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Article

El APE Como Mecanismo de Reestructuracion de Obligaciones Negociables

Publication: La Ley, 2005

Author: Nicolas Malumian

Category: Mercado de Capitales y Financiero

Abstract

En el artículo se comentan los principales aspectos de la reestructuración de deudas representadas en títulos emitidos en serie por medio de un Acuerdo Preventivo Extrajudicial (APE) y las principales conclusiones que emergen en esta materia del fallo "Multicanal S.A.". The article comments on the main aspects of the restructuring of debts represented in securities issued in series through an agreement to reestructure debt of a company with financial problems and the main conclusions that emerge in this matter from the ruling "Multicanal S.A.".

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The paper explains what securities (valores negociables) and investment contracts are under Argentine law, comments on the origin of the term "Financial Instruments" and its possible interpretations, analyzes whether financial derivatives qualify as securities, and addresses the correct legal analysis of tokenization based on the principle of technological neutrality. It draws on the US concept of "security" and the Howey Test, and reviews the requirement of generalized and impersonal trading.

Article

Ejecución de la Factura de Crédito Electrónica: Lecciones de la jurisprudencia

Publication: Diario La Ley, 2024

Author: Nicolas Malumian

The paper reviews the case law on the legal action to collect defaulted FCEs. FCEs are digital securities issued as invoices for selling assets or rendering services, and when accepted by the debtor, they become transferable credit securities.

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La oferta publica y privada de participaciones en fideicomisos

Publication: Diario La Ley, 2023

Author: Nicolas Malumian

The paper analizes the regulations of public offer of securities under Argentine law, with a comment on the main case law and resolutions of the Argentine Securities Commission (Comisión Nacional de Valores)