In a context where the government is promoting a broad and accelerated deregulation agenda,… National Securities Commission (CNV) It faces a unique challenge: modernizing and simplifying the capital market without neglecting investor protection. This is how he defined it Its president is Roberto SilvaWhen analyzing the direction of the organization and the effects of recent changes.
“It is difficult to be a regulatory body in a deregulated government. But this forces us to think“The regulator cannot remove all traffic lights, but it can remove traffic lights from those corners where few people pass,” he explained in an interview with José del Río, Secretary General of the Editorial Board of LA NACION, within the framework of the event organized by the auditing and consulting firm BDO to honor the CFO of the Year.
According to Silva, the guideline is clear: “As much organization as necessary, but as little as possible.”
The tension between market development and investor protection runs through the entire agenda. “If we protect investors to the point where we have no issuers, this equation will not work,” he said. “But if everyone can issue without controls, the system also deteriorates. The challenge is to find the ratio.”
The gradual lifting of exchange restrictions is one of the focuses of CNV’s work, although Silva explained that each step is coordinated with the Central Bank and the Ministry of Economy. He explained: “When we talk about stocks, we have to separate what is the central bank and what is the capital market.”
He admitted that the changes were significant compared to previous years. “We came from a system where the government intervened; we had to submit an affidavit and limits to running up to 100,000 bonds a month. We faced a lot of obstacles that became more flexible,” he said.
The organization issued 104 public decisions in less than two years. “CNV has had 1,092 decisions in its entire history. In two years, we made almost 10% of everything produced in 57 years,” Silva explained. He explained: “What is interesting is not the quantity, but the quality.”
The official stated that the changes that will be before and after: rules for lifting exchange restrictions, flexibility available to broadcasters, facilities for financing small and medium enterprises, regulation of virtual asset service providers, and the first comprehensive token regulations in the country. “We have put us at the forefront of many countries in the world that are calling on us today to study what we have done and see if they will repeat the model.”He mentioned.
Simplification has also reached internal processes. For the official, one of the most profound changes was Automatic approvals for low or medium impact emissions, Which allows companies to take advantage of the financial moment they deem appropriate. However, he warned: “With greater freedom comes greater responsibility.”
Looking to the future, Silva expects there to be a CNV focused more on supervision than on creating regulation. “I strongly ask you to adhere to the rules, because we will adjust the supervision. We have to distinguish between those who do things well and those who don’t.”
Along these lines, he explained, the market could gain prominence in financing public works, in Real estate – Funds that grant mortgage loans have already appeared – and even in unexpected sectors, such as football clubs, which have begun issuing financial instruments. He added another “inevitable” aspect: future privatization.
Silva considered that the Argentine capital market is entering a different phase. “When you see the numbers, the situation is getting better every month,” he added. He noted the impact of recent money laundering: “Nearly $20 billion has come out of bed and into the economy. We are integrating an enormous amount into the system.”
For Silva, the trend is clear. “A developed country needs a developed capital market. In order to have a developed capital market, we need macroeconomic stability and a currency. “We haven’t had that in the past, but we’re on this path.”