New Law on Bills of Exchange and Electronic Promissory Notes

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On Thursday, December 9, 2021, Law # 10,069 was published in the Official Gazette La Gaceta called “Law on Bills of Exchange and Electronic Promissory Notes”, which provides an excellent opportunity to encourage the use of technology in our country and boost the secure and efficient access to credit, through the use of these securities in electronic format. This novel Law introduces only the necessary changes in current legislation with the objective that the substantive regulations that already exist remain unchanged and that their interpretation is applicable to these titles in electronic format. In matters not provided for by the new Law, the rules already in force in the Code of Commerce will remain applicable,

The Law creates the figure of the “Centralized Registries” that will be entities authorized by the General Superintendency of Securities (SUGEVAL) or central securities already supervised by said Superintendency in accordance with the Securities Market Regulatory Law. These Centralized Registries may be public or private entities authorized to register electronic bills of exchange and promissory notes, their dematerialization, issuance, custody, administration, endorsement, circulation, assignment, encumbrance, embargo and any exchange act, in the form of book entries . , a well-known and applied figure in our stock market. 

Among the main functions that the Centralized Registries may carry out are:

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