The objective is to boost the placement of negotiable securities, to encourage companies to enter the capital market for smaller amounts.
The National Securities Commission (CNV) called for Public Consultation through RG No. 1028 published in the Official Gazette, to regulate the public offering regime with automatic authorization for low and medium impact cases, and in auctions of negotiable securities.
With the objective of boosting the placement of negotiable securities, the standard put to consultation “proposes eliminating the prior review and information requirements in the issuance of negotiable obligations and virtual assets defined in Law No. 27,739, to the extent that the latter constitute securities.” negotiable,” explained the official statement.
Roberto E. Silva, president of the CNV, highlighted that “within the framework of the deregulation promoted by the National Government we have worked hard to present two simplified regimes for those companies that take their first steps in the capital market and that “They intend to issue amounts that are not too high.”.
Capital markets: what the change that the CNV seeks to advance consists of
A low-impact regime is established with the possibility of placing negotiable obligations and virtual assets (that are not convertible into shares, or issued under the Guidelines for the Issuance of Thematic Negotiable Securities) for an amount of up to ONE MILLION (1,000,000) of UVAs, without the requirement to present prospectuses and other documents or have prior authorization from the CNV. However, Issuers must disseminate information related to the placement with appropriate warnings, and have available the documentation that justifies the placement efforts to enjoy the tax benefits.
Furthermore, the subsequent information regime will be very simplified, The ON PYME Guaranteed stations are exempt from corporate control.
In the case ofIn the medium impact regime the amount will be up to SEVEN MILLION (7,000,000) of UVAs, and will require the preparation of a prospectus and its publication in the Financial Information Highway. This regime that does not require prior approval the CNV, It is substantially simpler than that required for the General Regime, and ON PYME CNV stations can benefit from it.
In both regimes, primary placement and secondary negotiation It must be through qualified investors.
What is the objective of the changes that the CNV seeks to make?
This regime aims to encourage access to the capital market. However, the deregulation contained in the project, and the mandatory warnings that broadcasters must include, the CNV confirms that the powers provided for in Law No. 26,831 and mod. regarding supervision and protection of investors.
Source: Ambito
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