In line with what was announced about the Cedear program, the CNV established authorization rules and fees to maintain some coherence with the fees paid by the rest of the issuers of negotiable securities.
The National Securities Commission (CNV) established new rules for the issuance of Financial Trusts and Negotiable Obligations (ON). According to General Resolution 1021/2024, published in the Official Gazette, the tariffication of increases in the amount of issues of individual negotiable obligationsequating this measure to similar procedures, in line with what was announced last week about the Cedear program.
In the document, the CNV recalls the experience in terms of emissions under the creation of CEDEAR programs, where the percentage rates of tariff were reduced, in order to maintain a certain coherence with the tariffs paid by the rest of the issuers of negotiable securities.
In this case, the CNV agrees that in the case of Frequent Issuer Regime, The annual percentage of the tariff was reduced in order to encourage the continuity of the stations under this regime.
Authorization fee for ON and FF: who applies
The authorization fee, established with respect to negotiable obligations and financial trusts, will apply to all individual emissions, programs and/or broadcasts of series or classes that are requested. Below are the details of the regulations and how to get accredited.
Flexibility of the exchange rate: the recent changes of the CNV
- The limitation to carry out and/or settle operations for the sale of negotiable securities with settlement in foreign currency is made more flexible -both in local jurisdiction and in foreign jurisdiction-, when clients maintain, in foreign currency.positions taking sureties and/or passes and/or any type of financing through operations in the capital market.
This measure had been taken in May 2023when the previous Government prevented brokerage companies from carrying out trading operations CCL or MEP to clients who have bonds or passes, whatever the settlement currency. At that time, the measure aimed to prevent investors from Leverage collateral to obtain pesos and then buy financial dollars.
- The second change is linked to the scheduling regime: the need to five days notice, in operations greater than 200 million pesos for residents and in general operations for non-residents.
The president of the CNV, Roberto E. Silva, highlighted thate “work is being done daily to lift restrictions in the capital market” and that “it is very important for this Board to remove the obstacles that still exist in operations.”
Source: Ambito
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