Canada    FinTech Guide    Chapter 3    Dominican Republic

3. Consulting and Broking Services / Robo-Advisory / Auto-Trading
Dominican Republic  Dominican Republic

There are no reservations towards these services. The climate is indifferent.

Legal Affairs

There are no specific regulations on the provision of these services.

In the current state of the legislation, there are no particular regulations to these services, however pursuant to Law 126-02 on E Commerce, Electronic Documents and Digital Signature., electronic trade of goods and services in general is valid in the Dominican Republic, subject to any special regulation that may be established for a specific sector.

Brokerage of securities services can only be provided by registered Brokerage firms, according to the provisions of Law 19-00 on Securities Market, which shall be registered and subject to supervision of the Superintendence of Securities. At the current state of the legislation, brokers may also provide consulting services which could also be interpreted as including possible Robo Advisory services.

Pursuant to the Law 249-17 on Securities Market and its Regulation, firms wishing to provide these services must organize themselves as sociedades anónimas (corporations) under Dominican law and be registered before the Superintendence of Securities. The minimum social capital required is DOP 50,000,000.00 (approx. USD 1,012,145.75), and an additional 20% legal reserve must be maintained. There is no specific fee for the license.

However, due diligence and know your client obligations established in Law 155-17 Prevention of Money Laundering and Terrorism Financing, do apply. Please note that these obligations would apply to asset and portfolio management firms whether or not they are FinTechs.

As per the consulting and Robo Advisory services, may only be provided by registered consulting entities.

Economic Conditions

Dominican authorities do not keep track of or publish such information.

Contributing Authors

Jiménez Cruz Peña

José Cruz Campillo
Santo Domingo, Dominican Republic

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018