Law No. 10,973, published in September 2026, introduces a new framework to facilitate the trading of foreign securities in Costa Rica and allow foreign securities intermediaries to participate directly through the remote operator framework.
The reform amends the Securities Market Regulatory Law and establishes mechanisms for recognizing certain foreign jurisdictions, as well as the securities and intermediaries authorized in those jurisdictions.
What changes?
The new legislation allows foreign securities intermediaries authorized in a recognized jurisdiction to be admitted by Costa Rican stock exchanges to operate directly and remotely through their trading systems.
Remote operators may place buy and sell orders for securities and financial instruments on their own behalf or on behalf of third parties, exclusively at the request of investors from their country of origin. Transactions must be settled through local custodians and settlement agents.
This framework may facilitate access to the Costa Rican market without requiring intermediaries to operate exclusively through a local brokerage firm, subject to compliance with the applicable requirements.
What is a recognized jurisdiction?
The National Council for the Supervision of the Financial System (CONASSIF), following an opinion from the General Superintendency of Securities (SUGEVAL), may recognize jurisdictions with regulatory and supervisory frameworks equivalent to those of Costa Rica, adequate investor protection standards, and mechanisms for cooperation and information exchange between authorities.
Recognition may cover an entire jurisdiction or be limited to specific market segments or products.
What should foreign intermediaries consider?
The ability to operate remotely is not automatic. Among other requirements, they must:
- Be authorized as securities intermediaries in a recognized jurisdiction.
- Obtain the relevant admission from the stock exchange.
- Operate only with securities and instruments registered with the National Registry of Securities and Intermediaries.
- Provide stock exchanges with the required information regarding their transactions.
- Appoint a legal representative in Costa Rica with sufficient authority to act on their behalf.
- Comply with the rules applicable to their transactions and the restrictions on the public offering of securities intermediation services in Costa Rica.
Implementation of the new framework will depend on additional regulations. CONASSIF must issue the relevant regulations within a maximum period of six months from the law’s entry into force, after which the stock exchanges will have up to an additional six months to issue their own regulations.
Interested foreign intermediaries should assess their organizational structure, home jurisdiction, admission requirements, and local representation needs.
