Law 26.831
Capital Market Law.
Enacted: November 29, 2012
Promulgated: December 27, 2012
The Argentine Senate and the House of Representatives, assembled as Congress, hereby enact with the force of Law:

CAPITAL MARKET LAW

PRELIMINARY PART
Principles and Definitions

SECTION 1. Purpose. Principles. This law is intended to set rules to govern capital market players and securities traded therein and subject to the Comisión Nacional de Valores (Argentine Securities Commission) ("CNV") regulation and monitoring.
These rules, any provisions supplementary hereto and regulations hereunder reflect and the interpretation hereof and thereof shall be guided by the following goals and principles:
a) Promoting the participation of small investors, union associations, industry groups and trade associations, professional associations and all public savings entities in the capital market, particularly encouraging mechanisms designed to promote domestic savings and channel such funds towards the development of production;
b) Strengthening mechanisms for the protection of and prevention of abuses against small investors for the protection of consumer's rights;
c) Promoting access of small and medium-sized companies to the capital market;
d) Fostering the creation of a federally integrated capital market through mechanisms designed to achieve an interconnection of computer systems from different trading markets, with the use of state-of-the-art technology;
e) Encouraging simpler trading procedures available to users to attain greater liquidity and competitiveness in order to provide the most favorable conditions for the implementation of transactions.

SECTION 2. Definitions. When used in this law and regulations hereunder, the following terms shall have the meanings set forth below: Securities: Securities issued both in certificated and book-entry form, including in particular any negotiable instruments or instruments evidencing claims, shares of stock, mutual investment fund quotas, debt securities or certificates of participation in financial trusts or other collective investment vehicles, and in general any homogeneous and exchangeable securities or investment agreements or receivable instruments issued or grouped in series and which may be traded in the same manner as and with effects similar to securities; and which on account of their nature and transfer requirements may be traded on a general and impersonal basis in financial markets. Also, the term "securities" includes futures, options and derivative contracts in general when traded in authorized markets, deferred payment checks, admissible time deposit certificates, invoice payment commitments, certificates of deposit and stock warrants, promissory notes, bills of exchange and any other securities admitted to trading in secondary markets.

Collective investment products: Mutual investment funds under Argentine Law 24,083, financial trusts under Argentine Law 24,441, as amended, and any other capital market vehicles for which public offering authorization is requested from the CNV. Markets: Corporations authorized by the CNV to act for the organization of transactions involving securities authorized for public offering, any activities related and supplementary thereto and capable of furthering such purpose also being under the jurisdiction of the CNV. Capital market: A market where securities or other previously authorized instruments are publicly offered so that members of the public may perform legal acts through the trading activities of authorized agents, all subject to monitoring by the CNV.

Registered agents: Natural persons and/or legal entities authorized by the CNV to be registered in the applicable registers created by the CNV for purposes of performing trading, underwriting, distribution, brokering, settlement and clearing, custody and collective deposit of securities, management and custody of collective investment products, risk rating and any other activities that, at the discretion of the CNV, must be registered for purposes of developing the capital market.

Trading Agent: A company authorized to act as a market intermediary, the performance of any related or supplementary activities also being under the jurisdiction of the CNV.

Financial Advisors: Natural persons and/or legal entities registered with the CNV to perform activities designed to publicize and promote securities under the responsibility of a registered trading agent. Underwriters and distributors: Natural persons and/or legal entities registered with the CNV to develop underwriting and distribution channels for securities, in accordance regulations issued by the CNV to such an effect.

Brokers: Legal entities registered with the CNV to put in contact two (2) or more parties for the performance of business transactions involving securities, such entities having no relationship whatsoever, whether as assistants, subordinates or representatives, with any of the parties involved (section 34, subsection (a), first part, of Annex I to Argentine Law 25,028).

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