Por Resolución General 642/201 (B.O. 31/8/2015) la Comisión Nacional de Valores dispuso modificaciones en materia de negociación de cheques de pago diferido. Específicamente, las modificaciones refieren a la incorporación de dos incisos al artículo 29 de la Sección X del Capítulo V del Título VI — MERCADOS Y CÁMARAS COMPENSADORAS— de las NORMAS (N.T. 2013 y mod.).
A continuación, el texto completo de la norma.
Resolución General 642/2015 – COMISIÓN NACIONAL DE VALORES – Modificación a la Negociación de Cheques de pago diferido.
Bs. As., 26/08/2015
Publicación en B.O.: 31/09/2015
VISTO el expediente N° 2264/2015 del registro de esta COMISIÓN NACIONAL DE VALORES, caratulado «MODIFICACIONES A LA NEGOCIACIÓN DE CHEQUES DE PAGO DIFERIDO»; lo dictaminado por la Gerencia de Desarrollo y Protección al Inversor, la Subgerencia de Asesoramiento Legal, la Gerencia de Asuntos Jurídicos, por la Gerencia General; y
CONSIDERANDO:
Que la Ley de Mercado de Capitales N° 26.831, en su artículo 2, incluye a los cheques de pago diferido como Valores Negociables.
Que las NORMAS (N.T. 2013 y mod.), en su título VI, Capítulo V, Sección X, Arts. 27 a 35 establecen las condiciones para la negociación de dicho instrumento y autorizan a los Mercados a reglamentar su negociación con ciertos requisitos mínimos.
Que por las características actuales de los sistemas de negociación se configura una situación poco transparente en la formación de precios, apartándose de los principios establecidos en la Ley de Mercado de Capitales N° 26.831.
Que por las características del sistema actual de negociación se configuran situaciones donde ciertas operaciones pueden ser cerradas a partir de ofertas de precio no susceptibles de ser mejoradas por otros agentes del mercado.
Que por la práctica habitual de los mercados de liquidar las operaciones en contado inmediato, se ve reducida la capacidad de planificación de los inversores, aumentando el riesgo de insolvencia y el costo de oportunidad de inmovilizar dinero, incidiendo negativamente sobre el volumen negociado y la competencia por la tasa de descuento.
Que a fin de subsanar la situación descripta resulta necesario implementar una instancia de congelamiento de plaza, exigiéndose, un tiempo adicional durante el cual cualquier comprador pueda mejorar la tasa y adquirir el instrumento; así como también determinar el plazo para liquidar la operación.
Que la presente se dicta en ejercicio de las facultades otorgadas por el artículo 19 inciso h) y el artículo 81 de la Ley N° 26.831 y de su Decreto Reglamentario N° 1023/2013.
Por ello,
LA COMISION NACIONAL DE VALORES
RESUELVE:
Artículo 1° — Incorpórese al artículo 29 de la Sección X del Capítulo V del Título VI — MERCADOS Y CÁMARAS COMPENSADORAS— de las NORMAS (N.T. 2013 y mod.), los siguientes incisos:
«d) Implementación de un procedimiento de congelamiento de plaza para toda operación concertada, exigiendo un tiempo adicional de 2 minutos en el que cualquier comprador pueda mejorar la tasa y adquirir el cheque. Si durante dicha instancia de congelamiento ocurriera una nueva concertación que mejore la tasa, nuevamente se deberá congelar la plaza por 2 minutos más y así sucesivamente hasta que el precio confluya en un punto de equilibrio.
e) Las operaciones deberán ser concertadas para ser liquidadas en el Plazo de VEINTICUATRO (24) horas únicamente.
Art. 2° — Comuníquese, publíquese, dese a la Dirección Nacional del Registro Oficial y archívese. — Guillermo Paván. — David Jacoby. — Cristian Girard.
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