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29 Ago 24 New public consultation to regulate client referrals

Posted at 13:49h in Publications by

By Agustín L. Cerolini, Martín Chindamo, and Dana König

On August 28, 2024, the National Securities Exchange Commission (the “CNV”) issued General Resolution No. 1015/2024 (the “Resolution”), launching a new public consultation aimed at regulating client referrals, service advertising (through third parties), and the channelling of orders between agents registered in the CNV’s Public Registry and governed by the provisions of Title VII of the CNV’s Rules (the “Agents”), payment service providers (the “PSPs”), and Platforms MiPyMEs (for its acronym in Spanish).

 

According to the CNV’s press release, the Resolution expands on the proposed regulatory framework, taking into consideration the various technological advancements implemented by the Agents and the time elapsed since the public consultation related to General Resolution No. 983/2023, which addressed similar issues.

This Resolution would allow Agents to receive clients from Platforms MiPyMEs, PSP, virtual asset service providers (the “PSAV”, for its acronym in Spanish), and other Agents within the economic group. Conversely, Agents would be permitted to refer clients to PSAV, PSPs, Platforms MiPyMEs, and financial institutions.

In essence, each participant could feature a link or button on their respective websites to refer clients to other Agents registered with the CNV or the Argentina Central Bank.

The primary objective of this Resolution, as stated by the CNV, is to both reinforce and simplify access to the financial system, enabling users to operate in a more integrated and efficient manner, while also providing clear regulatory guidelines to standardize basic elements in terms of referrals, service advertising, order-capturing methods, and client engagement. Additionally, it outlines the responsibilities of the involved parties and the requirements that brokers must meet if they choose to engage in these activities.

Finally, the Resolution establishes a 15-business-day period for the submission of opinions and/or proposals, which must be submitted through the website www.argentina.gob.ar/cnv.