The objective of the measure is to develop the capital market and regulate the subjects and negotiable securities within this market, with the CNV as the authority in charge of its application and control.
Through General Resolution 1008/2024 of the National Securities Commission (CNV), published this Friday in the Official Gazette, The regulatory body modified the regulations on the transfer of bearer promissory notes and deferred payment checks negotiated in markets registered with the CNV from the issuing client sub-account of the respective purchaser to another receiving client sub-account with different ownership, in specific cases and under certain conditions and requirements.
According to the official text, the objective of the measure is to develop the capital market and regulate the subjects and negotiable securities within this market, with the CNV as the authority in charge of its application and control.
Key points of the regulations
The Resolution seeks to facilitate the transfer of bearer promissory notes and deferred payment checks between sub-accounts with different holders in certain specific cases, such as:
- Transfers to intermediaries and/or similar entities located abroad that act as custodians of the purchaser.
- Transfers to financial trustees who intervene in such capacity within the framework of a financial trust with a public offering for the securitization of said instruments.
- Transfers within the framework of a voluntary exchange of promissory notes or deferred payment cheques agreed by the issuer in the context of a refinancing or restructuring.
- Requirements: The transfer must meet certain requirements.
For example, the rule provides that the owner and/or co-owner of the receiving sub-account must meet certain conditions, such as being regulated by foreign securities commissions or financial supervisory entities.
It also states that the instruments must be duly endorsed in favor of a Central Depositary Agent for Negotiable Securities (ADCVN) with the clause “For negotiation in Markets under the jurisdiction of the CNV.”
ADCVNs must maintain records of transfers and make them available to the CNV upon request.
- Deadline: Markets and ADCVN must adapt their regulations to comply with the Resolution before July 15, 2024, given that the Resolution comes into force on the day of its publication in the Official bulletin.
Source: Ambito
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