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The National Securities Commission (CNV) specified the creation of a Special Regime of Collective Investment Products for the Development of Public Infrastructure, an instrument that seeks to facilitate access to financing from the capital market in various sectors of the economy especially related to productive activity with a federal perspective.
RG 865/20 was approved yesterday by the Board of Directors of the organization and published today in the Official Gazette and constitutes the result of the process of participatory elaboration of norms, from which opinions and / or proposals received from various interested sectors and the citizenship in general during the consultation period that was put for public consideration.
“This new instrument that we created from a highly articulated work with other public sector organizations at all levels and also the private sector, constitutes a new milestone in the agenda that we define to accompany the concrete pull of resources towards the real economy of all the country that needs to get back on track ”, remarked the president of the CNV, Adrián Cosentino.
Along the same lines, he referred to the evolution of capital market financing, “directly linked to these promotional actions, the authorization of new funds and the creation of new investment vehicles, with a focus on Small and Medium-sized Enterprises (SMEs). ) and public infrastructure ”.
The new special regime published today joins a series of new investment instruments that the CNV put on the management’s priority agenda and that seek to bring the capital market closer to different sectors throughout the country.
Most relevant issues of the new standard
– The standard consolidates provisions for both the Closed Common Investment Funds (FCIC) and Financial Trusts (FF) destined to the financing of works at the national, provincial or municipal level, taking into account the characteristics of each vehicle and differentiating itself from the regimes general in order to adapt to the particularities of public infrastructure works.
– Enables investment in assets directly or indirectly related to the financing of Public Infrastructure, issued both by the sponsor, by the contractor or by a third party; in which cases the payment is guaranteed by the flows of funds from the Public Infrastructure project or by a specific allocation flow.
– The products created under this regime may finance engineering, architectural, construction, improvement, maintenance, equipment supply or asset exploitation projects, intended for public use of urban, road, transport, logistics, ports, rail, nature. electrical, health, educational, penitentiary, sanitary water and sewer infrastructure, among others.
– Incorporates the figure of the Contractor, adding a special section in the prospectus or prospectus supplement referring to it.
– The duty of publicity is established on a quarterly basis on the CNV website of a report referring to the progress of the project and the information by means of a relevant fact of any deviation that occurs in its execution.
– It establishes, in addition to the content provided in the general regime applicable to FCIC and FF, the minimum content of the Prospectus or Supplement depending on the investment characteristics.