The Argentine Securities Commission Increases Its Control over Securities Transactions

Through General Resolution No. 624/2012 (the “Resolution”), effective as of January 27, 2013, the Argentine Securities Commission (the “CNV”) strengthened its regulatory measures over securities transactions with the purpose of obtaining an “efficient supervision and control of the transparency of the transactions” and in order to “ensure the protection of the public investors.”
The CNV, in use of the powers granted by Sections 6 and 19 of Securities Law No. 26.831, established that all authorized agents must daily report, at the close of business, to the market of the jurisdiction in which they are registered specific information of transactions concerning the purchase and sale of securities and shares in which they have been involved. The information must be provided to the markets through the CNV’s online information system (the “AIF” or “Autopista de la Información Financiera”).
In addition, the Resolution provides that the stock markets must inform the CNV, through the AIF, prior to the close of business, the information which has been provided by the agents.
Through this measure a new Special Information Regime is set through which the authorized agents and markets must complete and submit certain information on the transactions, such as: Tax Identification Number (CUIT), type of transaction, term and currency, amount purchased, amount sold, etc.
As a result of this measure, the transactions performed in the market will be up to date instantly and, thus, the CNV will obtain complete, accurate and timely information on the method of the negotiations, improving its control and supervision over such transactions.