On April 7, due to the emergency caused by the COVID-19 pandemic, the National Securities Commission (CNV, for its acronym in Spanish) issued General Resolution 832/2020, extending the deadline for the presentation of annual financial statements by issuing entities, including Closed-end Investment Mutual Funds and Financial Trusts coming under the regime of public offering of negotiable securities. The regulation comes into effect on April 8.
The CNV provides that those entities whose annual periods close on January 31, February 29 and March 31, 2020, and intermediate periods closing on February 29 and March 31, 2020, must submit their reports within the following deadlines:
- For intermediate periods, within 70 calendar days of the closing date of the quarter, or within two days of its approval, whichever occurs first.
- For annual periods, within 90 calendar days of the end of the quarter, or within two days of its approval, whichever occurs first.
- Those issuers exclusively carrying out public offerings of securities representing short term debt must present the quarterly summarized accounting information within 78 calendar days of the end of each quarter, or within two working days of its approval, whichever occurs first.
Financial institutions registered with the CNV regarding activities related to the capital market must present their financial statements for the interim period closed on March 31, 2020, within 60 calendar days of the end of the quarter.
In other news, the Central Bank has issued communications A6956 and A6958, requiring financial institutions to open from April 7 to 9 exclusively to serve customers benefiting from social security and pension funds. From April 13 to 17, their doors will be open to the general public, except for operations requiring cashiers, and the normal working day will be extended by two hours.
Customers wishing to do business must respect a schedule based on the last number of their identity card and must request an appointment on their bank’s website or other electronic means. Pension beneficiaries are not required to make an appointment.
Finally, the BCRA issued Communication A6957, requiring banks to allow people to raise the daily withdrawal level to AR$15,000.