ESP | ENG

05 Sep 25 Regulatory simplification of Financial Trusts

Posted at 11:17h in Publications by

By Martín Chindamo, Valentina Circolone and Tomás Mingrone

 

By means of Resolution No. 1,084 (hereinafter, the «Resolution«), the National Securities Commission (hereinafter, the «CNV«, by its acronym in Spanish) introduced amendments aimed at simplifying and streamlining the operation of financial trusts (the “Financial Trusts”).

The amendments seek to reduce formal burdens and simplify procedures of authorization, registration, and filing. In particular, the following were eliminated:

  • certain requirements for the registration of financial trustees;
  • restrictions regarding the numbering of series within a global program;
  • the obligation to submit certifications, except those related to accounting information;
  • the documentation previously required to request the public offering of Financial Trusts;
  • the submission of quarterly financial statements by trustees, replacing them with accounting certifications issued by an independent public accountant;
  • the obligation to include in prospectuses information regarding environmental policies, number of employees, among others, in program prospectuses and prospectus supplements;
  • the special simplified procedure regime set forth in Article 15, Section IX, Chapter IV, Title V of the CNV Rules, which has been replaced by the new automatic offering regimes;
  • the Solidarity Financial Trusts regime created in 2020, which is no longer in use; and
  • the abbreviated Financial Trusts regime.

Additionally, the contents of the trust agreement were simplified, and the holding of remote meetings was enabled as a general rule, requiring an express contractual provision to opt out of this procedure.

Finally, authority was delegated to the Financial Trusts Management and Sub-Management Offices for the approval of the digital representation of trust securities, in order to expedite the processing of such authorizations.