COVID - 19 - Capital Markets. Trusts
Capital Markets. Trusts
On April 21, 2020, General Resolution No. 833/20 of the Companies House (CNV in its Spanish acronym) was published in the Official Gazette. Such Resolution requires that management companies registered under the category “broker-dealer” or any other category of agent, as of the effective date of the General Resolution No. 792, be adapted before September 1, 2020 to the requirements set forth in the Mutual Fund Law and the rules of the CNV, regarding minimum equity and the performance of tasks additional to the administration of mutual funds whose aim is investment administration.
In the event that they do not comply with such adaptation, they will be removed from the CNV registry, after liquidation and cancellation of all the mutual funds under their administration.
Likewise, on April 21, the General Resolution No. 834/2020 of the CNV was published. Such Resolution provides that the financial statements of open-end mutual funds, clearing houses, financial trustees, management companies, rating agencies and further agents registered in the Public Registry under the CNV, corresponding to the annual periods ended on January 31, 2020, February 29, 2020 and March 31, 2020, and intermediate ones – including the quarterly and/or biannual accounting certification, if applicable – closing on February 29, 2020 and March 31, 2020, shall be submitted within the following terms:
i) for intermediate periods, within 70 calendar days as from its closing date; and
ii) for fiscal years, within 90 calendar days as from its closing date.
Both Resolutions enter into force as from April 22, 2020.