TITLES public securities public law 27207 principles basic of the process of restructuring of the debt sovereign. Statement. Sanctioned: 04 November of 2015 promulgated: November 09, 2015 the Senate and Chamber of deputies of the Argentina nation gathered in Congress, etc. they attest to the force of law: article 1 - Declaranse of public order the principles basic of the process of restructuring of the debt sovereign, approved on 10 September 2015, through resolution No. A/RES/69/319 of the United Nations General Assembly at its sixty-ninth session, which form part of the legal system of the Republic of Argentina.
Article 2 ° - principles referred to in the preceding article are accompanied in the annex which forms an integral part of this law.
Article 3 ° - contact the national executive power.
GIVEN IN THE CHAMBER OF THE CONGRESO ARGENTINO, BUENOS AIRES, TO THE FOUR DAYS OF THE MONTH OF NOVEMBER IN THE YEAR TWO THOUSAND AND FIFTEEN.
-REGISTERED UNDER NO. 27207 - AMADO BOUDOU. -JULIAN A. DOMINGUEZ. -John H. Estrada. -Lucas Chedrese.
ANNEX PRINCIPLES OF SOVEREIGN DEBT RESTRUCTURING PROCESSES 1. A sovereign State is entitled, in the exercise of its discretionary power, to develop its macroeconomic policies, including the restructuring of its sovereign debt, right which should not be frustrated or hindered by abusive measures. The restructuring should be done as a last resort, while preserving the rights of creditors since the beginning. 2. the principle that the sovereign debtor and all creditors must act in good faith implies their involvement in constructive negotiations of sovereign debt restructuring and other stages of the process in order to restore debt sustainability and debt quick and long-lasting service and obtain the support of a critical mass of creditors through a constructive about the conditions of the restructuring. 3. the principle of transparency should be promoted to increase the accountability of the https://www.boletinoficial.gob.ar/pdf/linkQR/bkpuM0JIY242VVpycmZ0RFhoUThyQT09 interested, what can be done timely sharing both data and processes related to the renegotiation of sovereign debt. 4. the principle of fairness requires that all the institutions and actors involved in the restructuring of sovereign debt, even at the regional level in accordance with their respective mandates, are independent and refrain from any undue influence in the process and other interested parties or carry out acts that create conflicts of interest or corruption, or both. 5. the principle of equitable treatment imposes on States the obligation to refrain from arbitrarily discriminate against creditors, unless the difference in treatment is justified in accordance with law, is reasonable and corresponds to the characteristics of the credit, guarantee equality between creditors and consideration by all creditors. The creditors have the right to be treated equally in proportion with your credit and the characteristics of this. Any creditor or group of creditors should be excluded a priori of the sovereign debt restructuring process. 6. the principle of the immunity sovereign of jurisdiction and execution in matter of restructuring of the debt sovereign is a right of them States before them courts internal foreigners, and the exceptions should interpret is of way restrictive. 7. the principle of the legitimacy implies that to the establish institutions and perform operations related with the restructuring of the debt sovereign is must respect, in all them levels, them requirements of inclusion and the State of law. The terms and conditions of those contracts original continue to being valid until are modified through an agreement of restructuring. 8. the principle of it sustainability means that the restructuring of the debt sovereign must perform is of way timely and efficient and create a situation e indebtedness stable in the State debtor, preserving from the home them rights of them creditors and simultaneously promoting the growth economic sustained e inclusive and the development sustainable, minimizing them costs economic and social , ensuring the stability of the system financial international and respecting those rights human. 9. the restructuring by majority implies that agreements restructuring of sovereign debt that are approved by a qualified majority of creditors of a State will not be affected, impaired or hindered otherwise by other States or by a minority that is not representative of creditors, who must respect the decisions taken by the majority of creditors. It should encourage States to include collective action clauses in sovereign debt emissions.
Date of publication: 10/11/2015 https://www.boletinoficial.gob.ar/pdf/linkQR/bkpuM0JIY242VVpycmZ0RFhoUThyQT09