The provision aims to protect the interests of investors. It places limits on what is considered advice in buying or selling recommendations.
The National Securities Commission approved this Wednesday a regulation that seeks to improve the transparency in the field of capital markets and protect the interests of investors, by specifying and delimit the activities or advisory services that require registration with the organization.
In official information, the CNV – which presides Robert Silva– clarified that the generic opinions on investments or the mere disclosure of information or explanation of the characteristics and risks of a transaction or negotiable security. And also the preparation of reports, reports or analysis of a general nature, even when they include a purchase or sale recommendation.
Thus, in reference to article 117 of Law 26,831, which in its section c) establishes the prohibition of intervening or offering in the public offer in an unauthorized manner, establishing that “any human or legal person that intervenes, offers or offers services in the public offering of negotiable securities without having the relevant authorization from the National Securities Commission, will be subject to administrative sanctions without prejudice to the corresponding criminal sanctions”, RG 1002 published this Wednesday specifies those actions that are not found. recognized as advisory activities in the public offering of negotiable securities.
Likewise, the official provision lists the activities of attracting clients or intermediation in public offerings that require the relevant authorization from the CNV for their regular exercise.
In this sense, the regulations establish that issuers, clearing houses, trading agents, and any other natural or legal person that intervenes, offers or offers services in the public offering of negotiable securities, must refrain from offering advisory services. of negotiable securities (whose concept is now delineated more precisely) without registration in any of the categories of Agents authorized by the CNV.
Nor may dissemination and promotion activities of negotiable securities and/or attract or link clients to registered Agents be carried out through any channel, without being authorized by the organization as suitable, concluded the CNV.
Source: Ambito
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