The measure was arranged through General Resolution 930/2022 published this Friday in the Official Gazette, in which the Board of Directors enabled the Special Regime for Double Listing of Foreign Companies.
In this way, it opens the Argentine capital market to foreign issuers that are authorized to make a public offer of their shares with listing and/or trading of these securities in authorized markets abroad.
“It seemed to us that a regime that contains and encompasses a diversity of situations and morphological characteristics of actors who have made the exercise of the public offer in other latitudes and are interested in replicating it in the domestic market, must have a custom mechanism”, said the president of the CNV, Adrián Cosentino.
In a statement, the CNV explained that the measure is part of the actions that it has been developing together with public authorities and private actors from various strategic sectors, to “promote quality foreign direct investment in the country, boost the export engine and strengthen the competitiveness of the local capital market.”
It also advances in consolidating initiatives that allow the deployment, promotion and dissemination of financing instruments and vehicles for the development-enhancing capital market, as well as concretizing competitive projects at the regional level and that increase the value chain of industry suppliers.
According to the agency, “The new regime simplifies the regulatory requirements to obtain authorization, as well as the informative requirements that issuers must comply with before the CNV and the local markets.”
In that regime, he added, “The information disclosed in the foreign markets where they are listed is taken into account”plus “Clear guidelines are established in the regulations for the assumption of withdrawal or cancellation of the authorization both in the foreign market and in the local market.”
Likewise, it is accepted that the financial statements be presented in the original language and their translation is only required if they are written in a language other than Spanish or English.
The reform provides for the intervention of the markets authorized by the CNV in the prequalification of the requests that are submitted, considering their specialization, as well as permanent monitoring regarding compliance with the information requirements.
That way, “will result in a simplification of the public offering authorization process and, consequently, in a reduction of the terms to resolve said requests”, maintained the CNV.
Source: Ambito
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