In Costa Rica’s stock market there are both paper stock securities, and securities registered in electronic book entry systems. LevelsThe Stock Exchange Regulatory Law (Ley Reguladora del Mercado de Valores, No. 7732) provides in Art. 117 that electronic book entry systems where securities are registered be kept on two levels: Level one: Those entities that have joined the National Book Entry System, namely: • BCCR, as the body responsible for managing the issuance record of the Government and public institutions. This role may be delegated in whole or in part in another member entity. • The ‘Centrales de Valores’ authorized by the General Superintendent of Securities (SUGEVAL), which are entrusted with administrating the record of private issuances. Level two: Those entities that have joined the National Book Entry System. These entities may provide custody services, as well as liquidator members of the National System of Securities Liquidation of Securities, provided they meet the special requirements defined by SUGEVAL for them to join the System. Issues of Securities registered in the electronic book entry system must be registered with the National Registry of Securities and Intermediaries ( Registro Nacional de Valores e Intermediarios, RNVI), administered by SUGEVAL. In accordance with Art. 3 of Law 7732, except for investors, all individuals/juridical persons directly or indirectly participating in stock markets should be recorded in this Registry, as well as those acts and agreements resulting from these markets, and the stock issues subject to public bids. The ACV (Administración Cuentas de Valores in spanish) service was developed to keep a record public debt recorded in book entry systems. Those entities in the first level of the National Account Entry System. Public debt issuers may also take part in this service, although only to inquire about information added on their circulating debt. AccountsTwo types of accounts are administered by the ACV service: • Financial entities’ accounts: Those accounts kept by member entities to record their own securities. • Third party accounts: Those accounts administered by member entities to record their clients’ securities. Each entity may have an indefinite number of accounts to their avail. Accounts should be fully identified with the investor’s name and identification number. ActionsThe following actions may be carried out by ACV participants:
• Administration of stock accounts - Including, editing, and closing third-party stock accounts. • Account statements- Viewing the movements of your own account, or those of third-party accounts you may administrate. • Mortgaging stock or other securities - Securities deposited in third-party accounts may be mortgaged, whether because they have been levied, or because they may have been given as collateral by their holder. | 
