Caja de Valores

VII International Seminar
San Pablo, Brasil
November 8th-10th, 2006
The Securities Registrar System and the
Investors’ Rights
The Argentine Model
Norberto Gysin
Caja de Valores - Argentina
Institutions of the Capital Market
– Bolsa de Comercio de Buenos Aires (Stock
Exchange)
– Mercado Abierto Electrónico S.A. (OTC Market)
MERVAL
– Mercado de Valores de Buenos Aires S.A.
BCBA
Domestic
– Caja de Valores S.A.
MAE
Markets
– MATBA – ROFEX (Commodities Markets) MATBA C N V
ROFEX
– Others Stock Exchanges and Markets
CVSA
– Comisión Nacional de Valores (Regulatory
Organism)
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Market Participants
Ministry of Economy
Comisión Nacional
de Valores
OTC Market
Merval
Bolsa
For public securities
Caja de Valores
Argenclear
Banco de Valores
BCRA
CRYL
System of registry
and settlement of
public liabilities and
trusts
Caja de Valores S.A.
Founded in November, 1974
Limited Company of national
private capital
Legal framework
Act 20643
Decree 659/74
Decree 2220/80
CNV regulations(Res. Gral. 368-01)
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Share Capital
CVSA
BCBA
49,9 %
Others
MERVAL
49,9 %
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Functions of Caja de Valores S.A. and
its shareholders
9 Concertation,
9 Regulates, authorizes,
suspends and cancels
quotation
9 Registers and Publishes
the daily operations and
their prices
settlement,
Bolsa de
Comercio
de Buenos
Aires
Mercado de
Valores de
Buenos
Aires SA
important information
9 Supervises and takes
stockbrokers
9 Regulates and
companies.
companies and disperses
transactions
measures against
the activity of the listed
statements of listed
warranty of the
disciplinary
9 Inspects and regulates
9 Publishes financial
supervision and
coordinates the
CAJA DE VALORES
proceess of the
securities
Central Securities
Depository
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Participants
Brokers (local and international)
Securities markets and Stock Exchanges
Banks and Financial Companies
Secretary of Treasury
Pension Funds
Insurance Companies
Depositories of Mutual and Investment
Funds
Central depositories
Overseas investment funds
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Custody Components
The Collective Deposit
Participants accounts
Beneficial owner accounts
611
2,565.000
Nominal value of custody (F/V) 319,000,000,000
Eligible Securities for Custody
Public securities
Private securities (Public Offer authorized by the
Comisión Nacional de Valores)
In both cases:
Fisical
Securites
Book Entry
Bonds
Global
Certificates
CEDEAR´s
ADR´s
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Administration of Custody
Political rights
Shareholders Meetings
Certificates
Economic rights
Collection of dividends,
coupons, suscriptions,
redemptions, etc.
Collaterals
Performance of encumbrances
or guarantees
Caja takes notice of all legal acts related to deposit securities
Structure of subaccounts
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Operation of the Subaccounts
Segregation of capital
Sending of quarterly Statements by mail
- Report containing the balance of the beneficial
owner’s account and the movements done
in the last three-month period.
Returning of Quarterly Statement
- 1st. Marking of subaccount
- 2nd. Blocking of subaccount
Subaccount
Bloqueo
Marcado
Other Blockings
– By judicial order: lien of some/all the securities
(Securities in Guarantee)
– Economic rights on actions: Pledge
– Special blockings
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CVSA’s relationship with the final
investor
Investor relationship / CVSA – beneficial owner:
By means of the depositor
•
•
•
•
Deposit - Debit –Transfer
Shareholders Meetings Certificates
Credits
Information on corporate events
Directly receives the quarterly Statement
Magnetic card of query balance
• To the beneficial owner´s request
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Services to Final Holders
Registrar of “Bonos Previsionales”
The development and functionality of the Securities
registrar allows additional services to the traditional
custody service
Beneficiaries registry of
bonds
Cancellation of Retired Person´s
Debt
Quantity of credited
beneficiaries
33,000*
Nominal amount of bonds
138,000,000*
* Information as of October ‘06
Final investors
Performance of rights
Depositor
Depositor
Subaccount
Subaccount
Depositor
Subaccount
Certificates in the name of Beneficial Owner - Legal certainty
Holding
Meeting
Holding with
blocking
Law 20.643, CNV Regulations
Accredit ownership of the
represented securities
Decree 677/2001
Entitlement of execution,
presentation to bankrupt
processes, etc.
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Participant´s Insolvency
Depositor
Segregation of
capital
bankrupt
Beneficial owner´s
subaccounts: identified final
investor
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Thank You!
Norberto Gysin
[email protected]
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