Sub-custody guide: Argentina
Argentinian Senate converted the 1968 law on public listings
to Law 26,831 on November 30 2012, giving rise to the Capital Market Law. The
mandate granted full power to the National Securities Commission, Comisión
Nacional de Valores (CNV), to approve and regulate brokers, exchanges and
listing companies.
Granting more regulatory power to the CNV was a major
modification to the securities markets in Argentina and its impacts are still
being felt, according to Hugo Arbat, head of HSBC Securities Services, Argentina.
“Though much has yet to be defined and implemented, some market participants
are already leading the way,” he says.
Mercado Abierto Electrónico (MAE), the over-the-counter
(OTC) market, has presented a new market regulatory framework for CNV approval,
which includes a new guaranteed trading segment and a clearing and settlement
platform for MAE trades.
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