[1] The winner received US$200,000 making it one of the richest literary prizes in the world.
It was given annually, generally in March, in a Latin American capital that was designated each year.
[1] The Prize was for an unpublished text written in Spanish, and had an endowment of $200,000 for the winner and $50,000 for the runner-up.
[1] The goal of the award was to promote Spanish-language fiction in all Latin American countries.
[1] The jury was composed of five members: one representative of each of the two convening entities (Editorial Planeta and Casa de América) and three personalities in the world of Latin American literature.