On August 28, 2024, the National Securities Commission (“CNV”) published in the Official Gazette General Resolution 1015 (the “Resolution”), opening a public consultation on proposed amendments to the regulation of Settlement and Clearing Agents (“ALyC”). These amendments include aspects related to the capture of orders, contact with clients, as well as advertising and promotion of services by the agents.
The CNV emphasized that the incorporation of technological tools has allowed agents to provide their services in a faster and more accessible manner, which in turn broadens the reach to a more varied client base. However, it was also noted that some outreach and promotional activities are carried out with entities that are not regulated by the CNV, which necessitates an update of the rules regarding the means of client recruitment and advertising that agents carry out, commensurate with their category of registration.
Within the new functions of the ALyCs, the resolution incorporates the following activities:
– Referral of clients to other subjects registered in the PSAV Registry: agents are allowed to put their clients in contact with PSAVs, although they are not responsible for the investments made by them.
– Referral of clients to other CFAs: This is allowed under two conditions,
.The referring agent must be a financial entity registered with the BCRA.
.Both agents must belong to the same economic group.
– Receiving clients referred by third parties: The possibility of receiving clients referred by other agents registered with the CNV, financial entities, PSPs and MSME financing platforms is included.
Regarding advertising and dissemination, agents must respect the corporate purpose assigned to them according to their registration category. Advertising agreements with third parties must be reported to the CNV, and these third parties may only be entities registered with the CNV or financial entities, PSPs, and MSME financing platforms. In addition, the advertising of the broker’s own services must be clearly differentiated from those of third parties.
Regarding the capture of orders and instructions, each modality must be clearly described in the agent’s procedures manual. In the case of using third-party technological tools, the agent shall be responsible for any interruption in their operation. An alternative means of order capture should also be provided if the primary system fails. All documentation on order capture must be retained for a minimum of five years.
Finally, agents should establish channels of contact with clients to deal with queries, provide information and handle complaints. These channels must be detailed in the procedures manual, and must include the actions to be taken in the event that the main order intake channel is not operational.
This Regulation came into force on August 30, 2024.
