The National Securities Commission (CNV) advances in regulation so that state companies can put their shares up for sale in the capital market. This measure includes companies subject to privatization such as “Nucleoeléctrica Argentina”, “Yacimientos Carbonificadoras de Río Turbio”, “Enarsa”, “Intercargo”, “Aysa”, among others.
In line with Wednesday’s regulation, which clarifies the need for a special and transitional accounting regime for two years, The entry conditions that the entities must meet are added:
- The request must be signed by the legal representative of the station, whoever legally replaces him or her or an agent with sufficient power. The minutes of the meeting or similar instrument that considered and ordered entry into the public share offering regime must be included.
- The request must indicate the purpose of the order and precisely identify the regime in which they request authorization, which they will be obliged to complete throughout their stay in the public offer and acceptance of the special information regime provided for in this Section.
- Attach all the documentation detailed in this Chapter for the regime for which you are requesting entry, as well as that indicated in the following points in case you request enrollment in the special information regime provided for in this Section.
CNV: special information regime for the entry of companies subject to privatization
The companies included in this Section that request to benefit from the special information regime must submit:
Financial statements of the entity corresponding to the last THREE (3) annual financial statements or since its incorporation, if its age is less, audited and approved with the report and opinion of the external auditor and the report of the trustees, and, where applicable, the information indicated in the following point.
In the case of a company subject to privatization, which does not have the last THREE (3) annual financial statements, it will be enough for it to be accompanied – at a minimum – by the last annual financial statement duly audited and approved with the report and opinion of the external auditor and report of the trustees and the information specified in the following point.
2) When the last annual financial statements exceed FIVE (5) months since the application documentation is complete, or is included in the last paragraph of the previous article, an informative summary must be accompanied that will be signed by the legal representative, and transcribed in the book of minutes of the administrative body, and the minutes of said body in which the informative review signed by the legal representative of the company is approved, which will contain the following synthetic information:
a) Brief commentary on the company’s activities in the last quarter and in the elapsed part of the year, including references to relevant situations after the close of the period or year corresponding to the financial statements presented in point 1 of this article.
b) Comparative equity structure with the same periods of the last THREE (3) annual financial statements presented and approved. If comparative information is not available, this must be recorded.
c) Comparative structure of results with the same periods of the previous THREE (3) years. If comparative information is not available, this must be recorded.
d) Information on the company’s activity levels.
e) The following comparative indicators with previous years:
Liquidity: Current Assets / Current Liabilities.
Indebtedness: Total Liabilities / Net Equity.
Profitability: Profit for the year / Average net worth. If comparative information is not available, this must be recorded.
f) Brief comment on the outlook for the next quarter and the rest of the year, as well as the main risks that could affect the development of the issuer, its equity and financial situation.
3) A sworn statement will be made by the legal representative of the Entity, in which he or she will expressly state that there were no substantial changes in the equity and financial situation of the Entity with respect to the last accompanied annual accounting statement and the attached informative review, in your case.
4) Note signed by the legal representative of the entity stating the regularization plan to overcome the limitations for the preparation of financial statements in accordance with the regulations applicable to the regime requesting its entry, which must not exceed TWO ( 2) years from its effective authorization to enter the public offering regime by this Commission.
At the same time, it is clarified that the Issuers under this Section They must present their annual and interim financial statements.
To entities subject to privatization that apply for admission under this Section, The Standards established by this Commission will be applicable to them.according to the regime for which you have requested entry, which are required from the presentation of your application and throughout your stay within said regime.
The resolution comes into effect as of October 18, 2024.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
