On September 18, 2024, the National Securities Commission (“CNV”) published in the Official Gazette General Resolution 1017 (the “Resolution”), which complements the provisions recently issued on the Asset Regularization Regime created from the approval of the Palliative and Relevant Tax Measures Law 27743 (the “Law”).
By means of this resolution, the CNV detailed the treatment to be applied to the liquid balances in the Special Asset Regularization Accounts. In response to the requests of the Chamber of Stock Brokers, it was established that, once ten business days have elapsed to perform and settle transactions with eligible assets, the uninvested funds, either totally or partially, must be transferred to the bank account called “Special Account for Asset Regularization”, which must be in the name of or shared by the corresponding client.
This transfer shall be made whenever the funds exceed the lesser of the following options:
(i) 3% of the total funds belonging to the client; or.
(ii) the value equivalent to 1500 Unidades de Valor Adquisitivo (“UVA”), adjustable by the Coeficiente de Estabilización de Referencia (“CER”), taking as a reference the UVA value of the previous month.
In addition, the CNV provided that the Settlement and Clearing Agents (“ALyC”) must request instructions from the CNV to settle the transactions.
This regulation came into effect on September 19, 2024.
