Cheques de pago diferido “avalados”: modifican los requisitos de inversión para las aseguradoras
Author | Walter C. Keiniger |
Date | 09 January 2012 |
Published date | 09 January 2012 |
Law Firm | Marval O'Farrell Mairal |
La Resolución N° 36.349 (la “Resolución”), dictada por la Superintendencia de Seguros de la Nación (“SSN”) con fecha 6 de diciembre de 2011 y publicada el 15 de diciembre en el Boletín Oficial, establece una nueva serie de requisitos para las aseguradoras al momento de invertir en la compra de cheques “avalados” por las sociedades de garantía recíproca o entidades asimilables (“Cheques Negociados”) (“SGR”).
1. Cheque de pago diferido “avalado”
De acuerdo con la Ley N° 24.452, artículo 54, el cheque de pago diferido es una orden de pago, librada a fecha determinada posterior a la de su libramiento, contra una entidad autorizada en la cual el librador a la fecha de vencimiento debe tener fondos suficientes depositados a su orden en cuenta corriente o autorización para girar en descubierto.
La Comisión Nacional de Valores (“CNV”), mediante la Resolución N° 14.689/2003 (reemplazada por la Resolución N° 16.692/2011), habilitó la negociación de cheques de pago diferido en el mercado de capitales. Existen distintas modalidades de negociación para el cheque de pago diferido (ver Marval News # 91 – “Cheques de pago diferido garantizados por warrants”), entre ellas, el “avalado" por una SGR o entidades asimilables, quienes estarán encargadas de su cotización en el mercado bursátil.
Las SGR deberán respaldar los Cheques Negociados con fondos de riesgo general o como fiduciarias de un fondo de riesgo específico (el “Fondo de Riesgo”). El importe máximo de Cheques Negociados, que podrá encontrarse en todo momento en el depósito de Caja de Valores S.A., no podrá exceder el 300% del monto del Fondo de Riesgo, según surja de la última información contable presentada.
2. Los nuevos requisitos establecidos en la Resolución
La Resolución modifica el punto 35.14 del Reglamento General de la Actividad Aseguradora (el “Reglamento”), donde establece los nuevos requisitos para los Cheques Negociados. Los requisitos y limitaciones pueden clasificarse del siguiente modo:
a) Calificación y depósito de las inversiones
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