Short Term Securities - Information Requirements

The Argentine Securities Commission (Comisión Nacional de Valores, the “CNV”) issued General Resolution No. 577 (the “Resolution”) in connection with the reporting regime that applies to companies that issue Short Term Securities (“Short Term Securities”, Valores de Corto Plazo), which modifies Articles 106 of Chapter VI of the CNV regulations (the “CNV Regulations”). 

Before the issuance of the Resolution, CNV Regulations had not established any quarterly information requirements for Short Term Securities issuers. 

The Resolution releases Short Term Securities issuers from submitting their financial statement on a quarterly basis; however, it establishes that these issuers must submit the following information quarterly: (i) cash flow statement, (ii) equity structure chart, and (iii) state of results. 

The above mentioned documents must be submitted within fifty calendar days of the end of each quarter term or within two days of their board of directors’ approval.    

Notwithstanding, Short Term Securities issuers must file audited annual financial statements with the CNV. 

Lastly, the Resolution does not provide a specific date of effectiveness, thus the Resolution’s effective date will be the following day of the date of publication in the Argentine Official Gazette.