On January 15, 2004, the Argentine National Securities and Exchange Commission ("CNV") issued General Resolution Nbr. 454 amending Articles 5, 6, 9 and 10 of Chapter XV of the CNV regulations referring to Trusts. Such resolution was published in the Official Gazette on January 20, 2004.
In this sense, it is worth noting that through General Resolution Nbr. 437 of January 23, 2003, the CNV had already amended the amounts of net worth requirements for registration before the Ordinary Public and Financial Trustees Register, as well as the adequate administrative requirements to render such services.
The new amendments may be summarized as follows:
(a) Foreign companies filing for registration before the Ordinary Public and Financial Trustees Register, must produce evidence of their incorporation in countries with capital markets authorized by an organization recognized by the CNV or with which the CNV has entered into a memorandum of understanding.
