Valores Negociables Desmaterializados

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.

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.

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)