Provided for the participation of entities that are not considered large companies.
Issued to improve the opportunities for access to the capital market for FCIs and FFs.
On Sep. 20, ARG CNV changed system for trusts and mutual funds.
ARG CNV published General Resolution 1019/2024 to expand financing for SMEs in the capital market through Mutual Investment Funds (FCI) and Financial Trusts (FF).
Background
Law 26.831 aims to develop capital market, and negotiable subjects and securities.
ARG CNV is responsible for promoting the development and strengthening of the capital market by creating and encouraging the creation of necessary products.
ARG CNV may establish different public offering authorization systems, according to objective or subjective characteristics of the issuers and/or recipients of the offerings.
As well as the limited number of offerings, the domicile of incorporation of the issuer.
The minimum amount of issues and placements, nature, and negotiable securities.
Highlights
In line with amendments by General Resolution 997, a new sector was identified, without MSME (MiPyME) Certificate, and is also not recognized as a Large Company.
Criteria for both instruments were unified, admitting rights or credits from operations.
Operations conducted with companies that meet the parameters within up to 20%.
In order to improve access opportunities, ARG CNV proposed to increase it to 40%.
The increase applies to both instruments and will be applicable until the end of 2024
The purpose of this regulation is to continue the expansion of the universe of entities that can access differential financing such as the SME system in the capital market.
Effectiveness
General Resolution 1019/2024 comes into force the day after its official publication.
