The Secretary of Financial Services, Leandro Cuccioli; the Undersecretary of Legal and Regulatory Affairs, Eugenio Bruno; and the President of the Argentine Securities and Exchange Commission (CNV, for its acronym in Spanish), Marcos Ayerra, attended today the plenary meeting of the Finance and Budget and Treasury commissions of the House of Representatives and they explained the main guidelines of the Bill.
The law will foster financing for SMEs, the access to housing, the strengthening of the regulator agency and CNV regulations, and the development of more instruments to promote long-term savings.
At the presentation, Leandro Cuccioli talked about the importance of expanding the capital market and highlighted: “Its development is the challenge we have as a country. It is a source of growth because it is the vehicle through which savings meet productive services. It is a channel that must be available for those who need financing”.
The Secretary of Financial Services also remarked the promotion of access to housing and he explained that “with this law we are creating an instrument that will provide the possibility of having a broad and cheap mortgage credit”.
Finally, he talked about the promotion of long-term savings and he said: “Our objective is to give incentives for people to have the necessary instruments for long-term savings”.
In addition, Marcos Ayerra explained the importance of building a strong capital market through legal certainty and a transparent regulation system. “To that end, we add concepts that allow us to have a better regulation and more reaction capacity to be institutionally stronger”, he said.
Finally, Eugenio Bruno talked about the legal and regulatory aspects of the new Productive Financing Regime and he said: “This project constitutes an upgrade of last year’s version due to the fact that it is aimed at improving the SMEs regime”.
The main objectives of the project are to provide the foundation for a strong support to SMEs financing; to promote the capital market at a federal level; to increase the protection to investors; to boost public offerings of shares; to favor the development of the mortgage market and financial inclusion; to create the favorable conditions for the promotion of long-term savings; to strengthen the infrastructure of the capital market; and to improve the independence and supervision capacity of the CNV.