The National Securities Commission suspends a brokerage firm for carrying out illegal activities in the month of August. How is the measure that was applied.
Within the framework of his tasks of Supervision and control, the National Securities Commission (CNV) reported that he preventively suspended a brokerage house either Settlement and Clearing Agent (ALYC) after detecting that he carried out illegal activities with dollarized assets during several days last month, prior to the Primary elections (PASO).
It is the Comprehensive company Cucchiara y Cia. SAwhere irregular operating activity was detected in relation to the daily compensation and settlement term established in RG 965 of the regulatory body.
As reported by the CNV, irregularities were analyzed and recorded in the purchase and sale operations of negotiable fixed-income securities denominated and payable in US dollars issued by the Argentine Republic (dollar bonds), carried out by cucchiara and company in the bag between August 03 and August 30 of this year.
The crime being investigated
What was observed is that the brokerage house in question sold more denominations with settlement in foreign currency compared to those it bought in the same settlement currency. “Purchases and sales are only compensated if SISTACO’s operations are considered, which does not have the character of a trading system and there is no concurrency of offers,” the text of the sanction states.
The Commission refers to the provisions of the capital market regulationsaccording to which, “for the set of these negotiable securities, the quantity of nominal securities sold with settlement in US dollars and in local jurisdiction, it may not be greater than the number of nominal securities purchased with settlement in said currency and jurisdiction, on the same day of agreement and for each term of liquidation of operationsfor each principal sub-account…”.
The measure of preventive suspension It will remain in force until the results of the investigations make it advisable to review the measure. This sanction occurs within the framework of a series of actions that the Ministry of Economy decided to carry out actions against some stock companies that have been carrying out speculative operations related to the MEP dollarwith the apparent intention of artificially increasing the value of the quotes prior to I STEP THEM.
Source: Ambito
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