Cotización de Valores Fiduciarios
Published date | 09 August 2006 |
Date | 09 August 2006 |
Author | Roberto E. Silva (h.) |
Law Firm | Marval O'Farrell Mairal |
La Comisión Nacional de Valores (“CNV”) aprobó el reglamento de cotización de valores fiduciarios en la Bolsa de Comercio de Buenos Aires (“BCBA”).
El día 19 de julio se publicó en el Boletín Oficial la Resolución Nº 15.421 de la CNV que aprueba la resolución de Consejo Nº 2/2006 de la BCBA, reglamentaria de la cotización de valores fiduciarios (la “Resolución Reglamentaria”).
Con anterioridad a la Resolución Reglamentaria, el reglamento de cotización de la BCBA no contenía disposiciones expresas relativas a la cotización de valores fiduciarios (incluidos los fondos de inversión directa), aplicándose por analogía las disposiciones relativas a la cotización de obligaciones negociables. Estas normas, al igual que otras disposiciones compatibles con la naturaleza de los valores fiduciarios seguirán siendo de aplicación en caso que exista alguna cuestión no prevista expresa o implícitamente en la Resolución Reglamentaria.
La Resolución Reglamentaria requiere que los bienes fideicomitidos por cuyos fideicomisos se solicita cotización:
(i) estén determinados con claridad e individualizados con precisión; si no es posible a la fecha del contrato de fideicomiso, deberán describirse los requisitos y características de tales bienes;
(ii) si consisten en forma exclusiva o relevante, en activos de existencia futura, deberán obtener una o más calificaciones de riesgo a efectos que la BCBA pueda ponderar la factibilidad de efectiva generación o adquisición de tales activos y su eventual afectación en caso de concurso, quiebra o acuerdo preventivo extrajudicial del fiduciante, o acción individual de sus acreedores. La BCBA podrá denegar la cotización de resultar la calificación menor a "BB" o equivalente (requisito novedoso y no previsto por la normativa vigente de la CNV);
(iii) no consistan en forma exclusiva o relevante en créditos adeudados por la empresa que se financia directa o...
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