04 Dic 24 Modification to the information regime for residents and non-residents

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

By means of General Resolution No. 1,033 (hereinafter, the “Resolution”), the Argentine Exchange Commission (hereinafter, the “CNV”) has modified the informational regimes applicable to Settlement and Clearing Agents (hereinafter, “ALyC”) and Trading Agents (hereinafter, “AN”) with regard to investments from clients holding an Identificacion Code (hereinafter, “CDI”) or Foreign Investments Code (hereinafter, “CIE”), holder of custody account.

The Resolution requires clients to update the information and requires due diligence of the ALyC and AN before proceeding with orders and/or recording transactions.

Additionally, the aforementioned Resolution stipulates that the Central Securities Depository (hereinafter, the “ADCVN”) must block all client sub-accounts in which inconsistencies, errors, and/or missing data have been identified, allowing only those accounts that are not affected by such irregularities to be credited with claims.

Furthermore, the informational regime applicable to non-resident clients for the Managers of Collective Investment Products and the Placement and Distribution Intermediaries: has been updated in accordance with the provisions of the current Permanent Informational Regime for such regulated subjects.

Finally, the twenty-five highest capitalized issuing companies at the close of each calendar month, whose shareholder registries are not managed by an ADCVN or a Registration and Payment Agent, must submit to the CNV a list of shareholders, specifying the country of residence and the details of their shareholdings.

This Resolution will come into force on January 2, 2025.