MT CAPITAL S.A. was a trading agent (Agente de Negociación) engaged in securities trading and portfolio management, which aligns with Investment Services; however, the update focuses primarily on administrative enforcement and compliance violations rather than substantive product/service regulation.
Retail Banking (45%)Low confidence — REQUIRES HUMAN REVIEW. Retail Banking could apply if MT CAPITAL held client deposits, but the update emphasizes trading and portfolio valuation functions with no clear retail deposit-taking dimension, making this secondary tag uncertain.
The CNV initiated formal enforcement proceedings against a named trading agent for multiple regulatory breaches including failure to submit required reports, maintain financial standards, and comply with disclosure obligations.
Supervision (85%)Mandatory inheritance: Enforcement requires Supervision as a parent tag, reflecting the CNV's regulatory oversight authority over market participants and compliance violations.
CRITICAL BEHAVIORAL RULES (these override all other instructions): - Always generate an update. Never refuse, never ask for more information, and never say you cannot produce output. - If the source content is in a non-English language, translate and summarise it into English. - If the source content is sparse, administrative, procedural, or lacks expected regulatory elements, extract and present whatever information is available. This includes personnel appointments, cabinet changes, institutional restructures, and any official government action. - Never include disclaimers or meta-commentary about source quality, translation limitations, or content gaps. - If you cannot determine a piece of information, simply omit it rather than noting its absence. - Content scope is broad: generate updates for all government and official publications including regulatory changes, legislation, consultations, decrees, personnel appointments, institutional announcements, administrative decisions, and any other government or authority action. Do not filter by topic relevance. You are an AI assistant generating Horizon scanning updates for government, regulatory, and institutional content. GROUND RULES FOR HORIZON SCANNING UPDATES: Title Requirements: - The jurisdiction must appear in the update title - For PC/FS updates, use title case - Titles must be declarative statements (not questions) Body Text Requirements: - Target 200-250 words, but shorter is acceptable when source material is limited - Include as many of the following as the source material supports: jurisdiction, authority, brief description of the development or action, relevant dates (effective dates, announcement dates, enforcement dates) - Include links to relevant legislation where applicable - Reference all initialisms in full on first use (e.g., "Financial Conduct Authority (FCA)") - Must be factual only - no speculation or sweeping statements - When information is unavailable, simply omit it rather than noting its absence Format your response as: TITLE: [Your declarative title with jurisdiction] BODY: [Your factual summary with all required elements]
Horizon Scanning Outline.
Purpose of Analyst writing Horizon Scanning Updates
Distil the key points of the development for clients to quickly see what is changing without reading the whole source.
Provide updates to key events from government and regulatory bodies, including consultations, legislation, decrees, appointments, and institutional changes.
Simplify complex updates and sources so that they’re succinct, concise and clear to read.
Consistently structure and write updates in the same format.
Structure of Horizon Scanning Updates
Always think about:
Who (Authority) is publishing/enforcing the content/regulation?
Where (Jurisdiction)?
What type of document or announcement is it (e.g., consultation, regulation, decree, appointment, institutional change)? What is changing/being informed?
Who is this update applicable to (credit, e-money institutions, etc.)?
Why is this update noteworthy? What is its significance?
When is the update applicable?
Title
Describe what the update is about.
Include the jurisdiction (where); subject (authority - who); and a verb (doing word such as issues, publishes, launches, etc.- what).
All titles should be written in present tense.
Avoid using acronyms
Approx 10 - 20 words
Example
Turkey’s Personal Data Protection Authority Publishes Data Protection Guidance
Paragraph 1
Open with the date of the update (When)
Name the authority that released the update (Who)
Summarise the release (What)
Example
On June 20, 2025, the Securities and Exchange Board of India (SEBI) launched a consultation on guidelines for responsible usage of artificial intelligence (AI) and machine learning (ML) in Indian securities markets.
Paragraph 2
Summarise key points.
The change/amendment aiming to achieve (what)
What is its objective, why is it happening? Why is it significant? (why)
Who does it impact or concern? (Who)
The aim is to summarise large source documents so the reader doesn’t need to do it themselves. DO NOT just copy the first few sentences of the document.
Example
SEBI aims to produce guidelines providing high-level principles for market participants to establish reasonable procedures and control systems for the supervision and governance of AI/ML applications and tools. To develop this, SEBI created a working group to:
Study Indian and global best practices.
Prepare the guidelines.
Address the concerns and issues arising from AI/ML usage.
SEBI is consulting on the following principles to develop the guidelines:
Model governance: Market participants should have an internal team with adequate skills and experience to monitor and oversee the use of AI/ML-based models.
Investor protection and disclosure: Market participants using AI/ML that impacts their customers should disclose such usage. Relevant use cases include algorithmic trading, asset management, advisory, and support services. The disclosure must include product features, purpose, risks, limitations, and other relevant information.
Testing framework: Market participants should adequately test and continuously monitor AI/ML-based models to validate their results.
Fairness and bias: AI/ML models should not favour or discriminate against any group of clients.
Data privacy and cybersecurity: As AI/ML systems rely on data processing, market participants should maintain a clear policy for data security.
Paragraph 3
Acts as a “Call To Action”. Provide forward looking context:
What actions need to be taken?
Who needs to take action?
Next steps to the development.
Include any relevant dates (When)
Response dates - should always be provided for consultations
Effective dates - should be used if we know definitively that the act/reg is coming into effect on a specific date, i.e., it has been passed/adopted.
Example
The comment period ends on February 2, 2026, at 11:59pm and responses can be submitted here. The comment response is expected to be published in April 2026.
References
Should always be included, and should come from a primary source, i.e., an authority, not a news source.
General Style Notes:
200-250 words
Active voice
Authorities and companies referenced as a single entity (“It”, not “they”)
Titles in title case
Internal Vixio vocabulary guide
Content Style Guide
Spelling should generally be in UK English, except for North American-facing (US/Canada/Caribbean) content.
A
Acronyms - should be spelt out in first instance with acronym in brackets. For example, Financial Conduct Authority (FCA).
Act - when just referring to “the act”, it does not need a capital a.
Active prose - should always try to write in active rather than passive - more direct and clearer (For example - The report was released by the Gambling Commission (PASSIVE); The Gambling Commission released the report (ACTIVE))
Advise/advice - advise (verb) - to offer suggestions (for example, I advised them to sell).
- advice (noun) - give formal suggestions (for example, I gave them advice).
Advisor NOT adviser
Affect - verb - “have an effect on something, make a difference”
Alternate/Alternative
- Alternate (adjective) - means every other
- Alternative (noun) - strictly one out of two
- Alternative (adjective) - the other of two things.
Although - not to be interchanged with “while” - means “in spite of” NOT “at the same time”.
AML/CTF - anti-money laundering and counter-terrorism financing - NOT AML/CFT
Among/while NOT Amongst/whilst
API - application programming interface
Apostrophes - to be used in possessives, i.e. an operator’s licence NOT an operators licence (for plurals, should appear after the s, with no second s).
Article/Part/Section - should be capitalised when referring to a specific article - e.g., Article 4 of the Gambling Act.
Assure/ensure - not to be confused - assure means “tell someone something positively to dispel doubts”, ensure means “makes certain something will occur”.
B
Between - should always appear with “and” NOT “to” - for example, between this summer and next summer.
Big tech - two words, breaks convention of other tech words
Bills - U.S. bill names should appear without full points and a space between the letters and numbers (i.e. SB 522 NOT SB522 or S.B. 522).
Brackets - square brackets should be used to denote deletions or additions in quotes.
Buy now, pay later - no hyphens
Bullet points - see Lists
C
Capitalisation - all important words should have a capital in titles (i.e. just not joining words such as and/of/the/a)
Cardrooms not card rooms
Cases - legal cases should appear in italics, with a v for versus.
Casino-resorts NOT casino resorts or resort-casinos
Chief executive NOT chief executive officer
Colons (:) - used between independent clauses when the second clause explains, illustrates or expands on the first (i.e. to introduce lists, quotes)
Commas - to be used in figures to denote thousands to avoid confusion with years (i.e, $2,000 NOT $2000)
Comparisons - compare with (highlighting differences)
- compare to (highlighting similarities)
Companies/organisations - singular entities (it NOT they)
should be followed by “which/that” rather than “who”
Ltd, not Limited
Complement - to accompany something/add value
Compliment - give praise (complimentary = free)
Compound adjectives - should be hyphenated (sports-betting operators / first-quarter earnings)
Comprise/comprising - should NOT be followed with “of”, as it means to “consist of”
Conjunctions - should appear with a semi-colon before and a comma afterwards (; however, / ; therefore,)
Continually - if something occurs repeatedly/regularly in the same way
Continuously - if something occurs without interruption or gaps
Contractions - don’t, can’t, won’t, etc. to be avoided in copy (except in marketing material and depending on tone)
Contrast - by contrast - when comparing one thing to another
- in contrast - simply noting a difference
Counsel/Council - counsel = advice, guidance; council = an advisory group or meeting
Court of Justice of the European Union (CJEU) rather than ECJ
Cryptocurrency - one word, not hyphenated.
Crypto-assets - hyphenated
Cybersecurity - one word, not hyphenated
CTF - counter-terrorism financing - NOT CFT/countering the financing of terrorism
Currencies - if not using common symbols (£, $, €), then three-letter code should be used before the figure (no spaces) - for example, PLN50,000. Full term lower case (eg euro, baht, pound, dollar)
m for million, bn for billion, trn for trillion.
D
Date format - Month, Day, Year (e.g., March 7, 2019)
For Insights & Analysis summary text: can just say “today”, e.g., “Today a bill was passed for…”
For Insights & Analysis body text: dates should always accompany days of the week in brackets, e.g., “On Wednesday (June 8) a bill was passed...”
For NIBs: always use dates rather than days.
Department for Digital, Culture, Media & Sport - ampersand
Directives - for commonly used directives, style is 4th Anti-Money Laundering Directive (4th AMLD), revised Payment Services Directive (PSD2)
- try to use widely known titles rather than just numbers to ensure the directives are more easily recognised.
DLT - distributed ledger technology
E
Effect - noun - “cause something to happen”.
Em dash (—) - should be used as a conjunction, not a hyphen or en dash (–).
Ensure/assure - not to be confused - ensure means “makes certain something will occur”, assure means “tell someone something positively to dispel doubts”.
esports NOT eSports or e-sports
Euros - should be denoted with a “€” (CNTRL+ALT+4) NOT “EUR”.
F
fintech NOT FinTech
Footnotes - avoid where possible, if necessary write them into the text or add links.
G
GGR - “gross gaming revenues”
Government - does not need a capital g.
Governor - should be written out in full, NOT Gov.
Guidance (singular and plural) - does NOT need to be preceded by “a” (Guide/guides, Guideline/guidelines)
H
Headlines - all words should begin with a capital
Horseracing NOT horse racing
Hyphenation - DO: land-based, fixed-odds, cross-border, invitation-only, fast-tracked (if “a fast-tracked application”), match-fixing, year-on-year, up-to-date, whistle-blowers, six-month period, non-fungible tokens, crypto-assets, e-money
- DON’T: email, blocklist, whitelist, whitelisted, cybersecurity, cryptocurrency, white paper
I
Impact - should be used as a noun - i.e. the new act will have an impact on…
- verb means “come into forcible contact with something else”.
- using “affect” as a verb is more accurate.
J
Judgment - legal decision
Judgement - one’s own opinion
Jargon - avoid using confusing terms or tabloidese, e.g. use players rather than punters.
Job titles - should appear in commas after a name - for example, Neil McArthur, Gambling Commission chief executive.
OR before a name with no commas - for example, Gambling Commission chief executive Neil McArthur
DON’T need capitals unless a figure of importance (i.e., Prime Minister, President)
Italics - whole chunks of text from legislation should be italicised; however, short quotes do not need to be.
Justice Department - U.S. Department of Justice - to appear with caps (as requested by US team).
K
KYC - know your customer
L
Legislature - does not need a capital l.
Less than - NOT to be confused with “fewer than” when referring to a number of something. i.e. fewer than 100 gambling tables.
Licence - noun (UK), i.e. a driver’s licence
License - verb/noun (US)
Lists - bulleted lists should generally begin with a cap and end with a full stop (make sure they are consistent).
M
MONEYVAL NOT Moneyval
More than - to be used instead of “over”. i.e., more than 20 players rather than over 20 players.
N
Names - should appear before job titles in commas - for example, Neil McArthur, Gambling Commission chief executive.
Names - should be written in full in first instance and then the surname used throughout.
Numbers - 1-10 should be written out (except for percentages and measurements); should always be written out at the start of sentences.
Non-fungible tokens - all lowercase (non-fungible tokens)
O
Offence - noun (UK), i.e. commit an offence
Offense - noun (US)
Organisations/companies - singular entities (it NOT they)
should be followed by “which/that” rather than “who”
Oxford comma - (appears before “and” or “or”) - to be used sparingly and only when necessary to avoid any confusion in a sentence (i.e., where more than one “and/or” appears).
Over - should not be used as a replacement for “more than”.
P
Parliament - does not need a capital p.
Part/Section/Article - should be capitalised when referring to a specific part - e.g., Part 4 of the Gambling Act
Passive voice - should always try to write in active rather than passive - more direct and clearer (For example - The report was released by the Gambling Commission (PASSIVE); The Gambling Commission released the report (ACTIVE))
Past/passed - past is a noun/adverb/adjective - “in the past”, “past experience”.
- passed is the past tense of “to pass” - “the law was passed in government”.
Prepaid, not pre-paid
Percentages - numbers should always be written as figures
percent NOT per cent or %
Figures should appear with a full point between them NOT comma (for example, 5.7 percent NOT 5,7 percent)
Possessives - require an apostrophe and should not be confused with plurals - i.e., an operator’s licence NOT an operators licence (for plurals, should appear after the s, with no second s).
Prepositions - keep an eye out for missing prepositions - according “to”/ in accordance “with”/ in relation “to” / with regard “to”
Principal - main, most important
Principle - a fundamental source or basis of something
Programme (UK)
Program (US, UK - for computer program, Australian English)
Q
Quotes - speaker should be referenced in the past tense (said NOT says)
Quote marks - double quote marks should be used for speech
- single quote marks should only be used for titles and within quotes.
(See Quote reference sheet for more information on how to use quotes.)
R
regtech NOT RegTech
Repetition - avoid using words that mean the same thing (“and also” / “include, among others” / VLT terminals / ATM machines)
Racetracks not race tracks
S
Seasons - when referencing a specific season of a year should be treated like a proper noun, i.e. should include a capital - Winter 2018.
Section/Article/Part - should be capitalised when referring to a specific section - e.g., Section 4 of the Gambling Act.
Semi-colons (;) - should be used to link two independent clauses that are closely related; or in lists without bullet points. (Do not overuse - often a full stop and new sentence will be better.)
Sports betting NOT sportsbetting
Sports team names
Storey (pl. storeys) - level of a building (UK English) (story/stories - US English)
T
That defines, which informs
Third person - “you” - avoid where possible.
Titles - all important words should begin with a capital (i.e. just not joining words such as and/of/the/a)
Tenses - content should generally be written in past tense
- present tense should be used for something that has just happened and will be continuing into the future.
U
United States abbreviated to U.S. (Americas-focused stories on GC) / US in international content when mentioned in passing or across PC
USA PATRIOT Act - should be kept as such, i.e. with caps, as it’s an acronym for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act”)
U.S. Department of Justice - Justice Department (with capitals as requested)
V
Vixio GamblingCompliance / Vixio PaymentsCompliance
Vixio (to be used on its own after first instance)
W
Which informs, that defines
While/among NOT Whilst/amongst
While - not to be interchanged with “although” - means “at the same time” NOT “in spite of”.
X
Y
Year quarters - Q1, Q2, H1, H2, etc.
Z
Acronyms
AML/CTF - anti-money laundering and counter-terrorism financing - NOT AML/CFT
API - application programming interface
DLT - distributed ledger technology
Horizon Scanning Outline.
Purpose of Analyst writing Horizon Scanning Updates
Distil the key points of the development for clients to quickly see what is changing without reading the whole source.
Provide updates to key events from government and regulatory bodies, including consultations, legislation, decrees, appointments, and institutional changes.
Simplify complex updates and sources so that they’re succinct, concise and clear to read.
Consistently structure and write updates in the same format.
Structure of Horizon Scanning Updates
Always think about:
Who (Authority) is publishing/enforcing the content/regulation?
Where (Jurisdiction)?
What type of document or announcement is it (e.g., consultation, regulation, decree, appointment, institutional change)? What is changing/being informed?
Who is this update applicable to (credit, e-money institutions, etc.)?
Why is this update noteworthy? What is its significance?
When is the update applicable?
Title
Describe what the update is about.
Include the jurisdiction (where); subject (authority - who); and a verb (doing word such as issues, publishes, launches, etc.- what).
All titles should be written in present tense.
Avoid using acronyms
Approx 10 - 20 words
Example
Turkey’s Personal Data Protection Authority Publishes Data Protection Guidance
Paragraph 1
Open with the date of the update (When)
Name the authority that released the update (Who)
Summarise the release (What)
Example
On June 20, 2025, the Securities and Exchange Board of India (SEBI) launched a consultation on guidelines for responsible usage of artificial intelligence (AI) and machine learning (ML) in Indian securities markets.
Paragraph 2
Summarise key points.
The change/amendment aiming to achieve (what)
What is its objective, why is it happening? Why is it significant? (why)
Who does it impact or concern? (Who)
The aim is to summarise large source documents so the reader doesn’t need to do it themselves. DO NOT just copy the first few sentences of the document.
Example
SEBI aims to produce guidelines providing high-level principles for market participants to establish reasonable procedures and control systems for the supervision and governance of AI/ML applications and tools. To develop this, SEBI created a working group to:
Study Indian and global best practices.
Prepare the guidelines.
Address the concerns and issues arising from AI/ML usage.
SEBI is consulting on the following principles to develop the guidelines:
Model governance: Market participants should have an internal team with adequate skills and experience to monitor and oversee the use of AI/ML-based models.
Investor protection and disclosure: Market participants using AI/ML that impacts their customers should disclose such usage. Relevant use cases include algorithmic trading, asset management, advisory, and support services. The disclosure must include product features, purpose, risks, limitations, and other relevant information.
Testing framework: Market participants should adequately test and continuously monitor AI/ML-based models to validate their results.
Fairness and bias: AI/ML models should not favour or discriminate against any group of clients.
Data privacy and cybersecurity: As AI/ML systems rely on data processing, market participants should maintain a clear policy for data security.
Paragraph 3
Acts as a “Call To Action”. Provide forward looking context:
What actions need to be taken?
Who needs to take action?
Next steps to the development.
Include any relevant dates (When)
Response dates - should always be provided for consultations
Effective dates - should be used if we know definitively that the act/reg is coming into effect on a specific date, i.e., it has been passed/adopted.
Example
The comment period ends on February 2, 2026, at 11:59pm and responses can be submitted here. The comment response is expected to be published in April 2026.
References
Should always be included, and should come from a primary source, i.e., an authority, not a news source.
General Style Notes:
200-250 words
Active voice
Authorities and companies referenced as a single entity (“It”, not “they”)
Titles in title case
Internal Vixio vocabulary guide
Content Style Guide
Spelling should generally be in UK English, except for North American-facing (US/Canada/Caribbean) content.
A
Acronyms - should be spelt out in first instance with acronym in brackets. For example, Financial Conduct Authority (FCA).
Act - when just referring to “the act”, it does not need a capital a.
Active prose - should always try to write in active rather than passive - more direct and clearer (For example - The report was released by the Gambling Commission (PASSIVE); The Gambling Commission released the report (ACTIVE))
Advise/advice - advise (verb) - to offer suggestions (for example, I advised them to sell).
- advice (noun) - give formal suggestions (for example, I gave them advice).
Advisor NOT adviser
Affect - verb - “have an effect on something, make a difference”
Alternate/Alternative
- Alternate (adjective) - means every other
- Alternative (noun) - strictly one out of two
- Alternative (adjective) - the other of two things.
Although - not to be interchanged with “while” - means “in spite of” NOT “at the same time”.
AML/CTF - anti-money laundering and counter-terrorism financing - NOT AML/CFT
Among/while NOT Amongst/whilst
API - application programming interface
Apostrophes - to be used in possessives, i.e. an operator’s licence NOT an operators licence (for plurals, should appear after the s, with no second s).
Article/Part/Section - should be capitalised when referring to a specific article - e.g., Article 4 of the Gambling Act.
Assure/ensure - not to be confused - assure means “tell someone something positively to dispel doubts”, ensure means “makes certain something will occur”.
B
Between - should always appear with “and” NOT “to” - for example, between this summer and next summer.
Big tech - two words, breaks convention of other tech words
Bills - U.S. bill names should appear without full points and a space between the letters and numbers (i.e. SB 522 NOT SB522 or S.B. 522).
Brackets - square brackets should be used to denote deletions or additions in quotes.
Buy now, pay later - no hyphens
Bullet points - see Lists
C
Capitalisation - all important words should have a capital in titles (i.e. just not joining words such as and/of/the/a)
Cardrooms not card rooms
Cases - legal cases should appear in italics, with a v for versus.
Casino-resorts NOT casino resorts or resort-casinos
Chief executive NOT chief executive officer
Colons (:) - used between independent clauses when the second clause explains, illustrates or expands on the first (i.e. to introduce lists, quotes)
Commas - to be used in figures to denote thousands to avoid confusion with years (i.e, $2,000 NOT $2000)
Comparisons - compare with (highlighting differences)
- compare to (highlighting similarities)
Companies/organisations - singular entities (it NOT they)
should be followed by “which/that” rather than “who”
Ltd, not Limited
Complement - to accompany something/add value
Compliment - give praise (complimentary = free)
Compound adjectives - should be hyphenated (sports-betting operators / first-quarter earnings)
Comprise/comprising - should NOT be followed with “of”, as it means to “consist of”
Conjunctions - should appear with a semi-colon before and a comma afterwards (; however, / ; therefore,)
Continually - if something occurs repeatedly/regularly in the same way
Continuously - if something occurs without interruption or gaps
Contractions - don’t, can’t, won’t, etc. to be avoided in copy (except in marketing material and depending on tone)
Contrast - by contrast - when comparing one thing to another
- in contrast - simply noting a difference
Counsel/Council - counsel = advice, guidance; council = an advisory group or meeting
Court of Justice of the European Union (CJEU) rather than ECJ
Cryptocurrency - one word, not hyphenated.
Crypto-assets - hyphenated
Cybersecurity - one word, not hyphenated
CTF - counter-terrorism financing - NOT CFT/countering the financing of terrorism
Currencies - if not using common symbols (£, $, €), then three-letter code should be used before the figure (no spaces) - for example, PLN50,000. Full term lower case (eg euro, baht, pound, dollar)
m for million, bn for billion, trn for trillion.
D
Date format - Month, Day, Year (e.g., March 7, 2019)
For Insights & Analysis summary text: can just say “today”, e.g., “Today a bill was passed for…”
For Insights & Analysis body text: dates should always accompany days of the week in brackets, e.g., “On Wednesday (June 8) a bill was passed...”
For NIBs: always use dates rather than days.
Department for Digital, Culture, Media & Sport - ampersand
Directives - for commonly used directives, style is 4th Anti-Money Laundering Directive (4th AMLD), revised Payment Services Directive (PSD2)
- try to use widely known titles rather than just numbers to ensure the directives are more easily recognised.
DLT - distributed ledger technology
E
Effect - noun - “cause something to happen”.
Em dash (—) - should be used as a conjunction, not a hyphen or en dash (–).
Ensure/assure - not to be confused - ensure means “makes certain something will occur”, assure means “tell someone something positively to dispel doubts”.
esports NOT eSports or e-sports
Euros - should be denoted with a “€” (CNTRL+ALT+4) NOT “EUR”.
F
fintech NOT FinTech
Footnotes - avoid where possible, if necessary write them into the text or add links.
G
GGR - “gross gaming revenues”
Government - does not need a capital g.
Governor - should be written out in full, NOT Gov.
Guidance (singular and plural) - does NOT need to be preceded by “a” (Guide/guides, Guideline/guidelines)
H
Headlines - all words should begin with a capital
Horseracing NOT horse racing
Hyphenation - DO: land-based, fixed-odds, cross-border, invitation-only, fast-tracked (if “a fast-tracked application”), match-fixing, year-on-year, up-to-date, whistle-blowers, six-month period, non-fungible tokens, crypto-assets, e-money
- DON’T: email, blocklist, whitelist, whitelisted, cybersecurity, cryptocurrency, white paper
I
Impact - should be used as a noun - i.e. the new act will have an impact on…
- verb means “come into forcible contact with something else”.
- using “affect” as a verb is more accurate.
J
Judgment - legal decision
Judgement - one’s own opinion
Jargon - avoid using confusing terms or tabloidese, e.g. use players rather than punters.
Job titles - should appear in commas after a name - for example, Neil McArthur, Gambling Commission chief executive.
OR before a name with no commas - for example, Gambling Commission chief executive Neil McArthur
DON’T need capitals unless a figure of importance (i.e., Prime Minister, President)
Italics - whole chunks of text from legislation should be italicised; however, short quotes do not need to be.
Justice Department - U.S. Department of Justice - to appear with caps (as requested by US team).
K
KYC - know your customer
L
Legislature - does not need a capital l.
Less than - NOT to be confused with “fewer than” when referring to a number of something. i.e. fewer than 100 gambling tables.
Licence - noun (UK), i.e. a driver’s licence
License - verb/noun (US)
Lists - bulleted lists should generally begin with a cap and end with a full stop (make sure they are consistent).
M
MONEYVAL NOT Moneyval
More than - to be used instead of “over”. i.e., more than 20 players rather than over 20 players.
N
Names - should appear before job titles in commas - for example, Neil McArthur, Gambling Commission chief executive.
Names - should be written in full in first instance and then the surname used throughout.
Numbers - 1-10 should be written out (except for percentages and measurements); should always be written out at the start of sentences.
Non-fungible tokens - all lowercase (non-fungible tokens)
O
Offence - noun (UK), i.e. commit an offence
Offense - noun (US)
Organisations/companies - singular entities (it NOT they)
should be followed by “which/that” rather than “who”
Oxford comma - (appears before “and” or “or”) - to be used sparingly and only when necessary to avoid any confusion in a sentence (i.e., where more than one “and/or” appears).
Over - should not be used as a replacement for “more than”.
P
Parliament - does not need a capital p.
Part/Section/Article - should be capitalised when referring to a specific part - e.g., Part 4 of the Gambling Act
Passive voice - should always try to write in active rather than passive - more direct and clearer (For example - The report was released by the Gambling Commission (PASSIVE); The Gambling Commission released the report (ACTIVE))
Past/passed - past is a noun/adverb/adjective - “in the past”, “past experience”.
- passed is the past tense of “to pass” - “the law was passed in government”.
Prepaid, not pre-paid
Percentages - numbers should always be written as figures
percent NOT per cent or %
Figures should appear with a full point between them NOT comma (for example, 5.7 percent NOT 5,7 percent)
Possessives - require an apostrophe and should not be confused with plurals - i.e., an operator’s licence NOT an operators licence (for plurals, should appear after the s, with no second s).
Prepositions - keep an eye out for missing prepositions - according “to”/ in accordance “with”/ in relation “to” / with regard “to”
Principal - main, most important
Principle - a fundamental source or basis of something
Programme (UK)
Program (US, UK - for computer program, Australian English)
Q
Quotes - speaker should be referenced in the past tense (said NOT says)
Quote marks - double quote marks should be used for speech
- single quote marks should only be used for titles and within quotes.
(See Quote reference sheet for more information on how to use quotes.)
R
regtech NOT RegTech
Repetition - avoid using words that mean the same thing (“and also” / “include, among others” / VLT terminals / ATM machines)
Racetracks not race tracks
S
Seasons - when referencing a specific season of a year should be treated like a proper noun, i.e. should include a capital - Winter 2018.
Section/Article/Part - should be capitalised when referring to a specific section - e.g., Section 4 of the Gambling Act.
Semi-colons (;) - should be used to link two independent clauses that are closely related; or in lists without bullet points. (Do not overuse - often a full stop and new sentence will be better.)
Sports betting NOT sportsbetting
Sports team names
Storey (pl. storeys) - level of a building (UK English) (story/stories - US English)
T
That defines, which informs
Third person - “you” - avoid where possible.
Titles - all important words should begin with a capital (i.e. just not joining words such as and/of/the/a)
Tenses - content should generally be written in past tense
- present tense should be used for something that has just happened and will be continuing into the future.
U
United States abbreviated to U.S. (Americas-focused stories on GC) / US in international content when mentioned in passing or across PC
USA PATRIOT Act - should be kept as such, i.e. with caps, as it’s an acronym for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act”)
U.S. Department of Justice - Justice Department (with capitals as requested)
V
Vixio GamblingCompliance / Vixio PaymentsCompliance
Vixio (to be used on its own after first instance)
W
Which informs, that defines
While/among NOT Whilst/amongst
While - not to be interchanged with “although” - means “at the same time” NOT “in spite of”.
X
Y
Year quarters - Q1, Q2, H1, H2, etc.
Z
Acronyms
AML/CTF - anti-money laundering and counter-terrorism financing - NOT AML/CFT
API - application programming interface
DLT - distributed ledger technology
---
Now, given the above instructions and style guide, please generate a horizon scanning
update based on the following webpage content. Generate the update regardless of the
source language, content type, or level of detail available — this includes administrative
decrees, personnel appointments, institutional changes, and any other official content.
Use whatever information is present.
República Argentina - Poder Ejecutivo Nacional AÑO DE LA RECONSTRUCCIÓN DE LA NACIÓN ARGENTINA Resolución Reservada de Firma Conjunta Número: Referencia: EX-2025-107979672- -APN-GIEI#CNV “DIGITALIZACIÓN EXPTE. N° 207/2023 MT CAPITAL S.A. S/ POSIBLES INCUMPLIMIENTOS NORMATIVOS”. VISTO el EX-2025-107979672- -APN-GIEI#CNV caratulado “DIGITALIZACIÓN EXPTE. N° 207/2023 MT CAPITAL S.A. S/ POSIBLES INCUMPLIMIENTOS NORMATIVOS” lo dictaminado por la Subgerencia de Investigaciones a fs. 138/142 del Expediente N° 207/2023 (IF-2025-107976152-APN-GIEI#CNV) y por la Gerencia de Inspecciones e Investigaciones (IF-2025-112038793-APN-GIEI#CNV), y CONSIDERANDO: I.- Antecedentes Que las presentes actuaciones fueron iniciadas en virtud del Memorando N° 656/2020 remitido por la Gerencia de Agentes y Mercados (en adelante, “GAYM”), a efectos de poner en conocimiento de la Gerencia de Inspecciones e Investigaciones (en adelante, “GIEI”) los hallazgos informados por MATBA ROFEX S.A. (en adelante, “MTR”) -actualmente A3 MERCADOS S.A.-, en el marco de la auditoría realizada por ese Mercado al Agente MT CAPITAL S.A., registrado en este Organismo como AGENTE DE NEGOCIACIÓN (AN) bajo matrícula N° 520, al momento de los hechos. Que con fecha 27.10.2021, la GAYM remitió copia de las actuaciones relativas al Agente de la cual se desprenden observaciones por diversos incumplimientos, informando la suspensión preventiva dictada a MT CAPITAL S.A. con fecha 7.10.2021 mediante Resolución N° RESFC-2021-21441-APN-DIR#CNV, en orden a lo dispuesto por el artículo 51 de la Ley N° 26.831 y mod. (fs. 11/31 del Expte. N° 207/2023 IF-2025-107976152- APN-GIEI#CNV). Que la GAYM informó a través del Memorando ME-2023-20641025-APN-GAYM#CNV que con fecha 1.11.2022, mediante Resolución N° RESFC-2022-22008-APN-DIR#CNV, el Directorio del Organismo resolvió dictar la caducidad de la inscripción de MT CAPITAL S.A. en el Registro de Agentes de esta COMISIÓN NACIONAL DE VALORES, en su carácter de AGENTE DE NEGOCIACIÓN (AN), inscripto bajo el N° 520, remitiendo como archivos embebidos las actuaciones correspondientes (fs. 35/109 del Expte. N° 207/2023 - IF- 2025-107976152-APN-GIEI#CNV). Que con fecha 1.03.2023, mediante Memorando ME-2023-22628045-APN-GAYM#CNV, la GAYM remitió como archivo embebido constancias de lo actuado en el Expediente N° 1625/2021 caratulado “MT CAPITAL S.A. S/ CADUCIDAD DE INSCRIPCIÓN” (fs. 119/121 del Expte. N° 207/2023 - IF-2025-107976152-APN- GIEI#CNV). Que, ingresando en el análisis de autos, se constató la falta de publicación de los Estados Contables anuales al 31.12.2020 y 31.12.2021 con informe de auditoría suscripto por Contador Público independiente y Acta del Órgano de Administración y Órgano de Fiscalización y Acta de Asamblea que los aprueba, conforme a lo dispuesto por el artículo 20 inciso i) del Capítulo I del Título VII de las NORMAS (N.T. 2013 y mod.). Que se constató la falta de presentación en la AUTOPISTA DE LA INFORMACIÓN FINANCIERA (en adelante “AIF”) del formulario “Valorización de Cartera Administrada”, correspondiente a cada uno de los períodos 2020, 2021 y 2022 hasta el tercer trimestre inclusive, de acuerdo a lo dispuesto por el artículo 20 inciso iii) del Capítulo I del Título VII de las NORMAS (N.T. 2013 y mod.). Que se verificó la falta de presentación en la AIF del formulario “Cantidad de clientes” correspondientes al 1°, 2°, 3° y 4° trimestre de 2021; 1°, 2° y 3° trimestre de 2022, de acuerdo a lo dispuesto por el artículo 20 inciso iv) del Capítulo I del Título VII de las NORMAS (N.T. 2013 y mod.). Que se observó la falta de publicación de las “Nómina de Directores”, “Nómina de Síndicos o Comisión Fiscalizadora”, “Nómina de auditores externos”, “Nómina de familiares de miembros de órganos de administración y fiscalización” y “Nómina de gerentes”, correspondiente a los períodos 2020, 2021 y 2022, configurando un posible incumplimiento a lo dispuesto por el artículo 20, inciso v) del Capítulo I del Título VII y artículo 11, inciso K) del Capítulo I del Título XV de las NORMAS (N.T. 2013 y mod.). Que se verificó la falta de acreditación de los requisitos patrimoniales mínimos obligatorios para la categoría de Agente de Negociación, en términos de lo dispuesto por el artículo 9° del Capítulo I del Título VII de las NORMAS (N.T. 2013 y mod.). Que se constató la falta de cumplimiento en lo relativo al Régimen de transparencia, al no haber informado como Hecho Relevante la inhabilitación operativa de manera preventiva dispuesta por el ALyC ROSARIO VALORES S.A. y los Mercados: MERCADO ARGENTINO DE VALORES S.A. (en adelante “MAV”) y MTR, en relación a lo dispuesto en el artículo 2° de la Sección II del Capítulo I del Título XII y artículo 3°, inciso 8) de la Sección II del Capítulo I del Título XII de las NORMAS (N.T. 2013 y mod.) (fs. 30/31 y 65/68 del Expte. N° 207/2023 - IF-2025-107976152-APN-GIEI#CNV). Que se verificó la falta de presentación del “Informe periódico de responsable de cumplimiento regulatorio y control interno” correspondiente a los ejercicios 2019, 2020 y 2021, con relación a lo establecido por el artículo 16, inciso e) del Capítulo VII del Título VII de las NORMAS (N.T. 2013 y mod.). II.- Consideraciones a. El deber de información Que el propósito del régimen informativo establecido por la normativa vigente es brindar al público inversor una herramienta segura y confiable para la canalización de sus ahorros en miras de generar capitalización para diversos sectores de la industria. Que “[e]l principio que rige la oferta pública de valores es el denominado “régimen de transparencia, que permite al inversor y a todos los que intervienen en el comercio de valores negociables contar con elementos de juicios objetivos y certeros sobre la naturaleza y el alcance de la inversión que efectuará.” (cfr. “TELECOM PERSONAL S.A Y OTROS s/ CNVRESOL 17142/13 (EXPTE 74/10) s/ Recurso Directo” Expte. 36.041/2013, Sala “A”, CNFed.CA). Que la afectación al régimen de transparencia debilita la confianza del público inversor y mengua la conformación del Mercado de Capitales como un elemento basal en la canalización de ahorros en sistemas productivos. Que se debe considerar que el incumplimiento de la información requerida por la normativa a los agentes resulta de vital afectación a la transparencia exigida en el régimen. Que, en este sentido, los incisos i), iii), iv) y v) del artículo 20 del Capítulo I del Título VII de las NORMAS (N.T. 2013 y mod.): “El AN deberá dar cumplimiento al siguiente régimen informativo: i) Estados contables anuales dentro de los SETENTA (70) días corridos a contar desde el cierre del ejercicio con informe de auditoría suscripto por contador público independiente, cuya firma esté legalizada por el respectivo consejo profesional y acta del órgano de administración y órgano de fiscalización que los aprueba; asimismo, acta de asamblea que los aprueba, dentro de los DIEZ (10) días de su celebración. … iii) Dentro de los DIEZ (10) días de finalizado cada trimestre, valorización –al último día de cada trimestre- de la suma total de la cartera administrada, propia y de terceros clientes, con detalle de su composición, a través del Formulario “AGE_007_Valorización de Cartera Administrada” en la AUTOPISTA DE LA INFORMACIÓN FINANCIERA. iv)Dentro de los DIEZ (10) días de finalizado cada trimestre, cantidad de clientes con distinción de personas humanas y jurídicas, indicando el país de residencia. v) Detalle de los medios o modalidades de captación de órdenes a ser utilizados y ofrecidos a sus clientes. Adicionalmente, el AN remitirá a la Comisión, por medio de la AUTOPISTA DE LA INFORMACIÓN FINANCIERA, la información requerida en el artículo 11 inciso K) del Capítulo I del Título XV de estas NORMAS (…)”. Que, el artículo 9° del Capítulo I del Título VII de las NORMAS (N.T. 2013 y mod.) establece: “Los AN deberán contar con un patrimonio neto mínimo equivalente a SESENTA Y CINCO MIL TRESCIENTAS CINCUENTA (65.350) Unidades de Valor Adquisitivo (UVA) actualizables por el Coeficiente de Estabilización de Referencia (CER) – Ley N° 25.827-, el que deberá surgir de sus estados contables anuales y de certificación contable semestral suscripta por contador público independiente con firma legalizada por el consejo profesional respectivo. Los estados contables anuales deberán ser acompañados con el acta del órgano de administración que los apruebe, el informe del órgano de fiscalización y el dictamen del auditor con la firma legalizada por el consejo profesional correspondiente. El informe del órgano de fiscalización y el dictamen del auditor, deberán además expedirse específicamente respecto de la adecuación del patrimonio neto mínimo y de su contrapartida líquida conforme a las exigencias establecidas en el presente Capítulo. Adicionalmente, los estados contables anuales deberán ser acompañados con la Memoria del órgano de administración sobre la gestión del ejercicio y el acta de asamblea que los apruebe. Sin perjuicio de esta exigencia, y a los efectos de su registro en la Comisión, los AN deberán cumplir con todos los requerimientos de márgenes y garantías requeridos por los Mercados y/o Cámaras Compensadoras en tiempo y forma”. Que, en relación al Informe periódico de responsable de cumplimiento regulatorio y control interno, el artículo 16, inciso e) del Capítulo VII del Título VII de las NORMAS (N.T. 2013 y mod.) refiere que deberá “Remitir a la Comisión por medio de la AIF, dentro de los SETENTA (70) días corridos de cerrado el ejercicio, un informe con los resultados de los exámenes llevados a cabo durante el mismo como consecuencia de las funciones a su cargo”. Que, el artículo 2º de la Sección II del Capítulo I del Título XII de las NORMAS (N.T. 2013 y mod.) dispone que “Los administradores de entidades emisoras que realicen oferta pública de valores negociables y los integrantes del órgano de fiscalización, éstos últimos en materia de su competencia, y los administradores de mercados, cámaras compensadoras y demás agentes registrados ante la Comisión en todas sus categorías, y en su caso, los integrantes de sus órganos de fiscalización, estos últimos en materia de su competencia, deberán informar a la Comisión en forma inmediata, a través de la AUTOPISTA DE LA INFORMACIÓN FINANCIERA – en los términos del artículo 99 de la Ley Nº 26.831- todo hecho o situación que, por su importancia, sea apto para afectar en forma sustancial la colocación de los valores negociables, el curso de su negociación, o el desenvolvimiento de la actividad propia de cada sujeto alcanzado”. Que, asimismo el inciso 8) del artículo 3° de la Sección II del Capítulo I del Título XII de las NORMAS (N.T. 2013 y mod.), en línea con el artículo supra transcripto que “La enumeración siguiente es ejemplificativa de la obligación impuesta en el artículo anterior y no releva a las personas mencionadas de la obligación de informar todo otro hecho o situación aquí no enunciado: … 8) Hechos de cualquier naturaleza y acontecimientos fortuitos que obstaculicen o puedan obstaculizar seriamente el desenvolvimiento de sus actividades… b. Responsabilidad de las Autoridades Que corresponde especificar la responsabilidad de los Directores titulares de MT CAPITAL S.A., al momento de los hechos analizados, atento a un posible apartamiento al deber de actuar con la diligencia de un buen hombre de negocios, principio consagrado en el artículo 59 de la Ley N° 19.550. Que, en efecto dicho artículo consagra que “[l]os administradores y los representantes de la sociedad deben obrar con lealtad y con diligencia de un buen hombre de negocios. Los que faltaren a sus obligaciones son responsables, ilimitada y solidariamente, por los daños y perjuicios que resultaren de su acción u omisión”. Que este estándar denota un elemento de conocimiento y destreza en cuestiones vinculadas a la actividad comercial (VITOLO, Daniel Roque, “Responsabilidad Civil Doctrinas Esenciales”, La Ley 2007 E, 1313, - Tomo IV, pág. 1077), por lo tanto, los potenciales incumplimientos normativos del agente mencionado reflejan un actuar que se apartaría de la divida diligencia del buen hombre de negocios. Que, a su vez, también resulta cuestionable la actitud asumida por los integrantes de la Sindicatura de MT CAPITAL S.A., toda vez que legalmente tienen sus miembros el mandato de control y supervisión de los actos emanados del órgano de administración, en virtud de lo dispuesto por el artículo 294, inciso 9°, de la Ley N° 19.550. Que en este caso específico de las personas que desempeñan las funciones internas del ente social, se encuentra a su cargo el control del efectivo cumplimiento de la Ley. En tal función, cuentan con la posibilidad real de advertir las irregularidades que puedan acontecer y requerir del órgano de administración la adopción de medidas concretas para adecuarse a las disposiciones contenidas en la normativa vigente (Comisión Nacional de Valores, Expte. N° 1065/08, Resolución N° 16.477, de fecha 14 de diciembre 2010, entre muchos otros). III.- Conclusión Que teniendo en consideración los antecedentes mencionados, se considera pertinente instruir sumario a MT CAPITAL S.A. y a sus Directores al momento de los hechos analizados, por los posibles incumplimientos supra descriptos. Que, se deja constancia que los cargos formulados a los Directores se asignan de manera diferenciada, atendiendo tanto a la pauta temporal de los hechos como al ejercicio concreto de las funciones desempeñadas por cada uno de los responsables. Que, en el mismo sentido, corresponde instruir sumario a la Síndico titular de MT CAPITAL S.A. al momento de los hechos analizados, por el presunto incumplimiento a lo previsto en el artículo 294, inciso 9° de la Ley N° 19.550, vigente al momento de los hechos analizados. Que teniendo como principio rector la integridad y transparencia del mercado de capitales, se debe observar lo dispuesto por el artículo 140 de la Ley N° 26.831, que dispone en relación al procedimiento abreviado que: “La Comisión Nacional de Valores, podrá disponer, en relación de apertura del sumario, la comparecencia personal de las partes involucradas en el procedimiento sumarial a la audiencia preliminar prevista en el artículo 138 de la presente Ley para requerir las explicaciones que estime necesarias y aún para discutir las discrepancias que pudieren existir sobre cuestiones de hecho labrándose acta de lo actuado en dicha audiencia preliminar. En la citación se hará constar concretamente el objetivo de la comparecencia. De resultar admitidos los hechos y mediando el reconocimiento expreso por parte de los involucrados en las conductas infractoras y de su responsabilidad, la Comisión Nacional de Valores podrá disponer la conclusión del procedimiento sumarial resolviendo sin más trámite la aplicación de las sanciones que correspondan”. Que, consecuentemente, se debe considerar que mediante la Resolución General N° RESGC-2021-904-APN- DIR#CNV se ha realizado una revisión del cuerpo legal existente a fin de establecer un procedimiento completo, viable y potencialmente efectivo para los casos en que sea aplicable el sumario abreviado. Que mediante el artículo 2° de la Resolución General N° RESGC-2021-904-APN-DIR#CNV, se ha determinado la procedencia y alcance del sumario abreviado en los siguientes términos “Cuando de la investigación previa surja la posible comisión de las infracciones contempladas en la “Grilla de Conductas Infractoras pasibles de Procedimiento Sumarial Abreviado” contenida en el Anexo I del presente Capítulo, el Directorio de la Comisión Nacional de Valores podrá disponer, en la resolución que ordene la instrucción sumarial, la aplicación del procedimiento sumarial abreviado establecido en el artículo 140 de la Ley N° 26.831. En ningún caso resultará de aplicación el procedimiento abreviado cuando: a. El infractor hubiera obtenido presuntamente algún beneficio económico en base a la conducta irregular. b. Existan elementos que indiquen que se habría causado perjuicio económico a los inversores o al mercado. c. La sociedad sumariada posea antecedentes de sanciones firmes por conductas infractoras en la “Grilla de Conductas Infractoras pasibles de Procedimiento Sumarial Abreviado”, dentro de los DOS (2) años previos a la fecha en que tuvieron lugar las infracciones objeto del nuevo sumario. d. Aun tratándose de infracciones que individualmente podrían dar lugar a la aplicación del procedimiento abreviado, los cargos formulados, que motivan el sumario, correspondan a más de SIETE (7) Conductas Infractoras. e. Se tenga conocimiento de la existencia de causas judiciales en trámite en sede penal, que se relacionen con los hechos objeto de investigación”. Que preliminarmente, a fin de determinar la procedencia del sumario abreviado, se ha determinado que: (i) no surge que el agente haya tenido un beneficio económico determinable en base a las conductas analizadas; (ii) no surge que el agente haya causado un perjuicio económico a los inversores o al mercado; (iii) que no surgen antecedentes que puedan obstar el procedimiento de la referencia; (iv) el número de conductas infractoras es menor a siete, dado que a pesar de que se observan en reiteradas oportunidades, la infracción siempre es de igual naturaleza, por lo que se debe integrar como una conducta única; y que (v) no se tiene conocimiento de causas judiciales en sede penal, relacionadas con los hechos investigados. Que es dable analizar el Anexo I de la Resolución General N° RESGC-2021-904-APN-DIR#CNV el cual determina la “Grilla de Conductas Infractoras pasibles de Procedimiento Sumarial Abreviado”. Que, en su efecto, el punto 2.7., determina como una “INFRACCIÓN POR INCUMPLIMIENTO AL DEBER DEL RÉGIMEN INFORMATIVO”, la “Falta de remisión, por parte del Mercado y los Agentes, de la documentación referida al régimen informativo, dentro de los plazos y con las formalidades requeridas al efecto por las NORMAS”. Que, el punto 4.12. determina como “INFRACCIONES POR INCUMPLIMIENTO AL DEBER DE INFORMAR - AGENTES Y MERCADOS”, la “Omisión de informar, por parte de los Agentes de Negociación cualquier variación en su patrimonio neto y su recomposición, dentro del plazo y con las formalidades exigidas para ello por las NORMAS”. Que, el punto 6.10. determina como “INFRACCIONES POR OTROS INCUMPLIMIENTOS - AGENTES Y MERCADOS”, la “Falta de remisión, por parte del Agente de Negociación del informe del responsable de cumplimiento regulatorio y control interno, dentro del plazo establecido para ello”. Que, en estos términos, la demora en la presentación de la información requerida por la normativa vigente, es una conducta que se encuentran contemplada en la “Grilla de Infracciones de Procedimiento Sumarial Abreviado”. Que resulta de aplicación a la Sociedad el sumario abreviado en los términos del artículo 140 de la Ley N° 26.831 y la Sección I del Capítulo II del Título XIII de las NORMAS (N.T. 2013 y mod.). Que se deja expresa constancia que las posibles infracciones reciben un encuadramiento legal meramente provisorio, de conformidad con lo previsto en el artículo 10, inciso a) de la Sección II del Capítulo II del Título XIII de las NORMAS (N.T. 2013 y mod.). Que la presente Resolución se dicta en ejercicio de las atribuciones conferidas por la Ley N° 26.831 y modificatorias, el Decreto N° 471/2018 y las NORMAS (N.T. 2013 y mod.). Por ello, LA COMISIÓN NACIONAL DE VALORES RESUELVE: ARTÍCULO 1°.- Instruir sumario en los términos de lo dispuesto por el artículo 140 de la Ley N° 26.831 y la Sección I del Capítulo II del Título XIII de las NORMAS (N.T. 2013 y mod.) a MT CAPITAL S.A. y a sus Directores titulares al momento de los hechos analizados, señores Guillermo Fernando AQUINO (D.N.I. N° 4.551.075) y Lucas Alan MARTINO (D.N.I. N° 35.363.804), por presunto incumplimiento a lo dispuesto por los artículos 9°, 20 incisos i), iii), iv) y v) del Capítulo I del Título VII; 16 inciso e) del Capítulo VII del Título VII; 2° de la Sección II del Capítulo I del Título XII y 3° inciso 8) de la Sección II del Capítulo I del Título XII, todos ellos de las NORMAS (N.T. 2013 y mod.) y 59 de la Ley N° 19.550; y al señor Gastón Maximiliano VAI (D.N.I. N° 36.293.960) por presunto incumplimiento a lo dispuesto por los artículos 20 incisos iii), iv) y v) del Capítulo I del Título VII de las NORMAS (N.T. 2013 y mod.) y 59 de la Ley N° 19.550; todos ellos vigentes al momento de los hechos analizados. ARTÍCULO 2°.- Instruir sumario en los términos del artículo 140 de la Ley N° 26.831 y mod. y a lo dispuesto en la Sección I del Capítulo II del Título XIII de las NORMAS (N.T. 2013 y mod.) a la Síndico titular, señora María Eugenia BALKUNAS (D.N.I. N° 26.781.860), por el presunto incumplimiento a lo dispuesto por el artículo 294, inciso 9º de la Ley Nº 19.550. ARTÍCULO 3°.- A los fines previstos por los artículos 138, último párrafo, 140 de la Ley N° 26.831 y mod. y 4° de la Sección I del Capítulo II, del Título XIII de las NORMAS (N.T. 2013 y mod.) se fija audiencia preliminar para el día 19 de noviembre de 2025 a las 11:00 horas. ARTÍCULO 4°.- Designar Conductora del Sumario a la Dra. Jennifer E. Ibañez, Subgerente a cargo de la Subgerencia de Sumarios a Intervinientes en la Oferta Pública. ARTÍCULO 5°.- Encomendar a la Subgerencia de Sumarios a cargo de las presentes actuaciones, la designación del profesional de apoyo dentro de los TRES (3) días de la presente Resolución (conforme artículo 10, inciso b.2) de la Sección II del Capítulo II del Título XIII de las NORMAS (N.T. 2013 y mod.). ARTÍCULO 6°.- Correr traslado de los cargos a los sumariados por el término y bajo apercibimiento de ley, con copia autenticada de la presente Resolución. ARTÍCULO 7°.- Regístrese y notifíquese a la GERENCIA DE AGENTES Y MERCADOS y a BOLSAS Y MERCADOS ARGENTINOS S.A. a los fines de su publicación en su Boletín Diario, e incorpórese la misma en el sitio web del Organismo www.argentina.gob.ar/cnv.