VII International Seminar San Pablo, Brasil November 8th-10th, 2006 The Securities Registrar System and the Investors Rights The Argentine Model

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1 VII International Seminar San Pablo, Brasil November 8th-10th, 2006 The Securities Registrar System and the Investors Rights The Argentine Model Norberto Gysin Caja de Valores - Argentina

2 Institutions of the Capital Market Bolsa de Comercio de Buenos Aires (Stock Exchange) Mercado Abierto Electrónico S.A. (OTC Market) Mercado de Valores de Buenos Aires S.A. BCBA Caja de Valores S.A. MAE MATBA ROFEX (Commodities Markets) MATBA ROFEX Others Stock Exchanges and Markets Comisión Nacional de Valores (Regulatory Organism) C N V MERVAL Domestic Markets CVSA 2

3 Market Participants Ministry of Economy Comisión Nacional de Valores BCRA OTC Market For public securities Argenclear Merval Bolsa Caja de Valores Banco de Valores CRYL System of registry and settlement of public liabilities and trusts

4 Caja de Valores S.A. Founded in November, 1974 Limited Company of national private capital Legal framework Act Decree 659/74 Decree 2220/80 CNV regulations(res. Gral ) 4

5 Share Capital CVSA BCBA 49,9 % Others MERVAL 49,9 % 5

6 Functions of Caja de Valores S.A. and its shareholders Regulates, authorizes, suspends and cancels quotation Registers and Publishes the daily operations and their prices Bolsa de Comercio de Buenos Aires Mercado de Valores de Buenos Aires SA Concertation, settlement, supervision and warranty of the transactions Supervises and takes disciplinary Inspects and regulates the activity of the listed companies. Publishes financial statements of listed companies and disperses important information CAJA DE VALORES Central Securities Depository measures against stockbrokers Regulates and coordinates the proceess of the securities 6

7 Participants Brokers (local and international) Securities markets and Stock Exchanges Banks and Financial Companies Secretary of Treasury Pension Funds Insurance Companies Depositories of Mutual and Investment Funds Central depositories Overseas investment funds 7

8 Custody Components The Collective Deposit Participants accounts 611 Beneficial owner accounts 2, Nominal value of custody (F/V) 319,000,000,000

9 Eligible Securities for Custody Public securities Private securities (Public Offer authorized by the Comisión Nacional de Valores) In both cases: Fisical Securites Book Entry Bonds CEDEAR s Global Certificates ADR s 9

10 Administration of Custody Political rights Shareholders Meetings Certificates Economic rights Collection of dividends, coupons, suscriptions, redemptions, etc. Collaterals Performance of encumbrances or guarantees Caja takes notice of all legal acts related to deposit securities

11 Structure of subaccounts 11

12 Operation of the Subaccounts Segregation of capital Sending of quarterly Statements by mail - Report containing the balance of the beneficial owner s account and the movements done in the last three-month period. Returning of Quarterly Statement - 1st. Marking of subaccount - 2nd. Blocking of subaccount Other Blockings By judicial order: lien of some/all the securities (Securities in Guarantee) Economic rights on actions: Pledge Special blockings Subaccount Marcado Bloqueo 12

13 CVSA s relationship with the final investor Investor relationship / CVSA beneficial owner: By means of the depositor Deposit - Debit Transfer Shareholders Meetings Certificates Credits Information on corporate events Directly receives the quarterly Statement Magnetic card of query balance To the beneficial owner s request 13

14 Services to Final Holders Registrar of Bonos Previsionales The development and functionality of the Securities registrar allows additional services to the traditional custody service Beneficiaries registry of bonds Cancellation of Retired Person s Debt Quantity of credited beneficiaries 33,000* Nominal amount of bonds 138,000,000* * Information as of October 06

15 Final investors Performance of rights Depositor Subaccount Depositor Subaccount Depositor Subaccount Certificates in the name of Beneficial Owner - Legal certainty Holding Meeting Law , CNV Regulations Accredit ownership of the represented securities Holding with blocking Decree 677/2001 Entitlement of execution, presentation to bankrupt processes, etc. 15

16 Participant s Insolvency Depositor bankrupt Segregation of capital Beneficial owner s subaccounts: identified final investor 16

17 Thank You! Norberto Gysin 17

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