DCV Registros, subsidiary of the Depósito Central de Valores – DCV (Central Securities Depository), in order to continue providing its services with the highest standards of security and quality, is prepared to face changes to regulatory requirements, as stated by DCV Registros Operations and Services Manager, Claudio Garín.

 
“The Internal Revenue Service (Servicio de Impuestos Internos) on December 24, 2013, published Ex. Resolution 106, which establishes changes related to the structure and content of affidavits and tax certificates. To provide a timely response in due time and form, DCV Registros had to modify its application which permits the generation of these documents, reacting in an expedient manner and with an adaptability according to the regulatory requirements in order to be able to deliver the affidavits of the 172 Corporations and 31 Investment Funds it manages, and the tax certificates for 99 Corporations and 14 Investment Funds. DCV Registros is committed to delivering excellent service and we will continue doing so to benefit our customers”, said Garín.

Preparation with change

The Operations and Services Manager said, regarding the entity’s preparation to make this change that “it began from the moment that DCV Registros learned about the publication of this legislation. At that time, a survey and interpretation of its scope was conducted, giving rise to adjustments to the application which were required to comply with this rule”.

 
The second step, he said, is that the expert team evaluates the proposed solutions to begin making changes to the platform. “Like any change process or service construction in DCV, there is a process of quality certification of what is being done, which ends with user testing. It is at this point when the data area enters the data that have been provided by the companies and processes this new systemic solution, checking that what has been provided actually meets the requirements in terms of form and substance. The approval to start issuing the new documents is given after going through all these steps”, he explained.

Benefits for shareholders and issuers

The regulatory change meant that information is added to the tax certificate. This was formerly delivered in an attachment and is now included in the same document.

 
“A shareholder receiving the certificate receives more explanation regarding the first category tax credit, which provides more clarity with respect to the items that entitle tax return or not. Today the certificate is more complete, with more information and detail”, explained Claudio Garín.

 
The executive noted, “DCV will always be at the forefront and will meet all regulatory requirements. We must emphasize that our challenge will always be to deliver what the market and the regulatory authorities require, and live up to the services the Depósito Central de Valores has always provided its clients. Our key is a rapid reaction, capacity to adapt, availability, excellent services and technology”.

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