Costa Rica Ley de Biodiversidad, Ley No. 24,, de 27 de junio de Peru Ley que establece el régimen de protección de los conocimientos colectivos. The Capital Markets Law No. 26, (hereinafter, the “CML”);; Law No. 24, of Common Investment Funds and its amendments;; Law No. 24, when the income derived from them belongs to quota holders of funds duly authorized by the Argentine Securities Commission.
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Below are the main modifications:. This is provided that the following conditions are met: Through the reforms introduced by the Capital Markets Bill, the following laws will be modified and changes will be introduced in the subsequent regulations: In that case and for that proportion, the Tax on Presumed Minimum Income will not be applicable.
This has been decided on the understanding that the current text grants extraordinary rights to the CNV. Amendments to Law No. For advice about particular facts and legal issues, the reader should consult legal counsel. Lwy, the principle of accessority principio de accesoriedad provided for in section 2, of the Civil and Commercial Code would not be applicable. In line with the delimitation of the liability introduced by the Capital Markets Bill, the key joint and several liability of the Management Company or the Depositary Company regarding damages to the quotaholders for the breach of their obligations is overturned, stating that they are individually liable for such damages.
Bill to Reform the Capital Markets Law
However, the foreign beneficiaries will be subject to Income Tax if they do not fulfill the following requirements: With the purpose of attenuating the prerogatives granted to the CNV, the Capital Markets Bill proposes several modifications to section 20 of the CML, which was one of the most controversial sections when the last amendment of the CML was enacted.
The new wording intends to avoid possible conflicts of interest between the CNV’s sanctioning powers and its own resources. Individuals —Exemption for transfer of shares The exemption provided in Subsection w of Section 20 of the Income Tax Law is applicable if the shares are placed through public offering and the transaction is authorized by the Argentine Securities Commission, under segments that ensure priority of price-time and interference of offers; otherwise, it is necessary to fulfill certain requirements related to the free number of shares.
Closed FCIs are composed of: The Capital Markets Law No. Supervisory over external auditors Within the CNV’s regular supervisory powers on the external auditors of such entities subject to the public offering regime, the Capital Markets Bill establishes new and main powers of this entity. According to the proposed text, in the case of capital increases of shares or negotiable obligations convertible into shares publicly offered, the pre-emptive right must be exercised through the placement procedure determined in the prospectus of the respective public offering.
Below are the main modifications: Mutual Funds not included in the first paragraph of Section 1 of Law No. It establishes the jurisdiction of the commercial courts to review the resolutions or penalties imposed by the CNV, in contrast to the regulations set forth by current LMC, which grants jurisdiction for this type of matters to the contentious-administrative courts.
The most important reforms and regulations introduced by the Capital Markets Bill are analyzed below. Likewise, the Capital Markets Bill establishes that the extraordinary shareholders’ meeting may decide that the pre-emptive right must not be applicable, in which case the shareholders wishing to participate in the capital increase will not have such preference, and conditions set forth in section of the Argentine Corporate Law No.
The profits distribution may be taxed through the investor of the trust. This article is intended to provide readers with basic lsy concerning issues of general interest, It does not purport to be comprehensive or to render legal advice.
This amendment will ensure more predictability and legal certainty, according to the expertise of the commercial courts on capital markets matters. The bill to amend the Capital Markets Law submitted by the Executive to the Congress amends several tax rules. With regard to negotiable obligations denominated in foreign currency, the Capital Markets Bill provides the subscription in local or foreign currency or in pesos and in the event that the services and amortization are payable exclusively in foreign currency, the payment in pesos provided in section of the Civil and Commercial Code will not be applicable.
It is also leey that the OPA procedure is ex-post, meaning that the obligation lfy promote the takeover bid is subsequent to the acquisition of control. For such purposes the CNV may take into consideration means and mechanisms of publication, offering and distribution and the number and type of investors to whom the offer is addressed to.
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Another of the main points of the Capital Markets Bill aims at the expeditiousness of the issuance and use of the negotiable obligations. Correlatively, the amendment of section 19 i is proposed, by eliminating the power of the CNV to declare, without initiating prior administrative proceedings, irregular and ineffective for administrative purposes the acts subject to its control, when they are contrary to law, the regulations of the CNV, the bylaws or the rules issued by entities and approved by the CNV.
For advice about particular facts and legal issues, the reader should consult legal counsel. Through the reforms introduced by the Capital Markets Bill, the following laws will be modified and changes will be introduced in the subsequent regulations:.
Bill to Amend the Capital Markets’ Law – Tax Aspects
In accordance with the fundamentals of the Capital Markets Bill, the mentioned proposals imply an increase lfy the supervisory power of CNV, granting greater protection to the investor, in line with the recommendations of specialized international organizations. As both companies are independent from each other, each of them must be solely liable for their obligations.
Equalization Tax will not be applicable for mutual funds included in Section 1 of Law No. In line with the most modern comparative law, and with the objective of granting agility and improving public offerings of shares, the Capital Markets Bill incorporates section 62 bis that modifies the regulation of pre-emptive rights in public offerings.
In this way, the holder of the collateral dissociates from the holders of the secured credits, allowing for the transfer of credits without the need to modify the mortgage and pledged collaterals.
This consolidates the principles of due process and the right of defense. Consequently, the obligation to promote takeover bids is eliminated for cases in which there is no acquisition of controlling interest or partial OPA, or significant participation that does not represent control.
Within the CNV’s regular supervisory powers on the external auditors of such entities subject to the public offering regime, the Capital Markets Bill establishes new and main powers of this entity. For this reason, the Capital Markets Bill seeks to eliminate the existing regulatory asymmetries, promoting the development of the Closed FCI in order to highlight its aptitude for financing of productive activity.
For individuals who invest in such mutual funds, Section 46 of the Income Tax Law will be applicable in the proportion of the income deemed exempt, non-computable or not taxable if the investment had not been made through a mutual fund.
2408 placement The new text grants the CNV the power to issue rules establishing under which assumptions an offer of securities will not be considered a public offering, but a private placement.