Costa Rica Ley de Biodiversidad, Ley No. 24,, de 27 de junio de Peru Ley que establece el régimen de protección de los conocimientos colectivos. The Capital Markets Law No. 26, (hereinafter, the “CML”);; Law No. 24, of Common Investment Funds and its amendments;; Law No. 24, when the income derived from them belongs to quota holders of funds duly authorized by the Argentine Securities Commission.

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This is provided that the following conditions are met: Individuals —Exemption for transfer of shares The exemption provided in Subsection w of Section 20 of the Income Tax Law is applicable if the shares are placed through public offering and the transaction is authorized by the Argentine Securities Commission, under segments that ensure priority of price-time and interference of offers; otherwise, it is necessary to leg certain requirements related to the free number of shares.

Changes to the pre-emptive right in public offers In line with the most modern comparative law, and with the objective of granting agility and improving public offerings of shares, the Capital Markets Bill incorporates section 62 bis that modifies the regulation of pre-emptive rights in public offerings.

Collateral Agents for syndicated loans Considering the absence of a specific regulation on syndicated loans, the Capital Markets Bill introduces a new regulation in this matter, establishing that, if there are two 2 or more creditors, the parties may agree on the creation of mortgage and pledged collaterals in favor of a Collateral Agent, who will act for the benefit of the creditors and, in this 24803, the secured credits may be transferred to third parties, who will benefit from the collateral on the same terms as the assignor.

It is also clarified that the OPA procedure is ex-post, meaning that the obligation to promote the takeover bid is subsequent to the acquisition of control. This article is intended to provide readers with basic information concerning issues of general interest, It does not purport to be comprehensive or to render legal advice. This consolidates the principles of due process and the right of defense. Mutual Funds not included in the first paragraph of Section 1 of Law No.

In accordance with the fundamentals of the Capital Markets Bill, the mentioned proposals imply an increase of the supervisory power of CNV, granting greater protection to the investor, in line with the recommendations of specialized international organizations. Supervisory over external auditors Within the CNV’s regular supervisory powers on the external auditors of such entities subject to the public offering regime, the Capital Markets Bill leg new and main powers of this entity.

Financial Trust — Income Tax Financial Trust under certain requirements may be able to deduce the sum considered distribution of profits. The deadline for submitting the offer is one 1 month as from the date when the controlling interest is obtained. The new wording intends to avoid possible conflicts of interest between the 24038 sanctioning powers and its own resources.

In this case, the publication must be accredited prior to the beginning of the placement period. One of the innovations introduced by the Capital Markets Bill in this matter is that the notification to assigned debtors in the event of constitution of a pledge over present and future receivables is not required, as long as this notification is replaced by the publication of the notice in the Official Gazette.

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For individuals who invest in such mutual funds, Section 46 of the Income Tax Law will be applicable in the proportion of the income deemed exempt, non-computable or not leg if the investment had not been made through a mutual oey.

Bill to Amend the Capital Markets’ Law – Tax Aspects

Another of the main points of the Capital Markets Bill aims at the expeditiousness of the issuance leh use of the negotiable obligations. Therefore, the principle of accessority principio de accesoriedad provided for in section 2, of the Civil and Commercial Code would not be applicable.

In that case and for that proportion, the Tax on Presumed Minimum Leg will not be applicable. This article is intended to provide readers with basic information concerning issues of general interest, It does not purport to be comprehensive or to render legal advice.

Bill to Reform the Capital Markets Law

Closed FCIs are composed of: Amendments to Law No. Below are the main modifications: That in a month period, the subject and its controlling group or group of control, by means of Law No. As both companies are independent from each other, each of them must be solely liable for their obligations. According to the proposed text, in the case of capital increases of shares or negotiable obligations convertible into shares publicly offered, the pre-emptive right must be exercised through the placement procedure determined in the prospectus of the respective public offering.

Equalization Tax will not be applicable for mutual funds included in Section 1 of Law No. With the purpose of attenuating the prerogatives granted to the CNV, the Capital Markets Bill proposes several modifications to section 20 of the CML, which was one of the most controversial sections when the last amendment of the CML was enacted. The exemption provided in Subsection w of Section 20 of the Income Tax Law is applicable if the shares are placed through public offering and the transaction is authorized by the Argentine Securities Commission, under segments that ensure priority of price-time and interference of offers; otherwise, it is necessary to fulfill certain requirements related to the free number of shares.

For this reason, the Capital Markets Bill seeks to eliminate the existing regulatory asymmetries, promoting the development of the Closed FCI in order to highlight its aptitude for financing of productive activity.

In line with the most modern comparative law, and with the objective of granting agility and improving public offerings of shares, the Capital Markets Bill incorporates section 62 bis that modifies the regulation of pre-emptive rights in public offerings.

The mechanism grants the beneficiaries of the pre-emptive rights the priority in the allocation up to the amount corresponding to them by the percentage they hold, provided that the orders presented are at the price that results from the placement process or at a determined price that is equal to or higher than the subscription price determined in the public offering.

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LEY DE IMPUESTO A LAS GANANCIAS by Sergio R. Tessel on Prezi

Through the reforms introduced by the Capital Markets Bill, the following laws will be modified and changes will be introduced in the subsequent regulations:. For companies, to the extent that the aforementioned funds are authorized by the Argentine Securities Commission and for the proportion of the investments oey out in Argentina, Section 64 of the Income Tax Law non-computable income will be applicable for the income distributed deemed non-computable if the investment had not been made through a mutual fund.

For advice about particular facts and legal issues, the reader should consult legal counsel. Below are the main modifications:. The Capital Markets Law No. In this way, the holder of the collateral dissociates from the holders of the secured credits, ely for the transfer of credits without the need to modify the mortgage and pledged collaterals.

On the other hand, the resources derived from fines imposed by the CNV will no longer be considered as a source of financing and must be transferred to the National Treasury.

Bill to Amend the Capital Markets’ Law – Tax Aspects

Both have an unequal development principally because tax matters affect the Closed FCI. The bill to amend the Capital Markets Law submitted by the Executive to the Congress amends several tax rules.

With regard to voluntary takeover bids, it is established that the offeror may set the price at their own discretion without the fair price guidelines being applied. Within the CNV’s regular supervisory powers on the external auditors of such entities subject to the public offering regime, the Capital Markets Bill establishes new and main powers of this entity. This has been decided on the understanding that the current text grants 2483 rights to the CNV.

This amendment will ensure more predictability and legal certainty, according to the expertise of the commercial courts on capital markets matters. The Capital Markets Bill also makes certain amendments to the legal regime applicable to the negotiable obligations aiming primarily to modernize this regime to achieve a greater and more efficient use of this type of 240833.

The most important reforms and regulations introduced by the Lley Markets Bill are analyzed below. Under the proposed text, such declarations must be reasoned and require initiating prior administrative proceedings.

The new text grants the CNV the power to issue rules establishing under which assumptions an offer of securities will not be considered a public offering, but a private placement.

First, the Capital Markets Bill reformulates the FCI definition in broadly similar terms from those used by the regulations of the CNV, as the estate owned by several persons, who have the right of co-ownership represented by quotas.

For such purposes the CNV may take into 24038 means and mechanisms of publication, offering and distribution and the number and type of investors to whom the offer is addressed to.