CNV General Resolution No. 988: relaxations in the regulations for operations with negotiable securities.
Capital Markets Department Report | CNV General Resolution No. 988: relaxations in the regulations for operations with negotiable securities
Through General Resolution No. 988/2023 (the “Resolution 988”) of the National Securities Commission (CNV, for its acronym in Spanish), published today in the Official Gazette, some of the restrictions established for sales and transfer operations of various negotiable securities that are commonly associated with the so-called “MEP dollar” and “cash with settlement” operations were diminished.
We highlight that as of today, the minimum period of permanence (which is usually known as “parking”) to carry out sales operations of negotiable securities with settlement in foreign currency is reduced to one business day regardless of the jurisdiction and applicable law of such securities, and also to process transfers to depository entities abroad of negotiable securities acquired with settlement in national currency, regardless the jurisdiction and applicable law of such securities.
Sale of Negotiable Securities and Issuer Transfers
Article 2 of Chapter V of Title XVIII of the CNV Rules is modified, eliminating the 5-business day period of permanence (“parking”) established for sales operations of negotiable securities issued with foreign jurisdiction and law clauses. Now the only minimum required retention period is 1 business day, applicable to both sales operations of negotiable securities and transfers abroad. This period must always be counted from the moment the negotiable securities are credited to the account opened by the client at the Central Depository Agent for Negotiable Securities (“ADCVN”).
In brief, there is no difference in the jurisdiction and applicable law to securities for the parking period purpose.
The exception to comply with said permanence period is maintained for the purchase of negotiable securities and transfer operations when the acquisition was carried out in primary placement.
Issuer Transfers
Article 3 of Chapter V of Title XVIII of the CNV Rules is modified, establishing a single parking period for cases in which an individual receives negotiable securities from foreign depository entities and wishes to apply them to the settlement of operations in foreign currency. The parking will also be of one business day from the accreditation of the negotiable securities in the ADCVN.
Before this amendment, different deadlines were established depending on the law under which such negotiable securities were issued: Argentine (2 business days) and foreign (5 business days).
Arrangement and settlement of operations in national currency — Purchase and sale operations of negotiable securities arranged in foreign markets
Article 4 of Chapter V of Title XVIII of the CNV Rules is modified, eliminating the obligation that Agents had to report weekly the operations carried out by instruction of clients (when they operated “on behalf of the client”) as well as those carried out through own portfolio.
Arrangement of operations with settlement in foreign currency — Sending and receiving transfers
Article 6 bis of Chapter V of Title XVIII of the CNV Rules is abrogated. Said Article established certain restrictions on operations with Argentine sovereign bonds which mainly implied that the Agents had to verify certain issues. Thus, having repealed this article, it is no longer required not to have operated with sovereign bonds in the last 30 calendar days or to commit not to do so in the next 30 calendar days, nor does the limit of 100,000 nominal weekly values apply for this type of transaction.
Finally, the Resolution has not modified or abrogated Article 6 ter of Chapter V of Title XVIII of the CNV Rules. Consequently, the restrictions that apply to process orders and/or register operations are provided for in points 3.16.3.1. and 3.16.3.2. of BCRA’s Ordered Text of Foreign Currency and Exchange, remain in force under the latest modification established by CNV General Resolution No. 984:
| Non-intermediary CDI/CIE for own portfolio/with own funds | Up to $100,000,000 daily | 5-business-day notice
|
| CDI/CIE intermediaries on behalf of local clients | Up to $100,000,000 daily | 5-business-day notice
|
| CDI/CIE intermediaries on their own account and with their own funds | More than $100,000,000 daily | 5-business-day notice |
| CUIT on behalf and order of third parties | Up to $100,000,000 daily | 5-business-day notice
|
| CUIT on your own with your own funds | More than $200,000,000 daily
|
5-business-day notice |
The Resolution will come into force as of today.
Do not hesitate to contact us should you require any further information.
Sincerely.
Luciana Denegri
María Victoria Pavani