Venezuela – Foreign Exchange

Venezuela recently relaxed some of its foreign exchange control restrictions. In the past, due to currency exchange control restrictions, the offer of employee stock purchase plans by foreign companies to employees of their Venezuelan subsidiary was not possible.  We understand that there are currently three different official exchange rates available in Venezuela, and that the issuer company would need to select one.  We also understand that the foreign exchange rules/system is continuing to evolve on a daily basis. Nonetheless, we understand that it is feasible for companies now to offer employee stock purchase plans to employees of their Venezuelan subsidiaries.

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