Argentina reaches agreement with Uruguay for the exchange of financial information
The National Securities Commission (CNV) of Argentina announced this Thursday an agreement with the Central Bank of Uruguay for the exchange of information on companies, individuals and financial operations.
The text complements the Multilateral Agreement of Understanding on consultation, cooperation and exchange of information of the organization of securities commissions and according to the official statement, it will offer a tool to quickly access information on cross-border operations related to registration, registration or authorization of companies and individuals to act in the securities markets.
The agreement includes “all other information related to the continuous supervision of the participants in the stock market, under conditions of trust, reciprocity and confidentiality,” according to the CNV statement.
“The agreement is part of the Economy policy to reach agreements that allow access to relevant information about Argentine companies or people abroad to fulfill our regulatory, supervisory, and control functions,” said Sebastián Negri, president of the CNV, who signed the agreement together with Juan Pedro Cantera, head of the Superintendence of Financial Services of the BCU.
ARGENTINE ASSETS IN URUGUAY
Some 18,850 Argentines had a total of US$16.416 billion invested through investment advisers and portfolio managers in Uruguay in 2020, according to official data released in February of this year by the Central Bank of Uruguay.
Not all the money necessarily passes through Uruguay, according to the Uruguayan newspaper El Observador, since in most cases the advice is provided from that country, but the capital goes to other destinations.
The Central Bank of Uruguay (BCU) reported that Argentines represented 69% of a total of 27,473 clients, including Uruguayans, who invested through the 155 advisers and managers registered in the neighboring country that year. The total assets under the management of these managers reached US$28.886 billion, according to El Observador.
With information from Bloomberg
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