Law 17.811: rules the securities markets as a whole. For this purpose, the law sets the structure of the Comisión Nacional de Valores, "CNV" (National Securities Commission) in the form of a national self-governed entity that supervises and regulates brokerage institutions as well as the public offering and trading of securities, including transactions not conducted through the Stock Market, and that therefore, are not supervised or guaranteed by the securities markets.

Law 19.550: sets forth the legal framework for corporations.

Decree 677/01: includes rules of transparency and proper practices in corporate management applicable to the issuing companies under the public offering system regulations.

"CNV", Comisión Nacional de Valores, (National Securities Commission) resolutions: regulations that implement the pertinent laws.

The legal and security framework is complemented with the provisions set forth in MERVAL's by-laws and regulations.

Institutional Framework