The National Securities Commission (CNV) approved a comprehensive reform of the securities regime Financial Trusts (FF) for the purpose of modernize its contents, adapting the regulation to market demands and international standards.
The regulations were approved by the Board of Directors after a process of public consultation, taking into account comments, opinions, proposals and suggestions received from citizens in general and various interested sectors in particular.
Financial trusts: what are the changes promoted by CNV
The entity reported that through resolution 992 The use of digital signatures was enabled for the presentation of documents, which speeds up the procedure and brings those seeking financing through trusts closer to the market.
This measure, added to the implementation of the remote procedures (TAD), streamlines the processing of the investment vehicle.
In addition, recommendations made by the International Organization of Securities Commissions (IOSCO, for its acronym in English) for the purpose of establishing coherent, efficient and effective supervisory practices adapted to the situation and needs of the Argentine capital market.
In an attempt to add international requirements without neglecting the particularities of the sector, the figure of risk retention in FFs that are established with credit rightsexcept those in which the public offering of its negotiable securities is intended for qualified investors, or the trustor is a financial entity regulated by the Central Bank (BCRA).
On the other hand, contents such as the simplification of the documentation to be attached during the processing of the public offer request; or the creation of a special section of FF aimed at financing SMEs with simplification of the information regime.
Finally, the standardization of the publication of control and review reports that verify the monthly situation, through the agency’s website.
Source: Ambito
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