New Dissemination Deadline for Financial Trusts

The National Securities Commission (“CNV”) published General Resolution No. 946 (the “Resolution”) dated 18 January 2023, modifying the regulation applicable to financial trusts, with the aim of facilitating access to the capital market for those products that are issued on a regular basis.

The provision grants the possibility to reduce the dissemination period for the placement of trust securities to one business day.

To be eligible for this reduced dissemination period, issuers of financial trusts must have issued at least three series of financial trusts in the last twelve months. They must:

  • They must have been issued under the same programme;
  • Identify the identity of the trustee and trustor
  • Have similar characteristics in the composition of the assets in trust.

For the purpose of counting the three series of financial trusts, those actually issued at the date of authorisation of the public offering of the trust securities for which the reduction of the dissemination period is required shall be considered.

The objective of the regulation is to provide more convenient financing measures, streamline the offering of trust securities and provide greater financing tools to foster a transparent, accessible and dynamic market for those products issued on a regular basis.

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