The National Securities Commission is hereby authorized to collect the Control Rate, which shall be paid by all those persons subject to the control of the CNV. It is hereby also authorized to collect the authorization tariff, which shall be paid, upon authorization for public offering, by the issuers of securities or instruments that will be offered for public sale.
Buenos Aires, December 24, 1998
Official Gazette: January 1, 1999
IN VIEW OF File No. 636/98 of the NATIONAL SECURITIES COMMISSION record and Laws 17,811 and 22,169 and supplemental regulations, and
Under the provisions stated in the above introduction, the NATIONAL SECURITIES COMMISSION was granted autarkic powers, its relationship with the NATIONAL EXECUTIVE POWER being maintained through the COORDINATION SECRETARIAT of the MINISTRY OF ECONOMY AND PUBLIC WORKS AND SERVICES. This Authority shall have jurisdiction throughout the ARGENTINE REPUBLIC to control individuals and legal persons involved in the public offering of securities.
Section 2 of Law 22,169 states that the NATIONAL SECURITIES COMMISSION is exclusively responsible for the duties, jurisdiction and powers that Laws 22,315 and 19,550, as amended, grant to the INSPECTION BOARD OF LEGAL ENTITIES in connection with corporations that make public offering of their securities within the Argentine Republic.
Executive Order No. 621, dated May 19, 1988, authorized the NATIONAL SECURITIES COMMISSION to enforce the provisions of Executive Order No. 157, dated July 14, 1978, related to the collection of incorporation and annual rates within its jurisdiction, on corporations making public offering of their securities according to the provisions of Laws 17,811 and 22,169.
Said Executive Order No. 1547/78, which served as the basis for the adoption of Executive Order No. 621/88, was repealed by Executive Order No. 360, dated March 14, 1995. The latter authorized the INSPECTION BOARD OF LEGAL ENTITIES to collect a fee for any service rendered in the discharge of the duties and powers granted by Law No. 22,315 and its Regulatory Executive Order No. 1493/82.
In turn, Executive Order No. 67, dated January 24, 1996, sets forth that the INSPECTION BOARD OF LEGAL ENTITIES shall collect the rates established herein for the services rendered by virtue of the functions and powers granted by the above-mentioned provisions, and repeals sections 1 through 7, and 10, 11, 13, 14 and 15 of Executive Order No. 360/95.
Pursuant to the provisions of Executive Orders No. 1493/82, No. 360/95 and No. 67/96, the INSPECTION BOARD OF LEGAL ENTITIES collects certain rates and tariffs from corporations that do not resort to public saving. Therefore, corporations with stronger shareholders equity do not pay contributions for the services they receive from the NATIONAL SECURITIES COMMISSION.
For said reason, and taking into account the volume and importance of the Commissions control functions, it is necessary to empower the CNV to collect administrative rates for the services it renders to corporations making public offering of their securities, control that was formerly in the hands of the INSPECTION BOARD OF LEGAL ENTITIES .
The charging of tariffs on services to be used to cover the costs derived from control activities is taken from the systems of several countries with capital market grades similar to those of Argentina, and from different tariff and administrative rates systems established in our country, for the activities of specific regulatory authorities, to be paid by organizations subject to their control, such as the NATIONAL TELECOMMUNICATIONS COMMISSION, the NATIONAL TRANSPORTATION REGULATORY COMMISSION and the Regulatory Body for Water and Sewage Services.
The GENERAL LEGAL AFFAIRS DEPARTMENT of the MINISTRY OF ECONOMY AND PUBLIC WORKS AND SERVICES adopted the relevant measures.
This Executive Order is issued by virtue of the powers and jurisdictions set forth by section 99, paragraph 1, of the NATIONAL CONSTITUTION.
THE PRESIDENT OF THE ARGENTINE REPUBLIC
Section 1 The NATIONAL SECURITIES COMMISSION is hereby authorized to collect the rates and tariffs mentioned by section 2 of this Executive Order.
Section 2 The rates and tariffs to be collected by the NATIONAL SECURITIES COMMISSION are as follows:
I) stock exchanges with associated securities markets;
II) stock exchanges without associated securities markets;
III) securities markets;
IV) forward and/or futures and options markets;
V) other self-regulating markets;
VI) corporations managing mutual funds, for each of the funds they manage;
VII) issuers of debt shares and/or securities;
VIII) risk rating agencies;
IV) Collective deposit institutions;
X) Financial trust corporations, for each of the trusts;
b) Authorization tariff: This rate shall be paid by issuers of securities or instruments to be offered for public sale when the authorization for public offering is granted. It shall be as follows:
Section 3 The Minister of Economy and Public Works and Services is hereby empowered to establish, in general and upon the proposal of the NATIONAL SECURITIES COMMISSION, the amounts and percentages of the rates and tariffs established by section 2 herein and to adopt the provisions necessary for the application thereof.
Section 4 The NATIONAL SECURITIES COMMISSION shall establish the terms of payment of the rates and tariffs referred to by section 2 herein.
Section 5 The NATIONAL SECURITIES COMMISSION shall be empowered to pursue the collection of the rates and tariffs in arrears through debt collection lawsuits. For collection purposes and eventual compulsory collection of said rates and tariffs, a certificate signed by the officer appointed by the Board of Directors of the NATIONAL SECURITIES COMMISSION shall be enough to require said collection. Outstanding amounts, while in arrears, shall accrue a late payment interest equivalent to a similar interest as applied by the FEDERAL PUBLIC REVENUE ADMINISTRATION (Administración Federal de Ingresos Públicos) to its outstanding amounts in arrears .
Section 6 The proceeds from the rates and tariffs established by section 2 herein shall be collected by the NATIONAL SECURITIES COMMISSION and may be charged to General Revenues.
Section 7 Be noticed, published, referred to the National Board of Official Registration and filed MENEM Jorge A. Rodríguez Roque B. Fernández.