As explained by General Resolution 995/2024, the minimum portfolio holding of one business day will be eliminated to proceed with the sale of negotiable securities in foreign currency, in any jurisdiction and regardless of the law of issuance thereof.
The National Securities Commission (CNV) readjusted the requirements regarding operations of negotiable securities with settlement in foreign currency, complementary to the BOPREAL issued by the Central Bank for the payment of foreign suppliers, according to the official statement. Now, through the Official Gazette, new changes were made to the operation.
As explained by the General Resolution 995/2024the minimum portfolio holding of one business day will be eliminated to proceed with the sale of negotiable securities in foreign currency, in any jurisdiction and regardless of the law of issuance thereof.
On the other hand, it is added that Settlement and Clearing Agents and Negotiation Agents may not “carry out or settle sales operations of Negotiable Securities with settlement in foreign currencyboth in local jurisdiction and foreign jurisdiction, corresponding to customers ordering parties, while the latter maintain taking positions in bonds and/or passes, whatever the settlement currency.”
The alycs will not be able to:
- Grant financing to obtain those Negotiable Securities that will be the subject of the aforementioned sales operations.
- They must demand from each of the ordering clients, a statement in characterand sworn statement from which it arises expressly that the same they do not maintain taking positions in any of the term transactions detailed in the previous paragraph, as owners and/or joint owners, and in any registered Agent, nor have they obtained any type of financing through operations in the field of capital markets, either of funds and/or Negotiable Securities, with the exception of debt issues with public offering authorization granted by this Commission, such sworn statements must be kept in the respective files.
The change established by the CNV:
- The limitation on taking positions in guarantees and/or repo and/or any type of financing through operations in the field of the capital market provided abovewill not apply for those who subscribe to the BOPREALES previously acquired in a placement or primary bidding process, up to the total nominal value thus subscribed of said species, and the Agents must verify the aforementioned limit prior to carrying out the aforementioned sales operations; and/or (ii) in the terms of the provisions of points 4.3.3.3. ii) b) and 4.7.3.2. of the Ordered Text of the Regulations on “Exterior and Exchanges” of the BCRA, and the Agents must also verify andl compliance with the conditions provided therein prior to carrying out any of the aforementioned sales operationspreserving the supporting documentation in the respective files.
- To give course to transfers to foreign depository entities of Negotiable Securities acquired with settlement in national currency, regardless of the law of issuance thereof, A minimum portfolio holding period of ONE (1) business day must be observed.counted from its accreditation in the Central Depository Agent of Negotiable Securities (ADCVN), except in those cases in which the accreditation in said Agent: (Yo) is the product of the primary placement of negotiable securities issued by the National Treasury or by the Central Bank of the Argentine Republic, within the framework of Communication “A” 7918, its amendments and/or concordances; (ii) is carried out in the terms of the provisions of points 3.16.3.6.v) and 4.7.2.2. of the Ordered Text of the Regulations on “Foreign and Exchange” of the BCRA, and the Agents must verify compliance with the conditions provided therein prior to carrying out any of the aforementioned transfers, keeping the supporting documentation in the respective files; or (iii) These are shares and/or ARGENTINE DEPOSIT CERTIFICATES (CEDEAR) traded in markets regulated by this Commission.
Source: Ambito
