolution"), the Superintendency of Securities ("SIV") of the Central Bank of Paraguay approved the Regulations of the Central Securities Market and Products Information Center (“Central Information System”) and provided for the creation of a single and standardized scheme for the submission of regulatory information by supervised entities.

The Central Information System is a unique and mandatory standard for the submission of regulatory information. Its technical structure is detailed in the Annex to the Resolution and defines the formats, validations and quality rules that must be met by the reports submitted to the SIV.

The new regime is mandatory for the following: (i) brokerage firms; (ii) investment fund management companies; (iii) stock exchange; (iv) central securities depositories; and (v) other entities or market agents that the SIV determines.

Likewise, the Resolution introduces the principle of the reporting entity, prioritizing that the information is sent directly by the entity that originates the data, in accordance with its role within the securities market.

The SIV has provided for a pilot testing phase and technical validations, under the conditions and with the entities to be determined subsequently by Circular. During this period, the selected entities will be required to submit test information, report incidents, and participate in technical follow-up sessions, while, in parallel, the submission of information under the currently applicable reporting schemes will be maintained.

The obligation to submit information exclusively through the Central Information System will become effective as of the date of final production launch to be established by the SIV.

Through Circular UIF-SEPRELAD/SE No. 02/2025 dated November 14, 2025 (the "Circular"), the Secretariat for the Prevention of Money or Property Laundering ("SEPRELAD") reminds the obligated entities of the continued validity of reporting obligations and the applicable deadlines for their compliance through the Integrated Operations Reporting System ("SIRO").

The Circular does not introduce new obligations; rather, it consolidates the required reports, their respective deadlines, and the administrative procedures associated with SIRO. It is addressed to obligated entities in general and, in particular, to sectors such as: remittance companies, real estate companies, non-profit organizations (NPOs), importers and dealers of motor vehicles, dealers in jewelry and precious metals, virtual asset service providers (VASPs), pawnshops, lawyers, accountants, cash-in-transit companies, custodial services and safe-deposit box rental services, among others.

The Circular details the reports that must be submitted through the SIRO:

Obligation	Expiration
Annual Form	May 31
Objective Operations Report	Remittance companies: Monthly, from 20 to 30 Other obligated entities: Quarterly, from 11 to 20
Negative Report	Quarterly
Internal Audit Report	March 30
External Audit Report	June 30
Compliance Officer's Report	As triggered in accordance with each applicable sectoral regulation
Suspicious Transaction Report	In accordance with the applicable sectoral regulation

Likewise, the Circular recalls the administrative procedures that must be carried out before SEPRELAD through the SIRO, and that are subject to the payment of tariffs. Among them:

Procedure in SIRO environment	General
Registration of an obligated entity in the registry of non-naturally supervised obligated entities before SEPRELAD	Resolution No. 07/2018 – Collection of Fees Resolution No. 235/2020 – Extension of Resolution No. 07/2018
User of SIRO	Resolution No. 48/2025 – Annual fee for obligated entities, by the ROS_WEB application, for the fiscal year 2025
Registration in the Registry of Specialized AML/CFT/CPF Auditors	Resolution No. 29/2023 – Five minimum wages established for various activities not specified in the Republic of Paraguay

Finally, the Circular clarifies that external management or advisory services are authorized for the purpose of processing compliance with the obligations applicable to obligated entities, specifically in matters related to AML/CFT/CPF prevention and control measures. Such assistance may include the preparation and updating of prevention manuals, codes of ethics, self-assessments and risk matrices, internal and external audit reports, verification mechanisms and watchlist screening and monitoring, as well as the preparation and submission of the reports required by SEPRELAD.

Through Resolution No. 25 Minute No. 58 dated December 18, 2025, the Board of Directors of the Central Bank of Paraguay ("BCP") approved the Regulations for the Definition of Roles, Registration and Information Transparency and Information Security for Payment Service Providers ("PSPs") of the National Payment System (the "Regulation").

The Regulation defines the roles that PSPs may perform, based on the payment services they provide and the responsibilities they assume towards users, merchants, other system participants and the BCP.

The roles defined include, among others, acquirer, issuer, payment gateway, payment processor, digital wallet provider, and sub-acquirer. The Regulation expressly admits that the same PSP can perform multiple roles, clarifying that this does not exempt it from the individual compliance of the obligations associated with each function.

The Regulation establishes the mandatory registration of PSPs in a registry administered by the BCP. The General Management will will determine, through supplementary regulations, the deadlines, forms and requirements for registration, and the BCP will be empowered to request additional information to verify compliance with the associated obligations.

PSPs that maintain a direct contractual relationship with users and/or businesses must comply with the following obligations of information transparency: (i) clear and accessible publication of commissions, rates and other applicable economic conditions; (ii) prior notice of contractual modifications thirty (30) calendar days in advance; (iii) the use of contracts drafted in clear and accessible language; and, (iv) the implementation of effective, free and documented mechanisms for attention and resolution of complaints.

In addition, PSPs must make available to merchants and/or users, on an ongoing basis, detailed and exportable reports on the status of transactions, the costs applied to each transaction, net amounts credited, and settlement timeframes. 

The Regulation introduces the obligation to segregate funds for those PSPs that manage or custody funds of users or businesses, particularly issuers and sub-acquirers, by maintaining differentiated accounts that protect such funds against creditor claims. Acquirers, processors and payment networks that do not hold funds are exempt from this obligation, although they must guarantee the traceability, security and correct reconciliation of the transactions processed.

Another component of the Regulation is the establishment of minimum standards in terms of information security, based on a risk approach and proportionate to the scale and complexity of each PSP.

Among other aspects, PSPs must implement an Information Security Management System (ISMS) that includes formal security policies, access controls, data encryption, vulnerability management, business continuity plans, and incident notification procedures to the BCP. Compliance must be evidenced through external audits based on internationally recognized standards, such as ISO/IEC 27001.

Through Resolution No. 24 Act No. 57 dated December 11, 2025, the Board of Directors of the Central Bank of Paraguay ("BCP") approved the Regulation on Interoperability and Interconnection in the Credit and/or Debit Card System (the "Regulation"), establishing a mandatory regulatory framework aimed at guaranteeing non-discriminatory conditions of access, security, efficiency and competition in the card payment ecosystem.

The Regulation was issued within the framework of the powers conferred upon the BCP by Law 7503/2025 "National Payment System" and responds to the need to correct structural and contractual limitations that have hindered the development of a fully interoperable environment in the card payment market.

The Regulation is mandatory for all Payment Service Providers (PSP) that are directly or indirectly involved in the processing of credit and/or debit card transactions. This includes, but is not limited to, issuers, acquirers, subcontractors, processors, and other actors that intermediate in the processing of card payment transactions.

One of the key pillars of the Regulation is the obligation of the relevant entities to: (i) submit to the BCP, within six (6) months following the entry into force of the Regulation, the agreements and implementation plans for interoperability, and (ii) accompany said agreements and plans with a technical, operational and cybersecurity schedule that allows interoperability and interconnection to be achieved within a maximum period of thirty-six (36) months.

In the event of non-compliance, the BCP is empowered to unilaterally define the applicable technical, operational and security requirements.

Additionally, it is established that all payment terminals must allow the processing of credit and/or debit card operations of any national issuer, regardless of the initiation method used.

The Regulation introduces specific obligations in terms of transparency of promotions and benefits, interoperability of promotions, confidentiality of the commercial and strategic information of the participants. In addition, interoperability contracts may not contain clauses that are exclusionary, discriminatory or that condition access to the system.

The contracts signed between the parties must be available to the BCP and any breach thereof must be promptly reported both to the counterparty and to the Sub-General Management of Financial Operations (“SGGOF”).

The SGGOF may require reports of incidents that have occurred, detailing the affected systems or services, their impact and any other information it deems relevant.

Likewise, should the BCP identify indications of, or receive complaints regarding, conduct or practices that may constitute violations of competition law, it will forward the relevant information to the National Competition Commission (CONACOM). 

We are pleased to have advised the OPEC Fund for International Development (OPEC Fund) in the structuring and granting of a USD 45 million syndicated loan to Sudameris Bank S.A.E.C.A., aimed at strengthening financing for small and medium-sized enterprises (SMEs) in Paraguay. The loan is designed to boost key sectors of the Paraguayan economy, with a particular focus on the agricultural sector, which remains a cornerstone of the country’s economy.

This transaction highlights the OPEC Fund’s growing role as a trusted organizer and catalyst for development financing. Through its strong relationships with public and private institutions, including the commercial banks of its member countries, the OPEC Fund is creating a positive impact on emerging economies, promoting inclusive growth and job creation.

This agreement reflects the shared commitment of the parties to support entrepreneurship and foster productive investment, with an emphasis on women-led businesses and the strengthening of agricultural financing key elements for sustainable and resilient economic growth.

Congratulations to the team led by our partner Carlos Vouga, along with associates Belén Rodríguez and Yvo Salum, for their outstanding work on this transaction.

El Ministerio de Trabajo, Empleo y Seguridad Social emitió la Resolución MTESS Nº 1361/2025, mediante la cual se reglamenta el procedimiento aplicable a la suspensión de los contratos de trabajo prevista en el Código del Trabajo, dejando sin efecto la Resolución MTESS Nº 500/2020.

La norma introduce un régimen procedimental más detallado, con plazos específicos, exigencias documentales diferenciadas según la causal invocada y tramitación obligatoria a través del sistema de Registro Obrero Patronal (REOP).

La resolución entrará en vigencia a partir del 15 de enero de 2026. Las solicitudes presentadas con anterioridad a esa fecha se tramitarán conforme al régimen anterior.

1. Clasificación de las causales de suspensión

La reglamentación reorganiza y clasifica las causales de suspensión de contratos de trabajo según su origen, distinguiendo entre circunstancias que afectan al empleador, al trabajador, hechos ajenos a la voluntad de las partes, conflictos colectivos y otras circunstancias previstas en el contrato de trabajo o en el reglamento interno.

En determinados supuestos expresamente previstos por la normativa, la Autoridad Administrativa del Trabajo ha exceptuado la exigencia de justificación documental y de emisión de resolución administrativa. Sin perjuicio de ello, dichas suspensiones deben igualmente ser asentadas en las comunicaciones obligatorias del sistema REOP.

2. Comunicación y aviso al trabajador

El empleador debe comunicar la suspensión al trabajador dentro de los cinco días hábiles de haber tomado conocimiento de la causal que la motiva, o con una anticipación mínima de diez días antes del inicio de la suspensión.

El aviso puede realizarse de forma individual, por escrito o por medios electrónicos, o mediante una reunión informativa con los trabajadores, debiendo en este último caso labrarse el acta correspondiente conforme a la reglamentación.

3. Comunicación al Ministerio de Trabajo y uso del REOP

La comunicación a la Autoridad Administrativa del Trabajo debe realizarse exclusivamente a través del sistema REOP, dentro de los ocho días hábiles de conocida la causal. El trámite se gestiona de manera digital y puede atravesar instancias de verificación, requerimiento de subsanación o rechazo, conforme a los plazos previstos por la norma. La autoridad laboral cuenta con plazos definidos para la revisión y podrá requerir documentación complementaria cuando lo considere necesario.

4. Documentación exigida según la causal invocada

Para determinadas causales, especialmente aquellas de carácter económico, financiero, de imposibilidad o fuerza mayor, se exige la presentación de documentación respaldatoria específica, cuya extensión y contenido varía según el tipo de empleador y la causal alegada.

El Ministerio de Trabajo se encuentra facultado a requerir documentación adicional cuando lo considere necesario, dentro de los plazos establecidos.

5. Participación de los trabajadores en el procedimiento

Antes de dictar resolución, la Autoridad Administrativa del Trabajo debe dar participación a los trabajadores, salvo en los supuestos expresamente exceptuados por la reglamentación.

Dicha participación puede instrumentarse mediante una instancia tripartita convocada por el Ministerio de Trabajo, o a través de la constitución de funcionarios en la empresa para informar a los trabajadores y labrar el acta correspondiente.

6. Reanudación de tareas y prórrogas de la suspensión

La reanudación de las tareas debe ser comunicada a los trabajadores con una anticipación mínima de ocho días corridos. Las reanudaciones anticipadas o parciales también deben ser informadas al Ministerio de Trabajo a través del sistema REOP.

La normativa admite la solicitud de una única prórroga de la suspensión por hasta sesenta días, debidamente fundamentada. En situaciones excepcionales, el Ministerio de Trabajo podrá autorizar plazos mayores.

7. Reserva del puesto y antigüedad

Durante la suspensión, el trabajador conserva el derecho a la reserva de su puesto y debe presentarse dentro de los diez días posteriores al término de la suspensión para reincorporarse. Los contratos de reemplazo deben ser expresamente temporales y finalizan automáticamente con el retorno del trabajador titular.

Asimismo, durante este período continúa el cómputo de la antigüedad y de los derechos vinculados a las vacaciones, conforme a la normativa vigente.

8. Estados en el sistema REOP

Durante la suspensión, el empleador figurará en el sistema REOP con estado de suspensión laboral, y los trabajadores afectados aparecerán registrados con estado de suspendidos.

9. Suspensiones prolongadas

Cuando la suspensión se extienda por más de noventa días en los supuestos legalmente previstos, el trabajador podrá optar por la terminación del contrato sin necesidad de preaviso, con derecho a la indemnización que corresponda conforme a la normativa laboral aplicable.

10. Conclusión

La Resolución MTESS Nº 1361/2025 establece un nuevo marco procedimental para la suspensión de contratos de trabajo, con mayores exigencias formales, mayor carga documental y un control administrativo más estructurado. De cara a su entrada en vigencia el 15 de enero de 2026, se recomienda a las empresas revisar sus procesos internos, capacitar a sus equipos de recursos humanos y preparar con antelación la documentación necesaria para una correcta aplicación del régimen.

Este contenido tiene únicamente fines informativos generales y no debe ser considerado como asesoría legal puntual. Si precisa asesoramiento específico no dude en contactarnos.

El Ministerio de Trabajo, Empleo y Seguridad Social emitió la Resolución MTESS Nº 1470/2025, mediante la cual se modifica el artículo 4 de la Resolución MTESS Nº 324/2025, vinculada a la implementación de la generación electrónica de recibos de liquidación de salarios, vacaciones y aguinaldo a través del sistema de Registro Obrero Patronal (REOP).

La normativa dispone la postergación de la entrada en vigencia de los aranceles correspondientes a los servicios digitales vinculados a la generación de dichos recibos, otorgando a los empleadores un plazo adicional para la adaptación e implementación del sistema.

En concreto, se establece que los aranceles por la generación electrónica de recibos de salarios, vacaciones y aguinaldo entrarán en vigencia a partir del 1 de julio de 2026, dejando sin efecto la fecha anteriormente prevista de diciembre de 2025.

Durante este período, el uso de la herramienta de generación electrónica de recibos a través del REOP se mantiene como opcional y gratuito, permitiendo a las empresas revisar sus procesos internos, capacitar a sus equipos administrativos y avanzar progresivamente en la digitalización de la documentación laboral.

Conclusión

La resolución otorga un margen temporal adicional para la adecuación al sistema de recibos electrónicos en el REOP, retrasando la aplicación de aranceles hasta el 1 de julio de 2026. Se recomienda aprovechar este plazo para planificar la implementación del sistema y evitar contingencias operativas una vez que los aranceles entren en vigencia.

Este contenido tiene únicamente fines informativos generales y no debe ser considerado como asesoría legal puntual. Si precisa asesoramiento específico no dude en contactarnos.

La Ley Nro. 7.593 de Protección de Datos Personales (la “Ley”) representa un avance significativo en el marco regulatorio paraguayo, estableciendo reglas claras para el tratamiento de datos por parte del sector público y privado. Su finalidad es asegurar el respeto a los derechos fundamentales en un contexto de creciente digitalización.

La norma exige que el tratamiento de datos se base en consentimiento previo, libre e informado, salvo cuando exista otra base legal válida. Reconoce derechos esenciales para los titulares, como acceso, rectificación, supresión y oposición, fortaleciendo así su posición frente a organizaciones y autoridades.

Las entidades que manejan datos deben adoptar medidas técnicas y organizativas que garanticen seguridad, confidencialidad, minimización de datos y limitación de la finalidad. Asimismo, la Ley establece una protección reforzada para los datos sensibles, cuyo tratamiento queda sujeto a requisitos más estrictos para prevenir abusos o discriminación.

La normativa también exige transparencia, obligando a informar claramente la identidad del responsable, las finalidades del tratamiento, los plazos de conservación y los derechos del titular. Regula además las transferencias internacionales, permitiéndolas únicamente cuando existan garantías adecuadas de protección.

Para asegurar el cumplimiento efectivo, la Ley implementa un régimen sancionatorio que incentiva la adopción de buenas prácticas en el manejo de información personal. La Ley entrará en vigencia en un plazo de 24 meses, período durante el cual el Poder Ejecutivo desarrollará la reglamentación correspondiente que precisará los mecanismos de implementación.

Esta transición hacia un marco normativo robusto obliga a empresas e instituciones a revisar sus prácticas internas, evaluar riesgos y adoptar medidas de cumplimiento que garanticen la protección efectiva de los datos personales bajo su responsabilidad.

Texto completo de la ley promulgada  .

On 18 November 2025, the Chamber of Deputies approved the Senate’s version of the bill titled “Law for the Modernization of the Regime that Regulates and Promotes Electricity Generation from Non-Conventional Renewable Energy Sources” (“Bill”).

With this approval, the Bill is now fully passed and moves to the Executive Branch for promulgation.

Once promulgated, the Bill will repeal Law 6977/2023, currently in force, introducing significant changes to the existing legal framework. Among the most relevant modifications, we highlight:

• New ERNC methodology: the ERNC Reference Tariff will be calculated by ANDE based on background information, relevant data and available information, replacing the current average generation cost criterion.
• Large consumer: this category is introduced (demand ≥ 30 MW), enabling for the first time direct energy sales between private parties.
• Removal of distinctions: the differentiation between interruptible and non-interruptible generation sources is eliminated.
• Longer terms: licenses and contracts will extend from 15 to 30 years, improving predictability and bankability.
• New trust fund: an administration and payment trust will be created to manage the resources allocated to Generators.
• Tax benefits: licensees will be able to access the incentives under Law 523/1995 on Free Trade Zones, a benefit not available under Law 6977.

For a broader analysis of Paraguay’s energy regulatory framework, you may consult our specialized article.