Modification of Fees and Tariff Imposed by The National Securities Commission(CNV)

201708.30
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By virtue of Resolution 153-E/2017, dated August 25, 2017 (hereafter the “Resolution”), of the Finance Ministry (hereafter the “Ministry”), published in the Official Gazette on August 28, 2017, a new regime of monitoring and control tariffs, authorization fees and fees for other services, levied by the National Securities Commission (Comisión Nacional de Valores, hereafter the “CNV”), is established in the terminology of Article 14, subparagraph b) of the Capital Market Law N° 26.831 (Ley de Mercado de Capitales, hereafter the “LMC”).

This modification is based on the rise in the CNV’s workload, resulting in the increasing amount of human resources necessary to fulfill its tasks effectively. Moreover, it has to be taken into account that there are services which have not been subject to tariffs until now but – given the current setting of the administrative activities’ functionality – justify their tariffication.

Therefore, taking into account the above-mentioned circumstances, the Ministry considered it necessary to establish a regime of monitoring and control tariffs, authorization fees, and fees for other services. For that purpose, the tariff scheme of regional regulatory organisms has been analyzed with the objective of applying a new tariff scheme which protects the competitiveness of the Argentine market with respect to the region and based on the size and profundity of the market.

Accordingly, the new regime provides for:

  • the increase of amounts that are currently levied as monitoring and control fees and the expansion of the obligation to pay said fees to new subjects monitored by the CNV;
  • the actualization of the aliquot that currently applies to authorization tariffs on the amounts of negotiable securities authorized to be offered publicly as well as the expansion of its scope to other negotiable securities intended to be issued as public offers;
  • the introduction of a monitoring and control fee for fund managers and custodians, established in the form of a percentage of the net assets under management/custody, collected quarterly; and
  • the stipulation of interest rates applicable to what is set out in Articles 15 and 134 of the LMC, limited to one and a half times what the Argentine National Bank charges as central bank discount rate for commercial papers; or rather two and a half times in case of the interest rate referred to in Article 149 of the LMC.

In this context, we attach in the following a comparative table of the old regime, established by Resolution 87/2001, and the new regime of monitoring and control tariffs, authorization fees and fees for other services.



ANNUAL MONITORING AND CONTROL FEE

 

  Resolution 87/2001[1] Resolution 153-E/2017[2]
MARKETS
Markets $ 2.500,00[3] $ 1.000.000,00
Clearing houses $ 1.600.000,00
Collective deposit agents $ 4.000.000,00
AGENTS
Risk rating agents (does not include public universities) $  2.500,00 $    110.000,00
Custodians, registrars and paying agents $    480.000,00
Brokers $      40.000,00
Comprehensive broker-dealers $    300.000,00
Broker-dealers $    300.000,00
Broker-dealers – agricultural registry (RUCA) $    300.000,00
Broker-dealers – direct participation $    300.000,00
ISSUERS
Issuers of shares, bonds/notes and short-term debt securities $    240.000,00
Issuers of argentine depositary receipts (CEDEARS) $      60.000,00
Issuers of securities certificates (CEVA) $      40.000,00
MANAGERS AND CUSTODIANS OF INVESTMENT FUNDS
Investment fund managers $ 4.200,00[4] 0,020%[5]
Custodians $  2.500,00 0,005%[6]
PLACEMENT AND DISTRIBUTION AGENTS
Placement and distribution Agents of investment funds $      16.000,00
Comprehensive placement and distribution agents of investment funds $      16.000,00
TRUSTEES (FIDUCIARIOS)
Financial trustees (fiduciarios financieros) and/or non-financial trustees (fiduciarios no financieros) –  financial institutions and corporations (sociedades anónimas)

 

$      90.000,00
AUTHORIZATION FEE

 

  Resolución 87/2001[7] Resolución 153-E/2017[8]
Shares
Public offer of shares 0,05%[9]
Bonds/Notes
Issuance of bonds/notes 0,03% 0,05%[10]
Modification of terms and conditions 0,01%[11]
Issuance of Bond/Notes Programs
Global programs 0,01%[12] 0,01%[13]
Placement of series and/or class 0,02% 0,04%[14]
Increase of amount 0,01% 0,01%[15]
Extension of term 0,01%[16]
Modification of terms and conditions 0,01%[17]
Modification of terms and conditions of series and/or class 0,01%[18]
Argentine depositary receipts (CEDEARS) 0,05%[19]
Securities certificates (CEVA) 0,05%[20]
Financial Trusts (Fideicomisos Financieros)
Issuance of trust securities (valores fiduciarios) 0,03% 0,05%[21]
Modification of terms and conditions 0,01%[22]
Issuance of Financial Trust (Fideicomisos Financieros) Programs
Global Program 0,01%[23] 0,01%[24]
Placement of series and/or class 0,02% 0,04%[25]
Increase of amount 0,01% 0,01%[26]
Extension of term 0,01%[27]
Modification of terms and conditions 0,01%[28]
Modification of terms and conditions of series and/or class 0,01%[29]

Access the full text of the Resolution here.

This publication does not offer a legal opinion on specific matters. If necessary, specialized legal counsel should be sought.

[1] Source: http://servicios.infoleg.gob.ar/infolegInternet/anexos/65000-69999/66103/norma.htm

[2] Source: http://servicios.infoleg.gob.ar/infolegInternet/anexos/275000-279999/278620/norma.htm

[3] An annual monitoring and control fee of $ 2.500 is imposed on (i) exchanges with an adherent securities market; (ii) exchanges without an adherent securities market; (iii) securities markets; (iv) forwards and/or futures and options markets; y (v) other self-regulating markets.

[4] For every fund managed.

[5] The calculation is based on the net assets under management of open and closed funds (excluded are SMB funds and funds set up according to Law Nº 27.260). The fee is annual and collected on a quarterly basis.

[6] The calculation is based on the net assets under custody of open and closed funds (excluded are SMB funds and funds set up according to Law Nº 27.260). The fee is annual and collected on a quarterly basis.

[7] Source: http://servicios.infoleg.gob.ar/infolegInternet/anexos/65000-69999/66103/norma.htm

[8] Source: http://servicios.infoleg.gob.ar/infolegInternet/anexos/275000-279999/278620/norma.htm

[9] Of the placement’s result; to be paid after the payment.

[10] Of the authorized amount; to be paid upon authorization.

[11] Of the circulating amount; to be paid upon authorization.

[12] Of the program’s total amount.

[13] Of the program’s maximum amount; to be paid upon authorization.

[14] Of the placement’s result; to be paid after the payment..

[15] Of the amount of the program’s increase; to be paid upon authorization.

[16] Of the program’s amount; to be paid upon authorization.

[17] Of the program’s amount; to be paid upon authorization.

[18] Of the circulating amount; to be paid upon authorization.

[19] Of the program’s maximum amount; to be paid upon authorization.

[20] Of the program’s maximum amount; to be paid upon authorization.

[21] Of the maximum authorized amount, to be paid upon authorization.

[22] Of the circulating amount; to be paid upon authorization.

[23] Of the program’s total amount.

[24] Of the program’s maximum amount; to be paid upon authorization.

[25] Of the placement’s result; to be paid after the payment.

[26] Of the amount of the program’s increase; to be paid upon authorization.

[27] Of the program’s amount; to be paid upon authorization.

[28] Of the program’s amount; to be paid upon authorization.

[29] Of the circulating amount; to be paid upon authorization.


Contact Details

Sebastián Luegmayer
Tel. (5411) 4346-1045
luegmayers@eof.com.ar