New regulations on Domestic Depositaries Companies (“Cajas de Valores”)

On January 4, 2007 the Argentine Securities Commission (the “CNV”) issued Resolution No 496/2007 (the “Resolution”), which amends Section 39 of the Chapter in the CNV Rules relating to depositories.  The Resolution creates the opportunity for authorized futures and options markets and future and option margins clearing and settlement entities to act as participants in the Argentine depository (Caja de Valores S.A.).
 

This provision extends the authorization to act as a depository established by Section 32 of Law No 20,643 and granted to securities markets, to the above-mentioned markets, which, accordingly, may not be participants if they take part in the organization of the depository, currently  Caja de Valores S.A., the only central depositary of securities in Argentina.