Through the Urgency and Necessity Decree 70/2023 (“DNU”), the Warrants Law (No. 9,643), was amended, in order to deregulate the legal regime applicable to securities receivables. Below are the most relevant modifications:
- Sections 3, 4, 23, 26, and 29 of the Warrants Law were left without effect, which addressed:
1. The prohibition for deposit companies to carry out buying and selling operations of fruits or products of the same nature as those referred to in the “certificates of deposit” or “warrants” they issue.
2. The prohibition of storing goods susceptible to reciprocal alteration in the same or adjacent warehouses.
3. The right of the owner or creditor of a “certificate of deposit” or a “warrant” to obtain a duplicate of said documents in case of loss or destruction.
4. The validity period of 6 (six) months for “warrants” any other term shall be accepted without limitation.
5. The exemption from the patent tax, provided by the Law until 1916, to the authorized deposits to issue “warrants.” - The provision that mobile credit operations are only on domestic fruits or products will no longer apply, extending to foreign fruits or products as well.
- Registration in the registry under the responsibility of the National Executive Branch by private warehouses or deposits capable of issuing “certificates of deposit” and “warrants” is no longer mandatory but becomes an option for companies. In case they are not registered, they must include the statement “company not registered in the records of warrant companies Law No. 9,643 and its amendments.“
- • Electronic documents have been incorporated to replace any documentation (records, booklets, and books) established by the Warrants Law, in the terms of Articles 286 and 288 of the Civil and Commercial Code of the Nation.
- The requirement that goods or products should have a value equal to or greater than 500 (five hundred) national currency pesos, in order to be capable of obtain a “certificate of deposit” and/or “warrants” was eliminated.
- “Warrants” may have any version of electronic signature that unmistakably identifies the signer.
- The National Executive Branch will only inspect companies included on the registry of “warrants” issuing companies to ensure compliance with the obligations stated in the Warrants Law.
