Argentina Securities Commission revamps market infrastructure framework, reinstating custody, registry and payment agents and regulating bills of exchange and promissory notes

The Argentina Securities Commission (CNV) issued a new regulation updating the operating framework for trading venues, clearing houses and the central securities depository agent, and reintroduced the Custody, Registry and Payment Agent (ACRYP) category to replace the existing ARYP. The measure also implements Decree No. 1124/2024 for bills of exchange and stock market promissory notes, including instruments payable at sight or a certain time after sight and allowing interest linked to financial parameters, commodity quotations and/or reference rates. Under the revised framework, ACRYPs will be responsible for the safekeeping, custody and payment at maturity of individually issued negotiable securities that can be traded in Markets, such as promissory notes and stock market cheques. Markets, clearing houses, the central securities depository agent (ADCVN) and ACRYPs may undertake other related and complementary activities provided they are compatible and are reported in advance to CNV. The regulation increases the minimum net worth requirement for ADCVN and ACRYPs and amends existing rules on trading and custody of deferred payment cheques, stock market promissory notes, bills of exchange, warrants and MiPyME electronic credit invoices to reflect the reinstated ACRYP category. Minimum guidelines for the new bills of exchange and promissory note features are to be set out in Markets’ own rulebooks.