Emisión de valores de corto plazo por asociaciones mutuales
Published date | 29 July 2011 |
Date | 29 July 2011 |
Law Firm | Marval O'Farrell Mairal |
Los valores representativos de deuda de corto plazo (los “VCPs”) constituyen valores representativos de deuda con plazos de amortización de hasta trescientos sesenta y cinco (365) días. Los VCPs pueden ser adquiridos o negociados exclusivamente por ciertos inversores calificados, incluyendo, entre otros, el Estado Nacional o los estados provinciales o municipales y sus entidades descentralizadas, sociedades por acciones y de responsabilidad limitada, cooperativas y asociaciones, personas físicas residentes o sociedades de personas domiciliadas en la Argentina con cierto patrimonio mínimo o residentes o domiciliadas en el exterior, agentes de bolsa, fondos comunes de inversión, personas físicas residentes y personas jurídicas domiciliadas en el exterior.
En virtud de la Resolución General N° 589/2011 (la “Resolución 589/11”), las asociaciones mutuales pueden solicitar a la Comisión Nacional de Valores (“CNV”) su inscripción en el registro especial para constituir programas globales de emisión de VCPs y, una vez inscriptas quedarán, automáticamente autorizadas para ofertar públicamente VCPs hasta el monto total y por el plazo autorizado, el cual no podrá ser superior a cinco (5) años.
Las asociaciones mutuales podrán emitir VCPs representados como pagarés seriados o valores representativos de deuda de corto plazo y deberán contar con una fianza prestada por una sociedad de garantía recíproca (u otras modalidades de garantía previstas en la Ley N° 25.300) como pagador principal y solidario. Asimismo, al igual que en el caso de las sociedades de responsabilidad limitada, los VCPs emitidos por las asociaciones mutuales deberán contar con autorización de cotización o negociación acordada por una entidad autorregulada.
Finalmente, la Resolución 589/11 permite a las asociaciones mutuales presentar sus estados...
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