ARGENTINA: House Members Pass Capital Markets Reform Bill

(RTTNews) - Argentina's House of Representatives passed the so-called Productive Financing Bill, which changes capital markets regulation and changes a controversial rule that granted CNV veto powers over listed companies' decisions.

The bill reduces the power of Argentina's market regulator, the CNV, by eliminating its authority to name people with veto power over resolutions adopted by the board of publicly traded companies.

The legislation also creates the legal conditions for closed investment funds, including the elimination of taxes.

Investors in Argentina were waiting for the bill sanctioning with anxiety. The House floor debate on that topic has been postponed twice due to proceedings related to the public service fees adjustment.

The ruling party drove the debate. The opposition tried to change the discussion to Argentina's negotiations with the International Monetary Fund (IMF).