La CNV modifica la definición de inversor calificado
Published date | 02 October 2018 |
Date | 02 October 2018 |
Law Firm | Marval O'Farrell Mairal |
A través de la Resolución General N° 761/2018, publicada el día 6 de septiembre de 2018 (la “Resolución 761”), la Comisión Nacional de Valores (“CNV”) modificó la definición de Inversor Calificado. La Resolución 761 es el resultado del proceso de consulta pública iniciado a través de la Resolución General N° 734/2018, publicada el 23 de mayo de 2018 (ver "La CNV propone una nueva definición de Inversor Calificado").
Originalmente, la definición de Inversor Calificado era usada para definir a inversores que podían adquirir determinados valores negociables emitidos por pequeñas y medianas empresas. Sin embargo, la CNV ha ido ampliando su uso. Por ejemplo, existen ciertos requisitos de adecuación de los inversores que los agentes no necesitan realizar con Inversores Calificados. Asimismo, la Ley de Financiamiento Productivo establece regulaciones que se refieren a los Inversores Calificados. Entre otras, se autoriza a la CNV a eximir de ciertos requisitos regulatorios a aquellos fondos comunes de inversión exclusivamente ofrecidos a Inversores Calificados y a emitir regulaciones de colocación por oferta privada, las cuales, típicamente, están relacionadas con Inversores Calificados.
De acuerdo a la nueva definición, los siguientes sujetos son considerados “Inversores Calificados”:
- El Estado Nacional, las provincias y municipalidades, las entidades autárquicas, las sociedades del estado y las empresas del Estado.
- Los organismos internacionales y personas jurídicas de derecho público.
- Los fondos fiduciarios públicos
- La Administración Nacional de la Seguridad Social (ANSeS) – Fondo de Garantía de Sustentabilidad (FGS).
- Las cajas previsionales.
- Los bancos y entidades financieras públicas y privadas.
- Los fondos comunes de inversión.
- Los fideicomisos...
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