On September 18, 2024, the National Securities Commission (“CNV”) published in the Official Gazette General Resolution 1019 (the “Resolution”), which rectified the special regime for the creation of Financial Trusts for the financing of SMEs.
The purpose of this regulation is to continue expanding the group of entities that may access preferential financing, such as that offered by the SME regime in the capital market.
For this reason, when setting up financial trusts to finance SMEs, it is allowed, within the percentages required to be considered as such, the rights or credits derived from transactions with companies that, although they do not have the MiPyME Certificate, are not classified as Large Companies (according to the terms established and the list published by the AFIP), up to 20% of the nominal value of the trust assets.
In addition, by the end of the year it is proposed to increase this percentage to 40 % in order to improve the access of such companies to the capital market.
Finally, the regulations of the Mutual Funds whose special investment purpose was to finance SMEs were amended. It was accepted that, in order to calculate the minimum required percentage of the fund’s assets, up to 40% of the fund’s net assets may be invested in deferred payment checks and stock exchange promissory notes issued or discounted to be traded by companies that are not classified as Large Companies according to the terms established and the AFIP’s list.
The Resolution came into effect on September 19, 2024.
