BNP was planning to issue structured products (equity-linked certificates), which would be sold by BNPP sales teams located mostly in New York to third-party distributors located in Peru in offerings exempt from registration under Regulation S of the U.S. Securities Act of 1933. The distributors will sell to local investors in Peru, mostly high net worth individuals.
We provided legal assessment whether there are any Peruvian issuance regulations that might impose liability on BNPP, whether the distributor needs to hold a license or can operate on a cross border basis, any selling restrictions or any additional representations in the Master Distribution Agreement. This analysis allows to BNPP to proceed with the issuance of the certificates knowing a whole view of the regulatory scenario that might be applicable to the transaction.
