Creates The International Investment Funds And Amends The Legal Bodies That Indicates

Original Language Title: CREA LOS FONDOS DE INVERSION INTERNACIONAL Y MODIFICA CUERPOS LEGALES QUE INDICA

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"Article 1-Introducense the following modifications to the law N ° 18.815: 1." Modify article 3 as follows: to) in subsection first add separate dot (.), then what happens to be followed dot (.), the following sentence: "without prejudice to the foregoing, these corporations may include within its object the administration of foreign capital investment funds regulated by law No. 18,657.";
((b) in the second paragraph, replace the letter c) by the following: "c) to obtain approval of existence, should check capital paid in cash not less than the equivalent of ten thousand unidades de fomento. At all times, these companies must maintain a heritage that is equivalent to the above, or 1% of the sum of the average assets of managed funds, corresponding to the semester calendar prior to the date of the determination, if the latter is greater.
The regulations under this law shall establish the way in which administering society must provide proof of the respective capital and heritage as well as that part of its assets which, by reason of its nature and liquidity, will not be considered in the determination of that heritage. "."
2 modify the third paragraph of article 4, as follows: to) replaced by the letter i), the comma (,) and the conjunction "and" by a semicolon (;);
(((b) in point j), replaced the separate dot (.), comma (,) followed by the conjunction "and" and c) incorporated the following letter k), new: "k) capital return policy.".
3 modified article 5, as follows: to) replace the name of the number "12 bis)", by "13"), passing the number "13") current, to be number "14)";
(((((((((((b) Incorporanse the following numbers 15), 16), 17), 18), 19), 20), 21), 22), 23) and 24), new: "15) titles of credit, securities or effects of trade, issued by States or foreign central banks or that they have warranty of those States or institutions by 100% of its value to total extinction;
(16) securities of credit, term deposits, securities representative of captures of money, letters of credit or mortgage securities, securities or effects of trade, issued by foreign or international banks or to tell these entities guaranteed by 100% of its value to total extinction;
(17) bonuses and effects of trade issued by foreign certification authorities whose emissions have been registered as public offering abroad;
(18) shares of stock transaction issued by foreign corporations, or companies whose emission has been registered as the value of public offering abroad;
(19) shares of mutual funds and investment funds constituted abroad;
(20) shares, bonds, trade effects or other evidence of debt of foreign issuers, whose emission not has been registered as the value of public offering abroad, provided that the CA have financial statements audited by external auditors of recognized prestige;
(21) real estate located abroad, whose income comes from their exploitation as real estate business;
(22) credit or collection foreign portfolios, authorized by the Superintendent, in the manner to be determined by the regulations under this law.
((23) other publicly offered securities of foreign issuers authorized by the Superintendency, and 24) other securities or instruments issued abroad authorized by the Superintendency.
((c) Incorporanse then the new number 24), the following new subsections: "investment funds may enter into future contracts, acquire or dispose of options for the purchase or sale of assets, values and indices, and perform other operations of a similar nature, with the sole purpose of using them as instruments of coverage of financial risk of their investments, and always comply with requirements that the Superintendent set by general standard which will determine in addition the General characteristics of the operations and maximum limits which can engage in these.
The provisions of the preceding paragraph does not preclude that funds may acquire or dispose of their assets, by means of promises or options of purchase or sale, or commit your purchase or sale as regards, in the latter case, of the instruments referred to in paragraphs 1), 2), 15) and 16) of this article, in which they are authorised to invest , in the conditions that set the rules of the law. "."
4) amended article 6, as follows: to) in its letter c): i) the expression "12 bis)" be replaced by "13)"; and (ii) delete at the end of the sentence (comma) and the conjunction "and", replacing it with a semicolon (;).
((b) in its letter d): i) the expression "13)" be replaced by "14)";
((((ii) replaced the point apart (..) with a semicolon (;); and c) incorporated the following letter e), new, then the letter d): "e) international investment fund, which will aim at investment in the instruments referred to in numbers 15) to 24) of article 5.".
(d) Reemplazanse second and third subparagraphs by the following: "(without prejudice previously, mutual funds defined in the letters b)(, c) and (d) can hold up to 30% of its assets invested in the instruments referred to in paragraphs 1) 7) of article 5." However, for the number 5 instruments) of the same article may retain up to 20% of its assets invested.
The limitations in the percentages referred to in the preceding paragraph, not be governed during the first three years of operation of the Fund. However, at the end of the second year of operation, only be able to stay invested in these instruments up to 50% of its assets.
For the fulfilment of their investment goals, funds real estate investment and development companies will attend the incorporation of companies, whose statutes must be established that its annual financial statements will be audited by external auditors of those enrolled in the registry which has Superintendence. Similarly, international investment funds will go to the incorporation of companies, whose statutes must be established that their financial statements will be audited by external auditors, of recognized prestige. Equal requirement must be met for the purposes of the 8 numbers), 12), 13) and 20) of the preceding article, when the respective issuer is less than 14 months of existence at the date of the investment.
International investment funds will maintain their assets invested up to a period of 120 days, counted from the beginning of the period of placement of the issuance of shares of the Fund, instruments indicated in numbers 1) and 2) item 5 °, classified in risk categories AAA and AA, to N1 and long-term debt for short-term debt instruments.
The Superintendent may provide by general rule, and with respect to international investment funds, currencies that can express the values in it to invest, risk and requirements information that must be offered to countries that may be carried out such investments and administrative procedures to which they must conform. "."
5. merge the following article 6 bis, new: "article 6 ° bis.-operations of international changes that make or international investment funds shall be governed by the provisions contained in the eighth paragraph of the first article of the law N ° 18.840.".
6 amending article 8 of the following way: to) in the letter to), replace the semicolon (;) by a followed dot (.) and added the following sentence: "investing in instruments issued or guaranteed by entities belonging to the same corporate group, not may represent more than 25% of the assets of the Fund;".
((b) in point (b)), replace the semicolon (;) by a followed dot (.) and added the following sentence: "investing in instruments issued or guaranteed by entities belonging to the same corporate group, may not exceed 50% of the assets of the Fund;".
((c) in point (c)), the expression replacements "and" by a followed dot (.) and added the following sentence: "investment in instruments issued or guaranteed by entities belonging to the same corporate group, may not exceed 50% of the assets of the Fund; and".
((d) add the following letter e): "e) (international investment fund: investing in the instruments referred to in numbers 15) to 19) and 23) item 5 °, issued or guaranteed by a single entity, may not exceed 20% of the total assets of the Fund." However, investment in these instruments, issued or guaranteed by entities belonging to the same corporate group, may not more than represent 25% of the assets of the Fund.
(Direct or indirect investment in the instruments indicated in the 20 numbers) and 24) item 5 °, issued or guaranteed by a single entity, may not exceed 40% of the total assets of the Fund. In addition, investment in these instruments, issued or guaranteed by entities belonging to the same corporate group, may not exceed 50% of the assets of the Fund.
Investment in the instruments referred to in number 22) of article 5 and that they originate in a same debtor or its related parties, not may represent more than 10% of the assets of the Fund.
However, investment in instruments of any kind, issued or guaranteed by entities belonging to the same corporate group, may not exceed 50% of the assets of the Fund.
Investment in a good specific root of those listed at number 21) item 5 °, may not directly or indirectly represent more than 40% of the assets of the Fund. If said well root is part of a set or housing complex, according to the Superintendency to define it, this limit, on the total of goods of the same set, will be 50% of the assets of the Fund. "."
(e) replaced into the second paragraph, the expression: "and, c)" by "c) (and e)", preceded by a comma (,).
(f) delete the final clause.
7 modify article 9 as follows: to) in the paragraph first, after the expression "anonymous", removed the phrase: "registered on stock exchanges," and add the following: "(abiertas y de entidades señaladas en el número 18) of article 5,".
(b) in the second paragraph, after the expression "anonymous closed", add the following: "(o de aquellas entidades indicadas en el número 20) of article 5,". At the same time, in the second part, after the word "society", replace the expression: "anonymous closed" with the following: "of these types".
8 insert in article 10, after the word "Fund", the following phrase: "investment or other funds from which other laws authorize him to manage,".
9 Add in the second paragraph of article 12, then the separate dot (.), that happens to be followed dot (.), as follows: "(Igual tratamiento tendrán los fondos de inversión internacional respecto de aquellas acciones de su propiedad que, clasificadas inicialmente bajo el número 20) item 5 °, then are those listed at number 18) of the same article.".
10 amended article 13 as follows: a. paragraph first, add after the word "companies" a comma (,) and disposed of the conjunction "or", and then insert, then of the expression "real estate", the following: "or international investment".
b. Add as a final paragraph, the following: "Without prejudice to the foregoing, the limit of demandable liabilities may increased 100%, provided that the respective percentage to be established in the rules of procedure of the Fund.".
11 amending article 17 as follows: to) replace the third subparagraph by the following: "the deadline for placing, subscription and payment of fees may not exceed 180 days counted from the beginning of the placement. Without limiting the foregoing, the conditions of issuance of investment real estate, business development or international funds, may provide a program for the placement of the respective emission, or of part of it, by further periods of a maximum period of 180 days each which, in any case, may not be initiated until after 5 days of closed period preceding placement. For each period of a same issue, you should see first, a period of 10 days of preferential share subscription option for those enrolled in the registry of contributors, with 5 business days in advance to the one that starts the new offer preferential. In addition, for each period of subscription of a same issue, placement price shall be determined by the extraordinary Assembly of contributors, or by the company administrator if it had been authorised to do so. "."
(b) in the fourth paragraph, add after the word "companies" a comma (,) and disposed of the conjunction "or" and after the word "estate" insert the following: "or international investment funds".
(c) in the fifth subparagraph, be replaced with the final expression "category of risk", the following sentence: and (16) of the same article, classified those values in a category of risk " According to administering society, comparable to the national risk categories previously referred".
(d) in the sixth paragraph and end, add after the word "companies" a comma (,) and disposed of the conjunction "or" and after the word "real estate", insert the following: "or international".
12 insert the following third subparagraph in article 19: "Means that a placement is failed always that having been established one or more conditions to be met within a certain time, they have omitted.".