Valores Negociables Sociales, Verdes y Sustentables
Author | Ricardo W. Beller |
Published date | 04 July 2019 |
Date | 04 July 2019 |
Law Firm | Marval O'Farrell Mairal |
El 22 de marzo de 2019, la Comisión Nacional de Valores (“CNV”) publicó la Resolución General N° 788/2019 (la “Resolución”) en el Boletín Oficial, la cual incorpora a las Normas de la CNV (Nuevo Texto 2013 y modificatorias; las “Normas CNV”) los Lineamientos para la Emisión de Valores Negociables Sociales, Verdes y Sustentables en Argentina (los “Lineamientos”).
Los Lineamientos son el resultado del procedimiento de “Elaboración Participativa de Normas” (Decreto N° 1172/2003) establecido por la Resolución General N° 764, los cuales receptan algunos comentarios propuestos al texto original. Hemos detallado los términos de la Resolución General N° 764 en nuestro artículo anterior “Bonos sociales, bonos verdes y bonos sustentables” (ver Marval News 189: https://www.marval.com/publicacion/bonos-sociales-bonos-verdes-y-bonos-sustentables-13260 ).
A continuación, describimos únicamente las principales modificaciones incorporadas en la versión final de la Resolución, en comparación con la versión que se propuso mediante la Resolución General N° 764.
En primer lugar, se utilizará el término “valor negociable” ―en vez de “bono”― para hacer referencia a los instrumentos emitidos que tengan por objeto financiar proyectos con fines sociales y/o ambientales (los “Valores Negociables SVS”). Ello se condice con las posibles estructuras mencionadas en la Sección 3.2 de los Lineamientos, las cuales no se limitan a las obligaciones negociables (la Resolución incorpora las obligaciones negociables de los regímenes PYME CNV y PYME CNV garantizada), sino que también prevén los fondos comunes de inversión y los fideicomisos financieros.
En segundo lugar, se establece la competencia de los mercados respecto del control de las características verdes, sociales y/o sustentables de las emisiones cuando estos deseen establecer segmentos de negociación...
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