The CNV decided to remove the parking, the prior information regime and the cross restrictions with guarantees for MEP dollar operations related to UVA mortgage loans.
The National Securities Commission (CNV) approved a relaxation of the stocks for MEP dollar operations linked to the purchase and sale of real estate within the framework of UVA mortgage loans. It did so through general resolution No. 1004/24 that will be made official in the next few hours.
The rule provides that, as of June 10, these operations will be exempt from three main restrictions that are in force today for transactions of so-called financial dollars:
- compliance with the minimum holding period in the portfolio of the bonds with which the MEP dollar is purchased (known as Parking)
- the prior information regime (commonly called scheduling) of operations five days in advance
- restrictions on sales against foreign currency in cases of having open financing via sureties, repos and/or any type of financing through operations in the capital market
This implies that people who take out a UVA mortgage loan (that is, tied to inflation), like those that banks have recently offered, will now be able to use the pesos obtained with the loans to buy dollars in the local capital market (MEP) and pay the owner of the home you are going to buy without the restrictions that weigh on the rest of the financial dollar purchases.
In the real estate sector they had been pointing out that this was an important problem for the completion of home purchase and sale operations. It happened that, for example, given the strong tensions that the market had in recent days, the parking day could generate considerable losses for people who had taken out a mortgage loan.
Roberto Silva, the president of the CNV, highlighted in this regard: “The development of mortgage credit is very important for Argentines and also for the capital market. Through RG 1004, UVA mortgage loans are exempt from parking and some other regulatory obstacles in order to make operations viable.”
The organization specified that, based on the new regulations, stockbrokers must verify compliance with the established conditions before managing MEP dollar operations, keeping the supporting documentation in the respective client files.
On the other hand, regarding the limitation on purchasing the MEP dollar in the event of having taking positions in guarantees and/or repos, the general resolution incorporates within the excepted financing (where debt issues with public offering were already found) the promissory notes issued in foreign currency with a cash payment clause in said currency and that had been discounted through negotiation in markets registered with the CNV.
The truth is that the three restrictions removed for operations related to mortgage loans are part of the list of regulations that the economic team has already defined that it will lift when it decides to move forward with the more general opening of the exchange rate, as Ámbito announced.
At the moment, such opening still does not have a defined date. In fact, Minister Luis Caputo acknowledged days ago that they still do not have sufficient reserves to do so and President Javier Milei pointed out that first they have to finish clearing the stock of remunerated liabilities of the Central Bank and the puts (liquidity insurance). on Treasury securities) held by banks.
Note in development
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
