The Ministry of Economy decided to lower the authorization fees, at the request of the CNV, a key procedure for the operation of the Cedears.
He Ministry of Economy, at the proposal of the National Securities Commission (CNV) decided lower the authorization fees, to maintain “coherence” with the tariffs paid by other issuers of negotiable securities.
This task includes the administrative activity developed by the organization in its supervision and control, with the corresponding use of administrative, economic and human resources, as well as elements linked to profit margin, tax capacity and value that each type of entity adds to the market.
“The implementation of a revised tariff scheme adapted to current market conditions responds to the need for improve competitiveness and attractiveness for the capital market, contributing to its growth, as well as to the strengthening of the national economy,” justified the Ministry of Economy with the signature of Luis Caputo, in Resolution 957/2024 published this Tuesday in the Official Gazette.
In turn, he highlights that “in light of the experience gained in the field of emissions under the creation of CEDEAR programs, The percentage rates of the tariff are reduced, in order to maintain a certain consistency with the tariffs paid by the rest of the issuers of negotiable securities, maintaining equity, proportionality and fair treatment between the different types of issuers that operate in the capital market,” the statement said.
CNV: fees for inspection and control, suitability examination and other services
Dollar: The Government further relaxed the exchange rate restrictions and enabled new operations
The National Securities Commission (CNV) made access to the capital market. In line with eventually eliminating the exchange rate trapthe Government announced two changes to the current regulations that facilitate operations.
Dollar: what changes did the CNV make?
- The limitation for processing and/or settling sales operations of negotiable securities with settlement in foreign currency -both in local jurisdiction and in foreign jurisdiction- is relaxed, when clients maintain, in foreign currencypositions taking precautions 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 stock exchange companies from carrying out trading operations CCL or MEP to clients who have bonds or passes, regardless of the settlement currency. At the time, the measure was aimed at preventing investors from leverage collateral to obtain pesos and then buy financial dollars.
- The second change is linked to the scheduling regime: the need for Five days’ notice for operations exceeding 200 million pesos for residents and in general operations for non-residents.
The president of the CNV, Roberto E. Silva, highlighted thatand “we are working daily to lift restrictions on 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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