Circular Letter

Circular No. 331 “Invoice certificates may be deposited at DCV”

Circular Anexx Date Reference Status Download
331 Yes 09.14.2020 Invoice certificates may be deposited at DCV Valid No

 

DEPÓSITO CENTRAL DE VALORES S.A.,
DEPÓSITO DE VALORES

Dear Participants,

The Depósito Central de Valores S.A., Depósito de Valores (DCV) informs on the creation of a new instrument and its authorization to be held in custody, referred to as the Invoice Certificate.

DCV and the Chilean Products Exchange (BPC) have worked for a long time to enable a new service that allows its custody and settlement at DCV. It will allow the Invoice Certificate to be traded in the Chilean Products Exchange, incorporating the depositors of DCV as potential investors of these certificates.

Service considerations:

  • The invoice certificates are products authorized to be deposited at DCV, as permitted by the General Provision, No. 432, of the Commission for the Financial Market (CMF).
  • The charged invoices (regarding which invoice certificates are issued) must have been assigned to BPC by the issuer of the same, or by a qualified transferor (regarding those designated in accordance with the manual issued by BPC and that are known to DCV), and may not be subject to any type of encumbrances, prohibitions, seizures or ownership limitations.
  • BPC will be responsible for the existence and custody of the underlying invoices that support the issuance of the certificates, as long as they are not delivered to their legitimate owners (informed by DCV). In the same way, BPC will be responsible for ensuring that the invoice certificates that are issued are compatible with the conditions, terms and methods contained in the underlying invoices that it maintains in custody.
  • As with the other instruments held in custody at DCV, DCV is not responsible for a possible breach or non-payment of the obligations contained in the respective underlying invoices.
  • DCV may issue with respect to the invoice certificates received on deposit, the certificates contemplated in Article 13 of Law No. 18,876, which will allow the holder to exercise each and every one of the rights that correspond to them in their capacity as owner of the respective certificates, as well as to exercise the rights and actions contemplated in the regulations of BPC.
  • While the invoice certificates are in custody at DCV, the underlying invoices may not be assigned by BPC.
  • The possibility of making a special pledge referred to in Article 14, (letter b), of Law No. 18,876 will not apply with respect to the invoice certificates.
  • The service will be available to BPC and its counterparts during DCV’s normal business hours, that is, all bank business days from 9:00 to 18:30 hours.
  • The fees associated with this service correspond those defined in DCV’s Internal Regulations and that are associated with financial intermediation instruments.

BPC agrees to fully comply with Exempt Resolution No. 50 and General Provision No. 429, both issued by the CMF, by which the requirements for the registration of invoices and certificates of the same are modernized. Accordingly, these instruments are held in the Product Registry maintained by the auditing entity. Similarly, BCP agrees to comply with those regulations that in the future modify or replace the provision indicated above.

The mnemonics associated with the invoice certificates issued at DCV must comply with the following structure:

1 2 3 4 5 6 7 8 9 10 11 12
F P P P P P P N N N N N

 

Character 1: identifier that indicates the type of invoice underlying the certificate, in accordance with the BPC coding (see DCV operating guide/Annexes).
Character 2 to 7: payer code of 6 alphanumeric characters that identifies the payer (the one informed by BPC).
Character 8 to 12: Certificate number assigned by BPC.

External Operational Manual
Custody and Settlement of Invoice Certificates

Go to the documents

 

For more information please contact the
Customer Service Desk, MAC

macdcv.cl   +56 223 939 001

 

Without further ado, sincerely,    

DEPÓSITO CENTRAL DE VALORES S.A.,
DEPÓSITO DE VALORES

News Center