The organization approved a general resolution that reduces the conditions for firms to offer their shares in the country. They target the mining sector.
The National Securities Commission (CNV) advances in a relaxation of the Special Regime for Double Listing of Foreign Companies with the aim of encourage these types of companies to be listed in the local market. The Government hopes to attract mining firms, among other sectors.
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The CNV approved this Monday general resolution No. 1020which will be published in the next few hours in the Official Gazette. Through this new regulation, the regulations of the Special Regime for Double Listing of Foreign Companies are modified. The organization noted that “certain requirements are eliminated with the objective of encouraging the interest of foreign stations to carry out a public offering of its shares in the country.”


Double Listing: what changes with the CNV rule?
The CNV explained in a statement that, with the new regulations, Registration with the corresponding Public Registry will not be required. established by article 118 of the General Company Law No. 19,550 and amendments for companies incorporated abroad that only intend to trade their shares under the Special Double Listing Regime in Argentina.
“As of the entry into force of RG No. 1020, Foreign companies will no longer have to register with the IGJ, although they must have a local representative”, expressed the organization chaired by Roberto Silva.
What is the Government looking for with this measure? As explained by the economic team, the modification aims to facilitate the conditions to attract foreign companies to list, as happens in other countries. In particular, they focus on companies linked to mining, although they also see possibilities in other sectors, such as infrastructure or technology.
The rationale behind the measure is that these companies are already subject to regulations and supervision by the authorities of their respective countries of origin and the markets in which their shares are listed.
Source: Ambito

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