The measures “are designed to grant greater transparency to the capital market, strengthening infrastructures and improving control, supervision and risk management mechanisms by the CNV with a view to making the traceability and supervision of operations more efficient,” the regulatory agency said in a statement.
Specifically, General Resolution 948 took shape “after a comparative analysis of the legislation of other countries, the recommendations of multilateral organizations and the experiences gathered” and with its approval it is allowed “clarify the scope of the action in exercise of the registration granted by this bodyboth of the agents and of the markets and clearing houses”.
In this way, the Central Depositary Agent of Negotiable Securities (Adcvn) will be the only category of agent authorized to act as depositary and exercise the function of central custody of marketable securities.
For his part, the Registration and Payment Agent (ARyP) will be the only category of agent that may provide registration services for those negotiable securities recorded in an account or book-entry, of futures and options contracts, and derivative contracts in general with trading in markets authorized by the CNV, as well as having the capacity of depositor in the Adcvn.
The Commission explained that the rule “also limits the performance of markets, clearinghouses, Adcvn and ARyP to specific activities carried out exclusively within the scope of the capital market”, which may carry out “only those related and complementary activities to the extent that they are compatible” and have their prior authorization.
Likewise, modifications are incorporated to the current regulations applicable to the negotiation and custody of deferred payment checks, promissory notes and Mipymes electronic credit invoices.
With respect to intelligent monitoring of the market (provided in RG 949), the measures “are intended to improve the automation of the trading data flow to the CNVthrough a common language, to expedite communication, reduce risks and achieve the maximum degree of transparency in obtaining financial information”.
Regarding the RG 950, referring to the market data“aims to give a more dynamic and attentive response to the peculiar diversity demanded by market participants regarding the use, distribution and/or redistribution of information in said field”, he indicated.
Finally, the RG 951 guides improve regulation of market makers, while “it contributes to achieve greater liquidity and competitiveness generating prices in a continuous and deep way, softening the sudden oscillations and increasing the volume of operations”.
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