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Key for companies: the CNV enabled hard dollar promissory notes

Key for companies: the CNV enabled hard dollar promissory notes

According to the agency, the modification will also benefit SMEs. In turn, it makes two changes for the deferred payment check and promissory notes.

Mariano Fuchila

The National Securities Commission (CNV) enabled this Thursday the possibility that instruments issued in Dollars for payment in said currency (effective payment clause in foreign currency) quote.

The objective, according to the official statement, is “to adapt the negotiation of promissory notes to the needs and production cycles of companies and other participants in the capital market.”

Likewise, with respect to stock market promissory notes in general, RG No. 1003 left without effect the requirement of a maximum maturity period (previously set at 3 years) and updated the minimum amount thereof to $20,000. It should be noted that the resolution seeks to facilitate the financing of companies in the medium and long term.

“In this sense, the new implementation is expected to be useful mainly for the SME sector and have an impact on the real economy,” he explained.

CNV: other changes for the deferred payment check and promissory note

Additionally, two exceptions were established under certain conditions and requirements for the deferred payment check and the promissory note. Which allow such instruments to be transferred by the acquirer of the same to other different clients as long as they have the quality of:

1.- Foreign intermediary and custodian, within the framework of global custody agreements through a depositor at Caja de Valores SA

2.- Financial trustee within the framework of a financial trust with public offering authorization for the securitization of said instruments.

05/16/24 Hard Dollar Promissory Notes Press Release.pdf

Source: Ambito

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