The organization established certain adjustments to the regulations, adding requirements to the issuers, the ALyCs and the markets involved in the exchange processes of said instruments, with the purpose of guaranteeing transparency in said processes and protecting investors.
After defaults by three companies in the agricultural sector, The National Securities Commission (CNV) approved this Monday a new regulation regarding deferred payment checks and stock market promissory notes, in the processes of debt exchange and/or restructuring that includes these instruments.
In that sense, the Regulation (RG) No. 1041 provides certain adjustments to the regulations, adding requirements to the issuers, the LACs and the markets involved in the exchange processes of said instruments, in order to guarantee transparency in said processes and protect investors.
Likewise, the CNV seeks to ensure that investors have full, complete and necessary information for making decisions in relation to the exchange, introducing minimum guidelines that must be regulated by the LACs and the Markets.
The measure by the capital market regulator comes after last week Grobo Agropecuaria and its subsidiary Agrofina, both members of the Los Grobo Group, reported their inability to meet upcoming debt maturities, attributing this situation to the illiquidity of the market and adverse economic factors. In this way, both companies defaulted for more than $400,000 million.
In a notification dated December 27, Los Grobo Agropecuaria reported that it could not pay a stock promissory note of US$100,000 due on December 26. In addition, it anticipated that it will not be able to meet the maturities of stock market notes scheduled until March 31, 2025.
For its part, Agrofina, dedicated to the development, production and marketing of crop protection products, reported its inability to pay a stock promissory note of $400,000,000. Likewise, it reported that it will not be able to comply with the sixth interest payment service and the first capital amortization installment of the Class XII Negotiable Obligations, whose maturity was scheduled for December 30, 2024..
Previously, the CNV decided last Monday to file a criminal complaint against the company Surcos SA, supplier of inputs for the agricultural sector, after he defaulted on his short-term debts. It was after the agency had ordered the suspension of the negotiable securities issued by the company.
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.
