New special regime to promote foreign investments through the capital market: the importance on the mining sector

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On October 1, 2021 Resolution No. 906/21 issued by the National Securities Commission (Comisión Nacional de Valores or CNV for its Spanish acronym) was published on the Official Gazette, calling for a public consultation on the enactment of a regime of double listing (the Regime) intended to promote direct foreign investments, increase exports and develop a competitive local capital market.

The Regime applies to authorized foreign issuers that make public offer of shares, list or trade securities in foreign capital markets and would like to operate in the local capital market as well. It is aimed to facilitate the access to the local capital market to such issuers and provide them with new alternatives to diversify their portfolios and achieve a better exposure in the local currency.

To that aim, the Regime simplifies the requirements to obtain the relevant authorization from the CNV as well as the informative requirements that the foreign issuers listed abroad must comply with when registering with the CNV. For instance, the Regime admits financial statements submitted in their original language and only requires their translation if they are drafted in a language other than Spanish or English.

The Regime is part of the initiatives taken by the CNV in collaboration with the private sector to promote the development of the local capital market as well as certain activities such as the mining activity, due to its importance in the generation of income and employment throughout the country.

In that vein, the CNV and the Federal Mining Secretariat signed a framework agreement to provide concrete financing vehicles that enable foreign and local companies to develop sustainable, integrated, and inclusive mining projects.

Finally, the Regime modifies Section I of Chapter VIII of Title II of the Regulations (N.T. 2013 and amendments).

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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