Amends Act No. 19.220, Which Regulates The Establishment Of Agricultural Products Bags

Original Language Title: MODIFICA LA LEY Nº 19.220, QUE REGULA EL ESTABLECIMIENTO DE BOLSAS DE PRODUCTOS AGROPECUARIOS

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"Sole article.-Introducense the following |! |" (modificaciones en la ley Nº 19.220: 1) replace number 5) of article 2 by the |! | Next: "5) actions will have equal value and will not be able |! |" established series of actions or actions |! | privileged. However, series may provide |! | actions that have the sole and exclusive privilege |! | for their holders to carry out brokerage operations |! | specific and certain products.
The holders of these preference shares for |! | that can perform such operations, must comply |! | with all the requirements to be stockbrokers. |!| Shares of single series or series privileged |! | are issued not entitled to the option that prescribes |! | Article 25 of law No. 18,046. "."

(2) Agreganse the following subparagraphs second and |! | third article 3: "bags products will benefit the |! |" premises, facilities, transaction systems, |! | information, settlement and clearing of bags of |! | values, provided that the latter held conventions |! | with those and the conditions for use of such |! | goods to ensure the generation of information |! | independent for the same.
The Superintendent, through rules of character |! | general, will give the necessary instructions for |! | ensure compliance with the provisions of subsection |! | previous. "."

(3) replace the article 4th, by the following: "article 4.-for the purposes of this Act be |! |" agricultural product or physical product you mean the |! | that comes directly or indirectly from agriculture, |! | livestock, forestry, living aquatic activities, |! | beekeeping or agribusiness, or any other activity |! | that it can be understood how agriculture, according to |! | other national or international standards as well as the |! | inputs that such activities require.
You will also understand agricultural services |! | that provision directly to perform the |! | activities expressed in the previous paragraph.
In any case, whenever in this Act covers |! | reference to "products", it also includes to the |! | services referred to in this subsection. "."

(4) amended article 5, of the next |! | "(forma: a) Insert, number 1), between the word |! |" agricultural"and the word"that", the expression" and |! | " contracts on these, "."
((b) replace, in paragraph 2), the phrase: "and the |! |" "contracts for the future of such products, and" by the |! | Next: "future contracts or other contracts |! |" of derivatives products; "."
((c) replace, in the number 3), the point apart |! | (.) by a comma (,) followed by the conjunction "and".
((d) add the following number 4), new: "4) the other titles to the Superintendency |! |" authorized by general standard. "."
"(e) replaced into the second paragraph, word |! |" three"by"four".

(5) in the second paragraph of article 6, |! | "replace the sentence that begins with the words |! |" is prohibited", and ending with the words" account |! | " own. ", by the following:" runners may also devote themselves to the |! | "" purchase or sale of products in stock market on their own, |! | whenever there is a mood to transfer rights over |! | them. "."

(6) amended article 7 in the following |! | ((sentido: a) delete the letter b), passing the letters c), |! | ((((((((((d), e), f), g) and h) to be letters b), c), d), e), f) and |! | (g), respectively.
((b) in point (d)), which becomes c), add the |! | following sentence then the separate dot (.), |! | that happens to be followed: "Notwithstanding the foregoing, |! |" to carry out the operations indicated in the Sub-paragraph |! | two of article 6 of this law, shall be |! | maintain a minimum equity of 14,000 units of |! | building. "."

(7) replace the final paragraph of article 8, by |! | the following: "the directors and administrators of such persons |! |" legal entities, individually considered, should be |! | (acreditar los requisitos establecidos en las letras a), |! | ((e), f) and g), of the preceding article. "."

(8) insert in article 10 after the |! | word "liquidity", the expression: "and solvency |! |" Heritage".

(9) replace the subparagraph first of article 14, |! | by the following: "the transactions and operations carried out in |! |" bags of products, must conform to standards |! | and procedures established by law, to the rules |! | determine the Superintendence by norm de |! | general and to the statutes and regulations |. | inmates at the respective Stock Exchange. The latter may be |! | collect the uses and customs, as much national as |! | foreign, insofar as they are not contrary to law or to the |! | internal public order. "."

(10) amended subsection first article 19, |! | (en la siguiente forma: a) added to the number 1), before the separate point |! | (..), the phrase: "and these contracts".
((b) replaced into the number 2), the comma (,) and the |! | conjunction "and" a separate dot (.).
"((c) replace at the end of the number 3), the expression |! |", sale and future products."with the following: |! |" or sale, future or other derivative contracts |! | "about products, and".
((d) add the following number 4), new: "4) the other titles to the Superintendency |! |" authorized by general standard. "."

(11) replace article 20 with the following: "article 20.-for the purposes of this Act, the |! |" titles on certificates of deposit of products only |! | may be issued by the stock exchange, against delivery and |! | endorsement in domain of certificates giving |! | account of the prior storage from them and from the vale de |! | garment, when appropriate. These titles will have the |! | features and transarán as |! | set the bag in its rules of procedure.
The rules of the stock exchange will establish the |! | requirements for the approval, |! | storage and removal of the aforementioned products.
Corresponds to the stock exchange custody of the |! | certificates of deposit and clothing vouchers |! | received, where appropriate, existing |! | they will be delivered and endorsed the holder of a title |! | equivalent, according to the bag, set it when this opt |! | by withdrawal of products, against delivery of the |! | same. "."

(12) replaced article 24, with the following: "article 24.-the bags of products may be |! |" constitute or form part of a clearing house, |! | (la que tendrá por objeto: a) be the against apart from all purchases and |! | sales of future contracts, options contracts |! | and other contracts of derivatives, which are |! | carried out in the respective Stock Exchange, from the record |! | of such operations in the mentioned camera;
(b) manage, control, and liquidate the |! | transactions, open positions, accounts, |! | margins and available balances that carry out and maintain |! | (clientes y corredores en los mercados de futuro, y c) liquidation service providing |! | centralized clearing of other operations, |! | made on the exchange of products, when the latter |! | hire such services. "."

(13) amending article 27, in the next |! | (sentido: a) replaced the lyrics to) of the first subparagraph, by |! | the following: ' a) issue and register the contracts of the |! | " operations in future, options and other contracts |! | derivatives and the counterpart of the same. "."
((b) be replaced at the end of the letter e) of subsection |! | First, the comma (,) and the conjunction "and" a point |! | separate (.).
((c) replace at the end of the letter f) of subsection |! | First, the separate dot (.) by a comma (,) followed by |! | by the conjunction "and".
(d) add, in paragraph first the next |! | Letter g), new: "g) other laying down regulations |! |" inside of the respective Chamber, with the authorization of |! | the Superintendency. "."
(e) replace the second paragraph by the |! | following: "margins constituting customers |! |" operate on the exchanges of products and cameras of |! | Compensation, where appropriate, to respond of the |! | losses that might occur in a future contract, |! | options or other derivatives contracts, are |! | may constitute transferring domain good or |! | title respective, acting bag or camera, according to |! | appropriate, to their own name. When necessary |! | make effective those margins, bag or camera, |! | as appropriate, will make them extrajudicially, |! | acting as a lady and mistress, but yielding account like |! | charge customer trust.
For the purposes stated in subsection |! | foregoing, shall apply, where appropriate, thing |! | provisions of title XXII of the law No 18,045, de |! | Securities. "."

(14) replace paragraph first item |! | 28, the phrase "and options", by the following: ", de |! |" options and other derivatives contracts.

(15) delete in article 32, the expression: "de |! |" Values".

(16) replace article 33, with the following: "article 33.-the attestation of conformity of |! |" products that are possibly in bag with the registers |! | set forth in the registration of products and with other |! | requirements that establish the same bag should be |! | carried out by bodies which comply with the standards of this |! | article.
The agricultural and livestock service shall keep a register |! | of entities certifiers and practice registration, |! | (previa verificación de los siguientes requisitos: a) have the facilities and capacity |! | technique necessary to perform the certification of |! | compliance, according to the established standards in the |! | Registration of products;
(b) constitute a guarantee for the performance of its |! | activity, in the terms indicated in article 11, |! | (por un monto equivalente a 3.000 unidades de fomento, y c) inspection of products, as well as the |! | attestation of conformity that gives the entity |! | certificate, must be endorsed by a professional |! | competent, under the responsibility of that entity.
In those areas of goods exceed the |! | technical competence of the agricultural and livestock service and |! | prior to the registration of the respective entity |! | certification, must count on a favorable report |! | the competent public service relative to the |! | compliance with the requirements referred to in subsection |! | earlier.
The agricultural and livestock service may reject the |! | respective request by founded resolution, against |! | which administrative remedies may be impetrar and |! | jurisdictional are coming. In addition, the |! | control of certification authorities |! | shall be responsible for this service. "."

(17) be inserted after title VI, and |! | prior to the Final title, which remains, passing his |! | current article 39 to article 40, the following new |! | Title VII: "Title VII provisions of tax administration article 39.-products operations and |! |" titles which represent products, which are carried out |! | on the stock exchange, will be governed by the provisions of this |! | Article, for the purposes of the Decree Law No. 825, de |! | 1974: 1.-stock exchange transactions will be |! | you conveyed to the value added tax only when these |! | involve the tradition of the product, with the exception of the |! | domain transfer of products which make the |! | owner in favor of the bag through the endorsement of the |! | certificate of deposit and the vale of garment, when |! | appropriate.
When the first transaction is made in stock market |! | a title issued on certificates of deposit of |! | products, the bag will record the identity of the |! | seller, the species, characteristics and quantity of the |! | traded securities.
When the holder of a title issued envelope |! | certificates of deposit products, opt for the |! | removal of the products that support it, the bag |! | a bill of sale will be considered value |! | NET that determined in the transaction through the |! | which the owner acquired the title in the bag, redesigned |! | in the form provided for in article 27 of the decree law |! | No. 825, 1974, including the tax value |! | Corresponding aggregate, which is obliged to |! | retain.
The bag issues who endorsed him the certificate |! | deposit to be delivered to who opt for withdrawal |! | products, a purchase by the same invoice |! | the designated value added tax value in the |! | previous paragraph, giving such a tax, which |! | tax debit of the issuance of that month shall constitute |! | invoice.
The issuance of bills originating in the two |! | preceding subparagraphs, shall be made at the time of the |! | endorsement of the certificate of deposit and the vale of garment, |! | where appropriate, the bag made in favour of |! | who opt for the removal of the products.
The other transactions in securities carried out |! | in the stock market will not be affected to the tax value |! | Added.
The bag will assume all obligations own de |! | the taxpayers of the Decree Law No. 825, 1974, |! | for the purposes of issuing the invoices to |! | they refer to the preceding subparagraphs, and those referring |! | Bills will have full legal validity pursuant |! | by this decree-law.

2. without prejudice to the provisions in number |! | earlier, the Exchange may elect to follows |! | alternative of applying the provisions of the decree-law |! | (Nº 825, de 1974: a) stock exchange transactions will be |! | you conveyed to the value added tax only when these |! | the tradition of the product involved. However, the |! | tax is determined by the transfer of the |! | products that make the owner in favor of bag |! | through the endorsement of the certificate of deposit and the |! | vale of garment, when applicable, accrued to the |! | time of the first transaction of the respective title, |! | calculated on the value of it, and bag |! | record the identity of the seller, the species, |! | nature and quantity of the securities traded;

(b) the bag delivered to who sold first |! | Once the referred title, value added tax |! | accrued in that operation, which will be debit |! | Attorney, assuming the stock market Meanwhile, |! | with respect to this amount, all rights and obligations |! | on the tax credit law decree Nº |! | 825, 1974, and will issue an invoice of purchase |! | whereas as net value, the trading in this |! | occasion, more value added tax;

(c) the invoice referred to in the previous letter |! | It will be issued by the stock exchange in the month in which the |! | mentioned first transaction;

(d) when the holder of a title issued envelope |! | certificates of deposit, opt for the removal of the |! | products that support it, the bag will issue an invoice |! | sales considered that certain net value |! | in the transaction whereby the holder acquired |! | the title in the bag, reset in the prepared form in |! | Article 27 of the Decree Law No. 825, 1974, |! | including the tax value added |! | concerned, which shall be obliged to retain, and |! | that will constitute a bag tax debit, delivering |! | to who opt for the removal of the products, together with |! | the respective invoice, certificates of deposit |! | equivalents and vouchers of garment where appropriate;

e) in the event that the invoice value |! | previous (emitida, conforme lo dispuesto en la letra d), |! | in any case less than the value of the issued invoice regarding |! | the same certificate of deposit, in accordance to the |! | previous (letra a), should be returned the difference of |! | imposed on the bag by the Treasury service in the |! | within thirty days of the request, the |! | which shall be submitted within one month to the de |! | the retention of the tribute, always such a difference |! | has not been recovered by charging it to debits |! | prosecutors;

(f) the optional regime established in this number |! | It may be adopted simultaneously with the designated in the |! | number 1 above, but in relation to products and |! | certificates representing them since joining |! | to the exit of bag are only governed by one of |! | the two regimes;

(g) both to accredit the lowest value of the |! | (productos a que se refiere la letra e), as the option |! | (adoptada en la letra f), above, the bag should be |! | take and maintain records and documentation |! | sufficient, according to the instructions which are |! | (impartan, y h) shall also apply to the regime of this |! | number, the provisions of subparagraphs fifth, sixth and |! | seventh of the previous number. "."

(18) replace transitional article, the |! | phrase: "and products futures", by the following: ", |! |" future and other derivative contracts on |! | products".". "