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Cosentino: the capital market has to play hard in financing productive activity


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“The capital market has to play hard” in financing production projects, real estate investment and regional economies, said today the president of the National Securities Commission (CNV), Adrián Cosentino, who announced that all initiatives will begin to federalize to expand “strengthen the capacities” of the capital market.

Cosentino advanced today with the disclosure of the regulations that created a regime of new investment instruments for the construction sector and real estate development, when the assembly of the Business Chamber of Urban Developers (CEDU) closed this afternoon.

“It is a great milestone for the CNV to have been able to articulate with the construction industry and real estate development sector the new regulations that create specific instruments to promote financing from the capital market to sectors of the real economy,” he said.

He also described as “a virtuous path” the fact of articulating the public sector with the private sector, within the framework of a government program that “solidifies and compromises public policies in this regard.”

In this sense, he celebrated the elevation by the PEN of the bill referring to the reactivation of the construction industry through tax incentives that will facilitate the development of real estate projects and the approach of private savings towards investment projects that result in job growth and development of economic activity.

“Within this initiative, the capital market will be one of the sources and channels that will allow the financing of projects through collective investment vehicles that the CNV has been working on in recent months, which it called” Special Products Regime of Collective Investment for Real Estate Development “of financial trusts and closed mutual funds (RG 855/20).

Meeting with agents and markets

He then advanced with the update of the CNV’s strategic plan and the battery of financing vehicles placed on the market, during a meeting with the industry accompanied by Matías Isasa, one of the directors of the organization, and in which the heads of the Chamber of Commerce participated. Common Funds (CAFCI), Valentín Galardi; from the Chamber of Stock Brokers (CAADB), Alejandro Porzio, as well as Paulo Belluschi; of Bolsas y Mercados Argentina (ByMA), Ernesto Allaria; Electronic Open Market (MAE), Marcos Prieto, and Matba-Rofex, Andrés Ponte; and the executive director of the Argentine Stock Market (MAV), Fernando Luciani.

The meeting took place the day after the measures announced by the Minister of Economy, Martín Guzmán, and was marked from the beginning by the consensus to focus on an activity and product development plan to strengthen the sector’s action plans.

Cosentino expressed being “very satisfied” with the work carried out from the technical teams, and even more “with the whole situation that we have had to attend”, alluding to the pandemic.

Likewise, he expressed his gratitude to the participants that “they have supported us a lot in the entire product development line” and added: “today we have for all of you through the different agents everything related to products that may come out through the trust vehicle rule ”.

In that sense, he stressed that there is “a lot to work on; we reconciled the final rule of collective investment vehicles for the real estate sector and there is a phenomenal expectation in some funds that are already applying to CNV to leave ”.

Cosentino affirmed that “we generate a lot of mobilization, not only within the industry, but with other actors, urban projects, construction and related activities, which constitute a fundamental item for the macroeconomy and from which the capital market cannot be absent.”

He listed the “satisfaction” that in the set of measures announced on Thursday “there are some taxes that go fully to our work”, such as the two related to Earnings, deferrals and evaluation for publicly traded products.

“This is the consequence of everything we elaborate in the process of working with you and learning,” said Cosentino.

He also listed that the consultation process with the RG for infrastructure was completed and said “we are generating an additional space of time to collect concerns” as there were many but, shortly, it will be opened to the provinces through the Argentine Chamber of Construction (CAMARCO).

He also anticipated that in the coming days “we will be interacting a lot with different union actors linked to the main activities linked to regional economies”, such as agroindustrial chains. “The capital capital market has to play hard,” he emphasized, after highlighting that it is a “bet on genuine and sustainable export growth with the greatest amount of added value to generate, and that requires financing, you have to be there.”


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Regulator Information

Abbreviation: CNV
Jurisdiction: Argentina

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