Costa Rica Ley de Biodiversidad, Ley No. 24,, de 27 de junio de Peru Ley que establece el régimen de protección de los conocimientos colectivos. The Capital Markets Law No. 26, (hereinafter, the “CML”);; Law No. 24, of Common Investment Funds and its amendments;; Law No. 24, when the income derived from them belongs to quota holders of funds duly authorized by the Argentine Securities Commission.
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Bill to Reform the Capital Markets Law
Individuals —Exemption for transfer of shares The exemption provided in Subsection w of Section 20 of the Income Tax Law is applicable if the shares are placed through public offering and the transaction is authorized 24038 the Argentine Securities Commission, under segments that ensure priority of price-time and interference of offers; otherwise, it is necessary to fulfill certain requirements related to the free number of shares.
However, the foreign beneficiaries will be subject to Income Tax if they do not fulfill the following requirements: For advice about particular facts and legal issues, the reader should consult legal counsel.
In line with the delimitation of the liability introduced ely the Capital Markets Bill, the unlimited joint and several liability of the Management Company or the Depositary Company regarding damages to the quotaholders for the breach of their obligations is overturned, stating that they are individually liable for such damages. The bill to amend the Capital Markets Law submitted by the Executive to the Congress amends several tax rules.
Policy – Ley núm. 2/1990, de 4 de enero de 1990, sobre ordenamiento general del trabajo
Among them, it is worth mentioning the following: The Capital Markets Bill also makes certain amendments to the legal regime applicable to the negotiable obligations aiming primarily to modernize this regime to achieve a greater and more efficient use of this type of instruments. Likewise, the Capital Markets Bill establishes that the extraordinary shareholders’ meeting may decide that the pre-emptive right must not be applicable, in which case the shareholders wishing to participate in the capital increase will not have such preference, and conditions set forth in section of the Argentine Corporate Law No.
In this way, the holder of the collateral dissociates from the holders of the secured credits, allowing for the transfer of credits without the need to modify the mortgage and pledged collaterals. Mutual Funds not included in the first paragraph of Section 1 of Law No. Closed FCIs are composed of: Another of the main points of the Capital Markets Bill aims at the expeditiousness of the issuance and use of the negotiable obligations.
The new text grants the CNV the power to issue rules establishing under which assumptions an offer of securities will not be considered a public offering, but a private placement.
Under the proposed text, such declarations must be reasoned and require initiating prior administrative proceedings. It is also clarified that the OPA procedure is ex-post, meaning that the obligation to promote the takeover bid is subsequent to the acquisition of control. Therefore, the principle of accessority principio de accesoriedad provided for in section 2, of the Civil and Commercial Code would not be applicable. The most important reforms and regulations introduced by the Capital Markets Bill are analyzed below.
Equalization Tax will not be applicable for mutual funds included in Section 1 of Law No.
The new wording intends to avoid possible conflicts of interest between the CNV’s sanctioning powers and its own resources. The profits distribution may be taxed through the investor of the trust. In accordance with the fundamentals of the Capital Markets Bill, the mentioned proposals imply an increase of the supervisory power of CNV, granting greater protection to the investor, in line with the recommendations of specialized international organizations.
That in a month period, the subject and its controlling group or group ldy control, by means of Law No. For the purposes of the regulation, it is established that a person will have, individually or together with other persons, a controlling interest when: Financial Trust under certain requirements may be able to deduce the sum considered distribution of profits.
Through the reforms introduced by the Capital ,ey Bill, the following laws will be modified and changes will be introduced in the subsequent regulations:. Changes to the pre-emptive right in public offers In line with the most modern comparative law, and with the objective of granting agility and improving public offerings of shares, the Capital Markets Bill incorporates section 62 bis that modifies the regulation of pre-emptive rights in public offerings.
Both have an unequal development principally because tax matters affect the Closed FCI. In that case and for that proportion, the Tax on Presumed Minimum Income will not be applicable.
Bill to Amend the Capital Markets’ Law – Tax Aspects
Correlatively, the amendment of section 19 i is proposed, by eliminating the power of the CNV 2083 declare, without initiating prior administrative proceedings, irregular and ineffective for administrative purposes the acts subject to its control, when they are contrary to law, the regulations of the CNV, the bylaws or the rules issued by entities and approved by the CNV. On the other hand, the resources derived from fines imposed by the CNV will no longer be considered as a source of financing and must be transferred to the National Treasury.
This is provided that the following conditions are met: Supervisory over external auditors Within the CNV’s regular supervisory lwy on the external auditors of such entities subject to the public offering regime, the Capital Markets Bill establishes new and main powers of this entity.
For advice about particular facts and legal issues, the reader should consult legal counsel. The transactions are authorized by the Argentine Securities Commission, under segments that leh priority of price-time and interference of offers.
However, the foreign beneficiaries will be subject to Income Tax if they do not fulfill the following requirements:. For individuals who invest in such mutual funds, Section 46 of the Income Tax Law will oey applicable in the proportion lwy the income deemed exempt, non-computable or not taxable if the investment had not been made through a mutual fund.
For this reason, the Capital Markets Bill seeks to eliminate the existing regulatory asymmetries, promoting the development of the Closed FCI in order to highlight its aptitude for financing of productive activity. Amendments to Law No. This article is intended to provide readers with basic information concerning issues of general interest, It does not purport to be comprehensive or to render legal advice.
Below are the main modifications:. Below are the main modifications: For companies, to the extent that the aforementioned funds are authorized by the Argentine Securities Commission and for the proportion of the investments carried out in Argentina, Section 64 of the Income Tax Law non-computable income will be applicable for the income distributed deemed non-computable if the investment had not been made through a mutual fund.
As both companies are independent from each other, each of them must be solely liable for their obligations. In this case, the publication must be accredited prior to the beginning of the placement period. First, the Capital Markets Bill reformulates the FCI definition in broadly similar terms from those used by the regulations of the CNV, as the estate owned by several persons, who have the right of co-ownership represented by quotas. Through the reforms introduced by the Capital Markets Bill, the following laws will be modified and changes will be introduced in the subsequent regulations: Additionally, the Capital Markets Bill extends the term for filing a direct appeal against the CNV, from five 5 business days to fifteen 15 business days since the notification of the resolution appealed.