06 Ene 25 ARYPs Regain Custody Function, and the Product Note is Regulated

By Agustín L. Cerolini, Martín Chindamo, Valentina Circolone, and Tomás Mingrone.

By means of General Resolution No. 1,046 (hereinafter, the “Resolution”), the Argentine Exchange Commission (hereinafter, the “CNV”) reorganizes the operational framework of the Markets, Clearinghouses, and the Central Securities Depository Agent (hereinafter, the “ADCVN”), reinstating the category of Custody, Registry, and Payment Agent (hereinafter, the “ACRYP”) to replace the current ARYP.

In this context, the Resolution establishes that ADCVN will be responsible for acting as the central depository and custodian for those negotiable securities whose public offering has been authorized by the CNV and/or issued by public legal entities, subject to the collective or regular deposit regime.

Furthermore, it stipulates that ACRYP will be the sole category of agent authorized to provide conservation, custody, and payment services for negotiable securities eligible for trading on markets authorized by the CNV, as well as registration services for account-registered or book-entry negotiable securities, futures and options contracts, and other derivatives contracts generally traded on authorized markets.

Additionally, Markets, Clearinghouses, ADCVN, and ACRYP are authorized to carry out other related activities, including those outside the capital markets, as long as they are compatible with their assigned functions and reported to the CNV.

Moreover, the Resolution mandates an increase in the minimum net equity required for ADCVN and ACRYP entities, setting it at 25,500,000 Acquisition Value Units (hereinafter, the “UVAs”) and 10,000,000 UVAs, respectively.

Finally, the Resolution introduces amendments to the existing regulations on the trading and custody of deferred payment checks, promissory notes, bills of exchange, warrants, electronic MiPyME credit invoices, and other instruments.