The Securities Commission Simplifies The Requirements For Shareholders' Meetings And Authorizes Certain Corporate Books To Be Kept By Digital Means

Author:Canosa Abogados
Profession:Canosa Abogados

Through General Resolution N ° 789/2019 (the "Resolution"), published on Friday, April 5, 2019, the National Securities Comission ("CNV" - Comisión Nacional de Valores) established certain parameters in order to harmonize and facilitate the exercise of the rights of shareholders of companies listed in the public offering system.

In this sense, the Resolution introduces certain amendments in relation to the participation of foreign entities in the shareholders' meetings of companies.

In that way, the Resolution modifies Section 25 of Chapter II of Title II of the NORMS (N.T. 2013 and mod.) enabling the participation of foreign companies through duly instituted agents without any other requirement of the registry such as:

Legal Representative in the Argentine Republic; agent with sufficient powers for the act according to the power granted by the Legal Representative in the Argentine Republic, under the terms provided in Section 239 of Law N° 19,550; agent properly authorized for the act according to the power granted in the Argentine Republic by a person authorized to do so in accordance to the norms of his country, under the terms of Section 239 of Law N ° 19,550. agent with sufficient powers for the act according to the power granted abroad by an authorized person. This authorization must comply the requirements of legal authentication in the country of origin and in Argentina. The Resolution authorizes to carry out book of Deposit of Shares and Registration of Attendance to Shareholders' meetings by digital means, through a computerized registration system. To this end, the companies that wish to take the book in question by this means, must comply with the procedure established in the Resolution.

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