-

,-;.~.....

'"'~, ..

'

)\{\:f~~9:~MA.PO~{A..
'";,>t
' ,·:: '.·. ~1,.t::.D :;'

1:f
s,r- F~~~~-..~PJf.. ~. ~:.

.. c'Al~P~~: :':~{,

OF..ILI GAC IONE·S NEG OC IADL~S F l 11'.'l l\J C l EF~ A!:1

, ' l. -

ln trod1.1c:c:ión. E l . S1Ü,t12 m&1 'f' i.n,mn c:im r o.

.')·,· . :.\,¡ ;'t:;:.

Se
hi1\ deii.nldo · til'l '' ·. 1:ilfbto ,11 a · · :r i n .ii h daro·, ·e n ··ss r1tido
restrictivo (o s a~ eHc:l u y~ n dc a l oa m~rc~ do ~ d ~ l din a ro y de l
cambio.), . como
ltl
co n ~1.1n to clr:i :Ln'1üt.i h 1c ion ras;
ecc;>n6m ic:as y
Jur~di,c:&\s dest:tnadaa ~ lü.1 c:apta1c:ión . y él.lafg n .ación d e ·rec: 1.1 ra o s
fin,:\nciaros ( 1 ) ., T,1Hnb :l1:~n i:: omo rol pn:i c: G1 s o dC!l' i n versió n y 'f i.:.
nant: i c\mi e nt o~ c: 01:rn t l t1..1 y &.•nct rJ cm Of.ll tm ,,l!ia p ti:u; to 1.1n G1 L1n ido:1d, pu - '
d ié.'ndos e' C: Dtnp i.'\rar a a mb as; i n wt..1 n c:.i a s cc::> mo oq anver a o y r everso d e una mis m,.\ 111o n rn d a ( 2 ) .
Las o bl igacitmes 1,egoc:i,.:1 bl es f:l.n~n c i e r as., c: L1ya e miir.i6n
po r
las i n sti t u c:ion~s · ·fi n 21nc:Jer· ,c1¡¡;¡ c C>mprendlda s. e n
la
ley
.'.21.526 a u tor-iza el Banr. o CG•n tral e.I r:.• l c1 Rr.a! pt.'.tbli c¡;1 f-kg e ntina
(Comun ic a ción ';A'' .l .907 ) , cq n st;LtL1ye Llí'l a dri e s a .e in s tituc:io n e s, l a qu e se hé, inser t a d o rc~d.s nt e rnente en ·este s istema.
E ~ ta Comun ic.ació n , a difer-ra n c:ia . d ¡;, .la s qu e le antec e dier.pn en
e l o r d e n amie n to ("{###BOT_TEXT###quot; l.362 y ''A" l. 880) preve laa1 emisión de
"otros t i tu las Yi'llores represe n ta t i vo s de de1.1da", A . estar por
1-=\
b reve d ad
ele? -los
plo, ;,: o¡,¡
de:1 e n1.is i6n
(90
pias, l,
en · ~a
pr-ácl:ica fi'stá
a 1.1to,~iza n do t,:.;i mt d ,én el ' lanzart)iento de los
l lam a do s
"titulas de de L1 dc1 de cc::ir ·t o ·pla z o"
("commercial ~
· pap e r- " en la denominación cl r~l merc:a do) 1 qL1e pa1··c1 las empresas
en g e n eral regul~ la Comisión Naciona l d e Valore s por la R.G.
1 8 8/ 91
( art.
1,
párrafo tercero~ es pecial mente). · En - este
sentido
c:abe
signific,;ir
q u e · la's;
dos
.ir¡stitL1c:iones
(obligac iones n ego,~ic,bles y t,i t u l c>s ds deLtdas d e e .o rto Pv-azo)
1~espo11dsn
él
idéntic:a
c:aL1sa o · n a tL1n;¡leza ·JLtri d ic:;;,,.¡
mLltL10
onero s o . L as co n sid~rac:io n e& . q u e me v a rtir~~ seg u i d a mente , se
deduce, _s on a p l ica b les a a mb as.

En ra ::: 6,; d e si..:1.... ~ ovrá! cJad ~. se j Lt z ga crmve n J.en t .e ~
v eri f i c:arsomer- amenb: , el c:o mpo r·ta mie n tc>., J ,H,l intencio n es o
c:ondiciones de aqL1el l os q ue se e 1,c u e n t r a n c~n la · n ecesida d de operar
en el sistem a finan cie r o, t:otn o proveedores o c ol ectores d e ·
fondos. Surgi~én, a s l , las vent a jas o
i n c onv e ni e n t e s de es t a
op~r-atorii'I .

1.- L a CL185lti6'n d esda el p un to d e vista .
·f o n do s. ~

Se

P.Lted.e . adv e rti r

e ntn:;i

de

lo s
·

pr'ov ei:1,do res de

Si se obsei-va, empero!, con al9ún detenimiento~ las. relaciones jL1ridica.s qw;¡, vinculandQ a l.as distintc:.{!i:i parte~ del
proceso de capta c ión y asi.g·nación de recursos financieros,
permiten el pa·s o de 'los; . fc>ndos · cif;'. l él unidad 51,lperavitarié\ a ..
l a deficitaria y el camine in v er • o . ·~& de c i r. el r~torno de la
inversi6n, se podrá ad v erti1r qL1e · 1 as d i f e r e n c:.i a s que ambos
mercados presen ta,n son má s s u st.an c:i.;;d es q ue 1 as d e r- í vadas
s im plemente da los p l azos.

1. -

El

mer c ado del

c rédito.

E n e l mercacJc, del cnl:ldi to in=1ti tL1c:ir.ma lizado, las fun cione s de cap tc:\C:.ión y asignación d~, recL1rso las reali2.an los
o insti tL1ciónes ·f in,:1nc.i.l':1r·r.1s,
r¡;;¡·gu ladas en ?\rgentina
p o1r la l e y 21.526. La captación (L1pewac:irJnes pasiv<=1s),
la
efect6an a
través de la~ ca16cacion~s que
las unidad es
~;uperavitarías hacen de sus 1"'>:cedE1í1tes de
fondcJs, mediant e
impcsicicnes en las cuentas , corrientes bancarias y en los mal
1 J. amados dep6si tos en cajas de ahorro y en pl¿,zos fijos. En
P-l p1rimer-o de los .c,:1so!s (cL1ent;;,s cor,Tientes)~ dentro de
lc1.
c:omplejidad qL1e presenta SLI n..:\tl..1r·¿lJ.e.za JLwidica, se estaria
mn presencia dé una modalidad del contrato d e depósito, s i e mprra que los saldos no sean remunerados, · hipótesis en la c u a l · .
~;1;¡ lo podria considerar Ltna v.:,riedad clel mutL10. En- CL1ant o a
1 tJ:",; depós.i tos efec:tuados en cajas de .aho1~ro, en SLIS dos a 1-·
t.en,ativas (comt:tn y especi.al) y en pla,:o fij o , l a ese n cia de
lrJr,; mismos indican que se tr-.atr., también el e cont ratos d e mu - ·
\:L1os onerosos (7). E:n 1··<01,;1.lmfrm:1 "fl"l,mti:,1 ,i\ lc:lfü pro ve !:'d ores de
r ecursos, las entidades financieras que~an obl i gada s como de~
p ceitarias o mutuarias.~
.
.
b anc:c,s

Los r-eCLlrSOS · asi . C~~t.adc:>s se :::1~i gn a n a Ía s· Unid,,,:;;:i-ei·~.
-d e 'f i c í tar-ias t,:11nbién a través del mut L10 , con la ampl,ia gama
d e posibilidades que.este co n trato pe r mite (documentado, descubierto en CL1 e nt a co1r rie nte, e tc:.). F r ente a l.os tomador-es
de fondo~ las entid a de s f inanc i era s aparecen come mutuantes o
pr~stamí tas . En \o qL1e aqL1i inte r- e !!:; a , queda e>:pl ic:i tado qL1e
el proceso de captación y de asignación de recursos financie1r as se produce mediante dos rel ü.H: iOT1El!l'.i juridic.a·s totalmente
distintas . e independientes: Ltna, unidad sL1peravi tar-ia-inst'itución financiera; la otra, ·institución financiera-unid~d deficitaria. ·
·
·

Este doble juego
tes

cons·ecuen·c:ias.

·A

~- -: ºA. ,:o:·,-·i· >

O• "\,l

"'

'

e'''""'

·.,' ;!!

-~: .: ~~·'. '.· ·';' ·: . :. >. .~ ··(···-~

>~ / .:,> ,;·_~..

En la . Qfer~a pública aecundarii o mercado secundario, en
los tres casos descripto~, el primitivo proveedor de los fondos podrá retirarse de su inv~rsión originaria transfiriendo
a Ltn tercero (nueva Ltnidc1d superavitaria) .su respectiva ac-raencia· . Est,:\ es· ·1üntióri de··: los mer-c:.ii'c:t'os ·' de ·· val:·or··e 's o-'· ' de lós
agentes del mercado abierto, La sustitución del acreedor no
afec ,t ará . l_a sitLtación del tc>mador de los fondos;, quien solo
"é1:.;tá obligado
CL1mplir con fa.'s obfigacione·s cilSLlmidás en el
contrato de emisi6n , en los modo~ y en los plazos alli establecidos .
0

a

. ~orno se podrá apreciar, con diferentes modalidades y en
d .is_tintas medidas, en esas hipótesis ( prést,¡,,mo,
apor te de
capit~l o
compra de mercaderia),
y en .los de$ momentos
(of.erta pública pr_im~ria o iiecL1ndr.11""ia), la rel.;1ción di1""ecta
creada entre el inversor y al tomi:.,dor, hc1ce qL1e el primero
corra la ' suer'te d·~y···~·egLtndcJ·;: La ·fn'solvencia
i'a quiebra
~ste afectará la situación de aquél.
E~ por eso que se
c:l'f irrn.;¡, ' y con razón' que el suministrado,~ de fondos en e l
· mercado de capitales es un inversor de riesgo.

o

de'.

Dei · la reseNa se advierte qLte · los roles que desempef'ra n
· 1os operadores que captan y asignan recursos en el mercado de
capitales son sustancialmente ~istintos a loi que cumplen los
· d<?l me,~cada del crédito; ~sto· es, las entidmdE?s financi e ra s • .
· En el mercado de capitales, como consecL1encia d~ esa vincL1la .. ción directa, que es tanto jLtridica .como económica , cr eada
entr·e los dos términos de la reiación . inversión financia . miento, (11) hace que sLlS ope,~adores (agentes bLtrsátiles o
J.os dfid
mercado ,:1biert.o), 'independientemente de
las · responsabilidades que les corresponde segón c6mo actuen, no asu~
~en la insolvencia ~el tomador de los fondos.

3. -

Co mp,;¡ración entre ambc;:is .mer·cados. -

Analizando las ' a 1tei:;.nativas que se present an en cada uno
esos · mercados y si se 1 as consider.;1 desde el ·punta de
v i.s ta del inversor y del tomador de las fondos, someramente
exp~estas, se advÍerten tanto ventajas como desventajas.

de

1.- En el merc~do der ~~édito:

a)

0

' 1.1.- Ventaj..;s· pc:Íra . el

invers~¡=·
' In~cfolm'~nte . no co- .
rre la suerte del tomador de los fondos · (12), Le pague éste o
·:no a la . ent.i dad ín'te1-:medic:ilr.i a., . el .inv.ersor· se ·hará · cie_ . su
·., acreeric.ia cuando . ÚJ cre,:1 · conveniente,· ':si ·sLI . impoEiic.i,ón fué a
. '¡¡¡_\ , vista, . o ª · SLI ven~i,m,iJ?r:(l:o si fué a plazo; b) De_s de el me- .
0

• > El

~ . 2.- Va nt a j~w
t. a ma

p a rmit 111

Lu·i

p~r 4 ~ l tom mdor de lo m 1oncio•1
.a l 11 r g ~mi r.a nto , d 1:1 los pl azos,
t.a n to

•i•la'

par~

a~o r ti z aci6n dml ca pit~l ~eme p~r ~ ~ ¡ pago d ~ l og .i n te r ••••J
b) 8 L1 s.i. •tL1 ac: i6n no eli!lt~ c:Ondi c: ion a d1:1 ..1 l as n acflf!Bi d adea d •l
i nv &>r95 o r o ri g in a rio, qu i 1an ,ali n ec:liileli ta r ec:L1pe r a r J LI i nv e.r 11.i ón
.1n1c.:ud :l.r&\ ml me r c:&1 do 15 1'1C:L1nc:l,irj,og, ·e ) (k món i. 1:: lil íl1 9 rl te c:on 1 &1 ,sitL1"c: ión . del prov ee d or d 0 1 OEil ·r r:mcJ 015, t&11n bJ.é r, sl to rn .aoo r podrá
0

arbitr ~r

s ob re

sus

propi•~

n mc~~i d admo

mmiti~n d o

t i t u las

re prsse nt ~t ivo s d ~ la mercadmri~ qu~ f~brica, o con cláusulas
d e ~~aJ u &te, e n t a n ~o ssa n ccmpatiblem con
la ili::Y 2::L92!:l ( art. 4 lii'Y . 2 ::i:.~17[,), .

le prescripto por

2.3.- D~sventaJae para el tomador de los fondos, a) Las
c om p l ej idé:1des par.,, a1:c:ede1~ n:1 r~entG? meirc:iildo sc>n
BLtperiares a
l a& eHigidas por el mercado del dinerog b) Los costos de emi·sió n ·también ~;on elevados aun c:uandb el decreto 12.284/91, tal
1:o mo se dijo, los l1ay.:1 dllll.1.do daE¡'>de el .. Punto de vista impo. sitivo (art$. 77, 78 y 79).
· ·
I I I .- LaG
:l egc1'1;-• '.

1. . 23.376~

obligaciont:,>S

Las

l"lEi/9DCi ..ab ,le!!»

t:>bU.g,.,ciones;¡

.f in,anc .i era y . ~Ll

negociables

re,guladas

por

enCLla~

la

le}

con
las
modi ·ficac.ionee
'incorpo,~adas
por · la
ley
23.962, -ONG- y las aL1t'ori z¿1das por ,la : Com.
"A" 1.907 del
B.C.R.?,. :·-ONF- son instnwientos Jur:idicos ·similar<?s, Se trata

en .ambos supuestos de la captaci6n de . fondos de terceros med iante un ~mprést.ito que presentan las siguientes caracteres:
a) Unidad de empréstito¡ b) Unidad de p~aatat~rio; e) Plura lidad de ~restamiatas; d) ~~visión del empr~stito ~n 1raccio,:~:.n' ª.s,' ,: ,i QL\~ .l 'es: :.Y '· ):>qr: ..: tó •: ;,Ü :.rjto ·. 1,1.:i'rig~ bl,F-.~f :. e r . _:: pbdl:li.l J;cL:1.d . : ,d e que
ca d a prestamista originario pueda transferir ~us ·~cre e ncia s ;
f )
Id éntica
posibilidarJ. par:a el nuevo adq u iren te;, g)
La
¿,d qL1i si ci.6n de un derechc1 autóhomo en cabe:z/il de cada ten e dor
le g iti ma ~ o. En ambos casbs s~ est~ en pres~ n ti a d e form as d e
capt ac:;i ón d e1 f on dos
tiplé:as del merc,:1do . d e c apitales (d e
a1: 1.1erdo r.1 lo so s¡ te n .tdo en ei . Capihtlo II, n úmer o 2 del presente tr,:1baj9) , y n ~g LtÚ ,d o p or las d .i 9 po s i c .lon es d e l a
l ey
17.811 .

~i hubiera~ eMi~t i do éldu~ as duda ~ con r~spec:t o a 1~ ~1. ini li ti.18 de 'a mbats i'ri:s.ti't1.tc'io11e s', estas .' QL1edaron def ini ti va..:.
mente zanjadas con · l,;.':\s modificaciones int;rod1..1cidas por la le y
·~3 •.962 .al ar· tii;:Lllp 36, . ·últ~mo párra1o , del.la ' ley 2 3.576 , que
hace ·refer!?.ncia e>ipreai.a . ·.ii· la , emi a i~n . .' d e · estos .':t1tL1l ·cs ppr
' parte de ,~. ia!:11 entidadeei,', :f.,ir,c1J:')cfr,raé. ~ · con 'f órme ,a. las reglamen -

,,tX-<.(.
,,tiiiii
l
tltll!iif
t5t1ii1¡~f,:·
@i· ··
·'9;:)ii:i'f!l!,c;:~.~·dQ . pcir ;' l.~s·', ONG e.1 ~·1:~,st~kc,n~d r( ·m~h.ar:'.f, 'ictiije ·-

,3

~·:,4 _,, 2 · , ~ '' .

' ' \•.·

;;~~-: C:lué importancia tiene el haber verificado que l a

cuadre
· 19C>J:
idi , qLle autoriza la emisi6n de ONF ' tier,e su e nJur
co tanto en
su
legislación especifica · (ley
2 .
l.526) como en· la .g·enérica . (la 2 3. ;,76)? La importancia está
en la necesidad de compat i biliz .;1r sL1s normativas. Por ejem~lu ~ la ~o.m '.. 11.A" 1907 n o establ e c e c: uál de los ór-ganos societar-ios tiene fa c 1.1ltades ·· par a· r'r~efdlVe r · la ·. emisión de las DNF.
Por- · e l c o n t r-ar i o ,' la le y 23, 5 76 e st.a ble c e en SLI articulo 9 ·
que , tr- atá n dos e d e ON G ~o co n ver-ii bl e s , q u e é s el c aso de las
DNF (J.1.1,1), no s e r e qui e re a utorizición de lo s es ta t u t os y
pu e d~ d e cidirs e por asamblea ordinaria. Si g nifica es ta n orma
que
~e
necesita una decisión asamblearia d e ·1a en t idad
'financiera par-a 1 a emisión de ~;Lis DNF7 La respw¡¡,sta ·debe se·r
negativa y asi tendria .i nterpretarlo la C.N.V. y el B.C,R, A.
Com

. . ..Las empresas h.;rn sido cn¡¡,adas - b,~sicamente para la pr-oducc:ión e '1nterc¿;1fnb'ió" ' dé.- L'Í'f'ehes '•y' ser\Íic:ios . ' '(é1rt. 1 ·· ley·
19.550), objf?to que debe_estar· es;tablecido en ·forma precisa y
deter-minada en· el contrato constitL1tivo (ar-t'. 11, iric. 3,
ley 19.550) . Para al financiamiento de 1 a · actividad derivada
. del objeto podrá utilizar recur-sos propios o de tercer-os. En
este última supuesto, se l~ pueden presentar distintai opciones, entre las cuales se encuehtra la de acudir a la emisión
~e ONG. Be trata de una situación ex~epci o hal, no contemplada
normalmen te en forma especifica en su estatuto, cir-cun s tanci a
· que justifica , e n principio, la e>:igencia legal qL1e som e t e
yn; ~ecisión de •st~ naturaieza al ó~gano de delib~ ración y
gob.ier-no de, la soc.iedé~d (13). Se formula la s~lvedad "en ·
p,··incipit'J" prJl''qL1e nada impide·, y de hecho asi ria ocL1rrido, a
que
el
directorio
de
una
soc iedad
an ó nima
la
end e ude
signifi cativamente sin la intervenc ión de s u asamblea ni otro
qrga¡,o de . control, _ internq. o. e,::ten1p, ,. _c o n E!). 5.imp.l e _trámit e _
l ey
··del · ;li'bram iento· de t.1.tulos · val ores ,, (arts. · 5B . y " 59
19.~50). .
.
5. -·
La
si h1ación
e .s
distinta
p;ara
1 as
entidad es
financietas. Estas h~n nacido para la inter mediac~6n habitu a l
en tre la demanda y 1 ;a o ·fe,,.ta de recur s os f ir'l~ncieros ( ar-t . 1
1 ey · 2 1. 526 ). L a capt.ac.i.ón de es,J s r· e c u r sos c'ons t i t u y en pa r a
ellas u na a ct i vid,::1 d :,~s e nc:ia 1, qu e h a c e -a 1 o b je ta s oc i etario
par-a el CL.la 1 nél,f-: ie 1'"oh. ( Ti tL1l o 2 -: Op e r·a ci one s, 1 ey 21. 526 ) _. La
captación · de fond os es la ~nic a ~l t ernativa q~e l e per- mite el
C:Uínplimiento .de·· S\.l O.bJeto en .e l otro ciclo financiero: la .
... asignacióh . dé lo s r-écu 'r sos a ~ .1 obten.ic;los . , Una en t'idad ' finan~ier-a que he pueda obte~er fóndos del público .es inimagina.:_ble, ·µo,;qt:lii;! car-ecerÍa · de sü ma t eric1·., prüná,' ·estp · es ', de · ·di- '
. , nero. · Será, ,• va'lga e'l -r~.,.i t?mplo,,. c:pmo una . empr¡¡¡,sa '. prod.L1ctora de

intenta in~orporar capitalf,~t::.; d e r ies go a l siste m.n . Por • 1
mis~o motive también están excluida & ex pr e$a m~ n t e ·d sl r ~ giman
_de garant1a de los de~ó s ito s a qu e se r e f i~ r e el art. ~~ l ~ y
· 21.526 ~ (.1.1..t.3.), r· a ~ bn .. por, },!;'\ c u a l J. ¡¡1s . ONF n o 1;.H.? co rn pLtSi,;
rán para establecer el .apo1- t s a l c o rn,H;; p o n di e n t e fo n do . CM
no,-ma admite actw:11 ment e que , en C: éi mb io , r::, s tén ava'l ad ,;is o
~a~antiza~as por otra e ntid a d f i n a n ciera d ral p a l a o ba n c o d e l
exterior , modificando e l cri t erio r ~ ~ tr ictivc d a a u r a d acci 6n
original (1.1.1. 2 .) .
~- - En c u ant o al plazo, no pu e d e se r i nf erior a 9 0 dia~
los q L,e s e co ntarán a parti 1·· ·de1ad e l a ·f ec h a d m coloc.sición
primaric:"i ( 1.1 .2 .) . En c1.1 a 11to a s u a mo 1rt.i z,c1ci6 n , lora tltL1los
· d e p la z o cJe 90 d.ia s se r á n p a g a d o i n teg 1·· ,;1m e n te ,;, su vencimi e n t o ( 1 . 1. 3 . .l. ) . , En 1 os t 1 tL11 o~; de p l azos Sil u p ei~ lo n ? ~ se
admi t'ir~n amo r t iz a ciones parcialee a p arti~ -de los 90 dlas de
vig e r1 c ia, con:l: a dos .. d esde· 1 a f~i .c f1a de la co.l oC:,:\í.:ión primar i,"1
(1 .1.3.2 . ) . Si bien estos pla~o& son sus t ant i vamm n te menores
a los mini mos e stablecidos par el art. 36, inc. 4,, ley 23. 576
para goz ar de l o s benefic~os impomitivos que la misma est~bH?ce, c ,;;ib e sef'falar qL1c1 el art. 79i de:,1 decreto 2284· (de
desregu laci6n económica) ha dejado sin . efecto las exigencias
d e pla:zos m1nímos de amortiza.ción ·fijadas en el apartado 4
del ar t. 36 ley 23.576.

4 .-· En lo qL1e se refiere a la ·1ey de circulación a la
que debe n someterse las DNF, la norma ~o estab l ece limitacio(1.1 .8.), razón por 1~ cual las entidades emisoras tienen
amplia l ibertad en esta punto (arts. 39 y 40 ley 23.697 ) . Si
se ins t rum e h tan en titu l oa, estos puedan exte nd ers~ tanto al
portador c om o nominativos, endos a bles e no (arta. 39 y 40 ley
23 .,697 Y . 8 cl t?. la 23.576), y dt;¡beirán c ontener 'l a s en L1 nciai:ion es .. e !ii', ta .b l i;.1c:icJc;1s pcir·.1a '.·ni:;¡ nr,,~ . (l , 1,8., ) .
También PLl eden
e mitin,e
t,bl.i.g,:1cions a
e eú: 1~itt.1r.;\l1¡¡f.li
(.l , 1 ."8.1. , · l'.llt. imo
pár r á fo ). Cuando l a s ent i d a des fi n a n ci era s eatén a8t~ r i za d as a
l a
o f ert a
pú b lica de sLt s
titul os v ;¡1lore ~, ,
pod r án em it ir
cert i f i c a d os globales de sus abl i gacionra s n egociable s par a ~u
in s .cr ip ci ó n e n r-egimenes de depó u, .i to c: o lscti vo ' ( ar t s. 2 08.
segundo p á rrafo , d e la l e y 19.550, . 3 0 d e l a 23. 5 7 6 y
35 d~
la 20.64 3 ) . Los cupon es, si se e miten l os tit u la s y e n todos
los .casos , podr á n ser al po rta d o~ con l a ún ica l im i t a c i ón da
que deber~n est a r num e rados ( ar t . 8 l ey 23.5 7 6 ) .
n es

4.- Pueden
emitirse en mon ~ d a na c iori a l · o ~HtranJ e ra
(1.1.4.· ), La norma' mejora obBtensibl e me nt e e n e s te p un to· a 1a·
· .derogada · Com. "·A" .1.3p2 , que..: la i'irn i t .a b ,a a .aL1.s t r ,~l ra s y dól.a · res.
' 1 '· : ; ;~

••

~f!llif~{!!~~~!~t,Jlií}J~li\}!~?~rl!t

La

m;rma

establece- un · amplib

régimen

tanto

en

lo

que

respecta a . la emisión primaria como a la negociación secundarias de Las ONF .

1 .- En cuanto a . la oferta pr i maria, pr e ve que la emisión
puede ser efectuada medi a nt e el régimen de of~rta póblica de
· tit~lqs valores , co n s u jeción a l~ s no~m~i que 1a · rigen (ley
17.811 Y d ispo~icio n es comple men tariai). La 6nica limitació~,
en este s~ntido, es que deben ser pbgadas al ¿ont~ do. Las entid~drs financieras
podrán interve nir en las colocacione s de
las ., .. 'ONF
emitidas
por
otrr.1:'.:i
.i nsti'tL1 ci on es
·f inan cieras
(.L2 ..;J..), pt-svisJón que garé1ntiza1 un e>:tenso ámbito de distr i buc:~ón, pL1diendo actuar inc l L1si ye co rno Llnderw_ri ters, en
SL1s dist.i n tas modalidades ( arts. ·20, 2.1, 22, inc.. e, y 24,
.í.nc. f, iey 21.526). La norma vigente ha elimina¡:jo la exigencia de 1 a Com. "A" 1. 362 po,~ J. a cual 1 c:1s en·tidc1des deberian
estar. aL,tor-Lcé.\das
para· ac·tL1a1··"· .ccJni-o
á<.;¡e.?n·te~
de'l : · mercado
abierto para inte1r.venir en la c:olor.:aci6n primaria de las ONF.

· 2.- También pL1ede acL1dirse a

la colocación · privada aunhipótesis , c:abi? adverfir, la emisión · no estará
¿d c¿,nzada · · pa,- 1 as 'desg,~ava c i.oni.,s irnppsi ti vas . ( ar .t. 36_, ·1 e y _
23.576).
. .
..
.
..
.
cp.te

en

esta

3 .- La nono,a es también permisi v¡¡1 para la negociación
secundaria . Las entidades f inancier,:tsr aun cuand_o no . estén
autori zadas por .la C.N.\I. para actuar' como !=1gentes del mer cado abierto , pueden intermediar y adquirir. ONF ~~itidas por
otras entidades , cLialqu.iera sea el laps o qLle haya transcurrido desde la. fecha .de su ernisió~ o desde la última transferencia, esta és , ~n plazos me~cre~ a lo~ siete dla~ minimos

· ·{:¡¿~~=·ci~~s ~~~ld;Jsºf;//J~~~·-;!,t!'~I;-~·::;\·\~·ti~~:t/·
1~e c:;:~ á\
·c.í.dad . de préstamo prC>'·".'·e n.iente dí: los · segmento s , ·
a tasa da
interés, b) de o!Jl igacionc.;,s negociables; e:) de ie·cursos e n
moneda e xtrJnjera; d) de sus recursos propios no _inmobiliz a- dos.
E-1
concepto "intermediación" es lo su ficientem e nte
arnpl io como par,,. que queden co rnpr-.endidos en el mi s mo las
·operaciones de contado ··i nm ediato, de . contadp diferido,
a
plazo firme ,. y "de pase" ~ pn,~ lo menos para· las e ntid ades
1:'inancieras "·:'que operen coni'o agentes del
me rcado abierto
é~rts. 133, .. 134 ·y 13~. Y. _e ones •. .resolución 1i0/87 C.N.V~). _ · .

4.- Otr~ aspecto · impod:ante qLII~ hace ~ ia confo rm·ación
un act.iVO mei'."t:ado . ?eCLlndar'.ia ;· para estoºs titules~ lo pre-·
entidi.\des ·em·ísoras par-.i
·senta la· ·. posibilidad ·qúe tfe11en
adquirir .' SLIS pr·opii:1s. ·. ,:· O.NF ~. ' ~f!=-'~t.ando .paraº . eÜlo recursos
· .i:,roveni.~,:i~ea de e::ualqi.i'.ie"t-1.' ' ~e ". ir.rn ', ~egm<imtt;>~ ... en~mc_iados .e rí et.

de

l'"'s

1.4. · No se admite, en cambio la 'fina,,c .i a ci 6n ',a l
P~blico no ~inancier~ (1.3~1., último párrafo) •
. . . 4.2. Moneda~ Los préstamos pueden ser en ·moned a nac ional
o
~xtranJera
(1.3.1.).
No se establecen
l i mitacion e s
en
cuanto al monto de ... la financiación , razón por la cual la
misma podrla alcanzar ha~ta el cie~ paf ciento de las neces idades·.
4.3. Plazos : En CL1an t o a lo s p l az o s · d e l os c réditos a
otorg .a r, la .normati v a act L1a l t a mb ién los h a fle x i b i l i zado Y
no e i ige, ~amo lo hac i a la p fi mi t i va norma, que l o ~ periodos
de a,ri'ortiz,o1ci6n d e l c·ap it a l e stL,v i esen relacionado s c on. la s
condiciones de emi sió n d e las DN F referidas a ese rubr o y q ue
const;ih, >· eron la fL1ente de los fondos pn3stables.

4 .'4 .- Tasas . de · inter.és: Se ·· pod,r,án . convenir .· libre.ment e;'
(3. 4. ) , co mo asi ta~.bién los periodos de . pago ·, que podrán
aco r dar-sé en fo,~ma adelan t ada o vencida . Nuevamente 1.a norma
act ua l to ~na má s el~stico a l . s i stema .
·
· 4 ; 5 . ~ Regula~ i one s: En cua nt ~ ~ l as regulacione s ~~peclfic a s vincLlladas · con ·'la colocaci6h de l os fond.os, la norma
vue iv e a resordar ~ue se está dent ro del segmento d e l mercado
del cré dito de la o pe ratoria, ·y a qL1 e l os préstamos qLJ e se
otor gu e ~ están a l ca nza do s por·la~ e xi gencias sobre fractiona . mi e nt o del riesgo cr edi tic i o, gra d L.1ac.:i 6n del crédito y · .a s i s\ ten cia ~~e~ i ticia a perso na s vin cul a das (1.3.3 . ).
5. ~ Ot~as ·disposic i ones . ! . - A dif e rencia de otras obligacione s a s umi d~s p o r l as
. e ,iti d.a des f i a nc:ieras¡ las . ori,,g inadas en es t !=! t i p ó; de e mis ión
····,. no .. obse rvan · e:dgen ci<::\s de'. 'l;'fectivo "mi n ,i mo ·.'·: ( 1 :. 1 . 9 .) i: l o · · qu e
sign i +ica qu e podré prestarse la . to t a l idad de · los · fo nd os
captados .

2.- . En forma co i nc i d e nte c6n l p d i spuesto pcrr los a r ts . ·
29 de la ley 2 3. 576 y 1 , ú lt i mo párrafo de la R . G . ( C .N . V.)
.1.BH/91, la norma e?>:ige que los t i h1los que se emitan posean
acción
ejecutiva
en
caso \ ~e
incum~limignto
del
em i so r

(!.1.1.4.)

.

·.. V.-:- ·Concl L1siones .•·.

·1 • ..,- LL1ego de la· sanción ·-de la ley -23 . 962 qL1e incorpora
.' '. .impqrt;ard::es · · mejoras · al régimen d~ . 1 as obligaciones · negocia'-: bles-.r~gulado por ·. 1:~ . ,~!=:X .}~ 1¡ ~7.P. Y. ,qL1e 'establE;!ce,. s .in lugar ·a
.· ~udas .qu~ los : ~enef2ció~ impositivos alcanzan a las ONF (a r t .

,.•r·

l

"

NOTA8 . 1) BOl}IE O VILL Eíl1'\ rJ ., l! U1.u wt::1n ,)1
!rl'f'c:ll'"m
mn t 1· Q
\ n ~'
111 r,1 1 e: '" c.lo II r.:I 01 , . ,'..\ f1 i t , '11 1,Hll y rJ
O l'" I.J,c'l rll ~t1rl n par l A C,'.i'ni ,i ,· ,·11 d~.,· l:l1:1t": .l,111 rJ.~d1.i 1
cf r. fl •:;. f'I¡;., l.t1 f' \ ,11 ,, • .l'JU:,::, • ••

n

" Co rnpl G1 rn e nte1ción
s G1minario
(,\n ón;l 111 ,1;iq; d R l 61 Í.:,Cial.

dinCJn:>",

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l ll d r,d .i.nid. ón de
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111'" 0 • .1.0 ,
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í.H1tr,¡¡ l,"l"l

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r. o rn pl\ 1'1 i é\ Dl ·r .1. 11,1111 i. 11i·<~111 y · ot r· m~; ~J°r', tid,] d es. " ,·· S egL1nda ·· ·
Co , 1vr,in e i (Jr 1 LIL' C1.1 111 p,01f\,11; F' J r1,:,1 nc: J. u11··;;1Gl, 0 1'" 1Jo1 11 i.z,1doi1 po,~ . lc1 hoy
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f..i:: l:;1
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la
inv 1;? 1~s-,J. 6 n
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la
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1-0: n u n• t,n l u 1,1 r1·· c ,1cto, el C lli. r: ,,,gu JJn.,, rtJ u ·r T1··,] d e ( Cl:lT), se puede
,, ,~¡,.¡ IJ,.w r•11l1 P 111 (1<:, r J,-, vrd. n l· r~ .i;l.l b P1'" n..iti v ,;1S, , d es de el .;i ce ite de
1,·;1:1 . / i.1 · !1 ,,1•;; L,;i lc:m Lt11· in, ,.11rrr.' nl. c l.l,¡1111 /ildu s "p 1:l ilo s congel a dos p,,ra
1,; 1: r ' '('F ,1rJu s, '' , p i'li:;,·111r lu prn
lm,, l.:1tulci$ públ .i .co s . Ge utilizan,
f:l ~\I " ,'.\ ¡:,1 .\FH;
Í i 11 UU~
lr H; r;o nl: r,i1l; n1; t l1a ·r L1i'..Lir"CJ . -

l...,~;

r•l
p l ;:i;.;r; t.iíi? n e,
e n .;1lg 1.1n oi; paises .,
Afu1I. ,
por
1'! .J P. rn p l1:1,
e:, n ,
Mé ~:ico,
la
rl i í1 íl 1 b n cl"' b,~o.l c: .;i 1:> fllr-c> l':l mhcr u; rn o• r-cD c.J o!o r Gildlc .;i e ¡, que
d n l dt11 mrrJ no op ,1 1' •' w11 1'11 r.rwl'.o p l "1.:o, mnt:1r r"ldlénrJD1;;,s como tal
p1t r· l. c1clos d e L1r1 ,?.Nu o
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por··

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GA l~fH!:.l,
r,an(¿ r· .: 0 11 1.:1 cit.
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ti e mpo d e .ªJL/ e",
,j1:1 1"' n ~ u ,:\ cw g <.1 n i:-:.;1 ú ii1 po r " f.'l.(i.F<. A . ", DL1e no s A.i re s; , 1990.- .·

El
e ó d i g o d e e o mP.= i o , () n su ' e\ I'." t.!. e Lil o J'l 7 9 •
L1 p 1? 1- ,:\c:.i.1:1n,"!S pa s l v ,c1 1a · l a . d1? no111i1·1ar.:.lón ~1r1 r11~r· i ca dG

7 )

l

El

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la

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cJ 1?. pósi tos.
Tamb.lén lo h ac e . la " l e y 2 J, .~ 2 6
( a ,·t s . 22 1 2;,;, 2 4• entre
otr-o s ) . S í:! tr,a1ta e v iden "l: c me n te de 'un a n :1 /ninfsce ncio:1 ,de I a
función originar.i. ~ ele 1 ,, bci1~1c,11 • .Véa s P. ,Jt,hn , :.., nneth · Galbraith·
er, " E 1 din ero". 1-tin ;p,éirll~! I~i Cm'·· f 11,;1 e no 5 Ai r 'li:'s - t'ladr id' ,pág ·. " ·27 ,' y
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