As part of the strategy to give more volume to the Argentine market, the National Values Commission (CNV) prepares a battery of rules that seek to facilitate the operations of both investors and companies seeking financing. One of the most novel aspects relaxes the requirements for a foreign investor to open an account at a local bank without going through some procedures. The idea is to capitalize on the interest they have today funds and foreign companies to place bets on Argentine assets.
Similarly, the requirements for companies wishing to list on the local market, either through negotiable obligations or actions will also be reduced. In this sense, were issued from the CNV the first resolutions to facilitate mechanisms for public offering of shares and bonds, enabling the operation of “book building”, widely used in international markets, but that was not available in Argentina. This allows underwriters to start composing the “book” of tenders before the closing of the transaction.
Finally, and in order to promote the current development and future growth of small and medium enterprises installed in Argentina, CNV materialized, through General Resolutions No. 654/16 and 655/16, new regulatory mechanisms that enable the dissemination of various forms of financing through the capital market. Thus, the composition of the portfolio of Mutual Funds (FCI) SME was regulated and features that will have a financial trust for SMEs were redefined. Then, by General Resolution No. 660, the CNV can create Global Programs of Financial Trusts SMEs without being required to identify the settlor at the time of its creation (crediting their classification as an SME CNV, the trustor will only be identified at the time of publishment each series). To conclude, by such legislation, the incorporation of new trustees makes possible to participate in a global program of issuance of trust securities previously authorized.