BuySellBA
Administrator
UVA Credits: Eliminate Parking - Reporte Inmobiliario
Source:
Créditos UVA: eliminan el Parking, noticias sobre MARCO LEGAL en Reporte Inmobiliario
La Comisión Nacional de Valores readecuó exigencias en torno a ciertas operaciones de valores negociables con liquidación en moneda extranjera y en jurisdicción local (MEP), en el marco de créditos hipotecarios UVA.
www.reporteinmobiliario.com
June 07, 2024
UVA Credits: Eliminate Parking
The National Securities Commission readjusted requirements regarding certain operations of negotiable securities with settlement in foreign currency and in local jurisdiction (MEP), within the framework of UVA mortgage loans.
The modifications introduced by RG CNV No. 1004/24 exempt such operations from June 10, with respect to (i) compliance with the minimum portfolio holding period to process them (commonly referred to as Parking); (ii) the prior information regime (commonly referred to as scheduling) required to proceed with its sale with settlement in foreign currency and in local jurisdiction (MEP); and (iii) restrictions on sales against foreign currency in cases of having open financing via sureties, repos and/or any type of financing through operations in the capital market.
Likewise, with respect to the limitation on carrying out or liquidating operations for the sale of negotiable securities with settlement in foreign currency in the event of having taking positions in guarantees and/or repos, the RG incorporates within the excepted financing (where the debt issues with public offering) to promissory notes issued in foreign currency with a cash payment clause in said currency and that had been discounted through their negotiation in Markets registered with this Commission.
The president of the CNV, Roberto E. Silva, highlighted that “the development of mortgage credit is very important for Argentines and also for the capital market. Through RG 1004, UVA mortgage loans are exempt from parking and some other regulatory obstacles in order to make operations viable.”
In this sense, Agents must verify compliance with the established conditions prior to managing any of the aforementioned operations, keeping the supporting documentation in the clients' respective files.
The president of the Association of Notaries of the City of Buenos Aires, notary Jorge De Bártolo, considered “very correct the general resolution 1004 of the National Securities Commission that exempts UVA mortgage loans from parking to make operations viable and is a solution to the thousands of Argentines who will soon have a folder with an approved loan for housing.” In that sense, he explained: “It was one of the big topics that we analyzed in the seminar 10 days ago at our headquarters together with Reporte Inmobiliario and banking entities, because we were worried that the borrower would have complications if the quote changed.”
Access link to General Resolution No. 1004
www.buysellba.com
