Prohibición de constituir fideicomisos por acto unilateral
Published date | 30 September 2003 |
Date | 30 September 2003 |
Author | Mario A. Carregal |
Law Firm | Marval O'Farrell Mairal |
Mediante la Resolución General Nº 447/03, publicada en el Boletín Oficial del 3 de septiembre de 2003 (la “Resolución”), la Comisión Nacional de Valores (“CNV”) ha modificado el artículo 3 del Capítulo XV del texto ordenado de sus Normas, estableciendo la prohibición de que se constituyan nuevos fideicomisos financieros en los que un único sujeto reúna las condiciones de fiduciario y beneficiario.
Así, la parte pertinente de dicho artículo 3 establece en su nueva redacción: “No podrán constituirse fideicomisos por acto unilateral, entendiéndose por tales aquellos en los que coincidan las personas del fiduciante y del fiduciario, ni podrán reunirse en un único sujeto las condiciones de fiduciario y beneficiario.”
Respecto de los fideicomisos actualmente existentes, el artículo 3 establece que: “Los fideicomisos actualmente existentes y con certificados de participación y/o valores representativos de deuda ya emitidos, podrán continuar hasta el vencimiento de los plazos de duración para los cuales fueron autorizados en cada caso.”
Tal como se establece en sus considerandos, la Resolución se dicta en ejercicio de las facultades otorgadas a la CNV por el artículo 19 de la Ley Nº 24.441 y los artículos 6 y 7 de la Ley Nº 17.811.
Los artículos 6 y 7 de la Ley Nº 17.811 otorgan a la CNV, entre otras cosas, la facultad de autorizar la oferta pública de títulos valores y de dictar normas relativas a la misma, mientras que el artículo 19 de la Ley Nº 24.441 le otorga la facultad de dictar normas reglamentarias respecto de los fideicomisos financieros.
Ese es el motivo por el que la Resolución se refiere exclusivamente a fideicomisos financieros, si bien los fundamentos desarrollados en los considerandos de la misma podrían resultar aplicables a otros tipos de fideicomisos.
En efecto, en los fundamentos de la Resolución se establece que en virtud de la naturaleza contractual del fideicomiso se hace necesaria la participación de distintas personas, y que la designación del fiduciario como beneficiario del...
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