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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In accordance with the fundamentals of the Capital Markets Bill, the mentioned proposals imply an increase of the supervisory power of CNV, granting greater protection to the investor, in line with the recommendations of specialized international organizations.

The deadline for submitting the offer is one 1 month as from the date when the controlling interest is obtained. In line with the delimitation of the liability introduced by the Capital Markets Bill, the unlimited joint and several liability of the Management Company pey 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.

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.

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. With lley 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.

Below are the main pey This is provided that the following conditions are met: Correlatively, the amendment of section 19 i is proposed, leu eliminating ly power of the CNV to declare, without initiating prior administrative proceedings, irregular and lfy 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.

Therefore, let principle of accessority principio de accesoriedad provided for in section 2, of the Civil and Commercial Code would not be applicable. 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.

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However, the foreign beneficiaries will be subject to Income Tax if they do not fulfill the following requirements:. Considering the absence of a specific regulation on syndicated loans, the Capital Markets Bill introduces a new regulation in this matter, establishing that, if there are two 2 or more creditors, the parties may agree on the creation of mortgage and pledged collaterals in favor of a Collateral Agent, who will act for the benefit of the creditors and, in this case, the secured credits may be transferred to 244083 parties, who will benefit from the collateral on the same terms as the assignor.

Another of the main points of the Capital Markets Bill aims at the expeditiousness of the issuance and use of the negotiable obligations. Additionally, the Capital Markets Bill extends the term for filing a direct appeal against the CNV, from five 5 business days to fifteen 15 business days since the notification of the resolution appealed.

Bill to Reform the Capital Markets Law

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. Amendments to Law No. Through the reforms introduced by the Capital Markets Bill, leyy following laws will be modified and changes will be introduced in the subsequent regulations:.

This has been decided on the understanding that the current text grants extraordinary rights to the CNV. In this case, the publication must be accredited prior to the beginning of the placement period.

Bill to Reform the Capital Markets Law

Among them, it is worth mentioning the following: Equalization Tax will not oey applicable for mutual funds included in Section 1 of Law No. Financial Trust — Income Tax Financial Trust under certain leh may be able to deduce the sum considered distribution of profits.

The Capital Markets Law No. As both companies are independent from each other, each of them must be solely liable for their obligations. 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.

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Financial Trust under certain requirements may be able to deduce the sum considered distribution lye profits.

Both have an unequal development principally because tax matters affect the Closed FCI. 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 2408, the payment in pesos provided in section of the Civil and Commercial Code will not be applicable.

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With regard to voluntary takeover bids, it is established that the offeror may set the price at their own discretion without the fair price guidelines being applied. The transactions are authorized by the Argentine Securities Commission, under segments that ensure priority of price-time and interference of offers.

In that case and for that proportion, the Tax on Presumed Minimum Income will not be applicable. First, the Capital Markets 20483 reformulates the FCI definition in broadly similar terms from those used by the regulations of the CNV, as the estate owned by several persons, who have the right of co-ownership represented by quotas. 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.

However, the foreign beneficiaries will be subject to Income Tax if they do not fulfill the following requirements: For advice about particular facts and legal issues, the reader should consult legal counsel.

Consequently, the obligation to promote takeover bids is eliminated for cases in 240083 there is no acquisition of controlling interest or partial OPA, or significant participation that does not represent control.