Isasa anticipated that the body is already designing “a private offer system that is something we are beginning to work on.” In this regard, the official pointed out that this scheme “is very important” for the development of the local capital market.
As he explained, with the new regime, the issuing companies, generally for low amounts, “will be certain of when they will have to request authorization and when not” to go to the market with some financial instrument.
“For now there is nothing more than an announcement. The Productive Financing Law authorized the CNV to create a private offering system, that is, one in which a potential issuer, under certain circumstances and taking into account the restrictions it makes on the dissemination of that financial business, can offer a business expressed in a security, without having to request authorization from the regulator”, he explained.
The entity chaired by Adrián Cosentino is analyzing the private supply systems that exist in the United States, Spain, Brazil and Chile, with the idea of putting together a local model. Before, the governing body of the capital market will call for a public consultation.
Isasa argued that the new regime can be very useful for the world of crypto securities. “These are businesses that are probably small and that can go under the radar of the regulator as long as one makes sure that in terms of size and risk management it is controlled,” explained the director of the CNV.
He added that “we hope to have it available in the course of the remainder of the year, and obviously there will surely be a public consultation instance.”
In this regard, Isasa warned that “our duty is to separate the wheat from the chaff, the things that are honest businesses that may or may not turn out well, but are built on solid foundations.”
In this sense, Elespe stated that the new system could be useful for the development of Argentine startups that managed to obtain financing for US$1,337 million last year. “There is a lot of room to finance intelligence and innovation and all these instruments can be useful as long as they have an adequate vision that gives investors confidence”, explained the CEO of FIX.
Source: Ambito
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