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Argentina Senate sends capital markets reform back to lower house for approval

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Argentina Senate sends capital markets reform back to lower house for approval

Argentina's lower house will again consider a capital markets reform bill after the country's senate voted to approve the legislation after making several changes, Clarín reported.

The revised bill, which has been opposed by allies of former President Cristina Fernández de Kirchner, aims to boost financing for small- and medium-sized companies, bolster activity in the local capital market and open new financing channels for the country's burgeoning mortgage market.

The senate, which approved the legislation by 54 votes against 10, reportedly made a number of modifications on the bill, including adding a stipulation that subjects the head of financial regulator CNV to its approval.

The reform bill is a revamped version of similar bill that failed in November 2016 but was reintroduced after President Mauricio Macri's Cambiemos coalition government gained congressional seats in the October 2017 midterm elections.

It has since been dubbed the "productive financing law" and includes new regulation for mortgage notes, streamlined tax rules for SMEs and the creation of tax-exempt closed investment funds. It also allows insurance companies to issue policies adjusted to an inflation-tied coefficient.