Dollar: the CNV makes official the elimination of parking for mortgage loans

• Exception for UVA mortgage-backed securities:

Sales of negotiable securities with settlement in foreign currency that have been previously acquired in pesos with funds from UVA mortgage loans are exempt from certain limitations. This means that these values They can be sold without having to comply with minimum holding periods or parking restrictions.

• Information requirements

Brokers and agents must report to the CNV certain information regarding sales of negotiable securities with settlement in foreign currency.

This information includes the type of transaction, the amount involved, and the securities or instruments involved.

New article added to the rules

A new article is added to the rules that establishes the requirements for transferring funds from the sale of negotiable securities with settlement in foreign currency to a bank account for the purchase of real estate.

Validity

The resolution comes into effect upon its publication in the Official Gazette of the Argentine Republic.

According to the objectives published in the official text, the resolution seeks to facilitate the sale of negotiable securities with settlement in foreign currency for the purchase of real estate. Likewise, it highlights that it applies to all brokers and agents registered with the CNV.

The antecedent

As Ámbito had anticipated, the rule provides that, starting this Monday, June 10, These operations will be exempt from three of the main restrictions that are in force today for transactions of the 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)
• He prior information regime (commonly called scheduling) of operations five days in advance
• The restrictions for sale against foreign currency in cases of having open financing via suretiesrepos and/or any type of financing through capital market operations

This implies that people who take out a UVA mortgage loan (that is, tied to inflation), like those that banks have offered in recent times, now you can use the weights obtained with the loan to buy dollars in the local capital market (MEP) and pay the owner of the home you are going to buy without those limitations that weigh on the rest of the financial dollar purchases.

In the real estate sector, they had been pointing out that these restrictions were a major problem for the completion of home purchase and sale operations, which are almost entirely carried out in dollars. It happened that, for example, given the strong tensions that the market had in recent days, the parking waiting time could generate considerable losses for people who had taken out a mortgage loan.

However, as Ámbito learned, The request came to the officials from the banks involved in this type of financing.

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, lStockbrokers must verify compliance with the conditions planned before managing MEP dollar operations, preserving 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 trading in markets registered with the CNV.