ARGENTINA Law and Practice Contributed by: Santiago J. Mora, Nicolas Garfunkel, Milagros Caneda and May Steward, GPG Advisory Partners
• simplification in negotiation process to achieve greater liquidity and competition; • systemic risk reduction; • capital markets’ integrity and transparency; and • financial inclusion. Within this context, the following are considered contrary to market integrity: • abuse of privileged information; • data manipulation and deceit in the market; and • unauthorised intervention in public offerings. 7. High-Frequency and Algorithmic Trading 7.1 Creation and Usage Regulations The creation and use of these technologies in Argentina are regulated by the markets and exchanges that operate in the country as part of the self-regulating powers granted by the CML and CNV regulations. 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity CNV regulations specifically delegate to each market and exchange the drafting of the rules and registry applicable to market makers. CNV regulations only stipulate certain minimum requirements that the markets must follow when issuing the rules that regulate the activity. In 2023, the CNV issued Resolution 951/2023, which incorporated amendments to the regula - tion for market makers. Certain broker dealers are allowed to perform as market makers under certain conditions specified in the regulation. Each market must have a registry of its market makers. Market makers can only operate in this
capacity for instruments they are authorised to handle by the respective market. 7.3 Regulatory Distinction Between Funds and Dealers In Argentina, the regulations do not distinguish between funds that engage in these activities and dealers engaged in these activities. 7.4 Regulation of Programmers and Programming There is no specific regulation regarding the cre - ation of trading algorithms and other electronic trading tools. These kinds of tools are subject to the regulations set forth by each of the markets and exchanges that operate in the country as part of the self-regulating powers granted by the CML and CNV regulations, as well as the general rules of the CCC and the IPL. In recent years, the insurance contracting pro - cess has become increasingly flexible and agile by taking advantage of the possibilities of digi - talisation. For example, the SSN has allowed insurance companies to issue policies with digi - tal signatures, and to receive instructions from their customers through digital platforms. In addition, with the increased ability to obtain and process information about policyholders and the risks that fall on insured assets, insur- ance companies have been steadily improving their results. 8.2 Treatment of Different Types of Insurance Each of the different types of insurance (eg, life, property and casualty) has its specific regulation, 8. Insurtech 8.1 Underwriting Processes
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