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Certificados de Depósito Argentino (CEDEAR)
General Guide
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    • Section 1
      INTRODUCTION TO CEDEARS
      Certificados de Depósito Argentinos Defined
      The Origin of the CEDEAR
      Sponsored vs. Unsponsored CEDEARs
     
    Section 2
      CEDEAR CREATION AND FEATURES
      Participants in the CEDEAR Market
      Responsibilities of CEDEAR Market Participants
     
    1. The Investor
    2. The Argentine Broker
    3. The Foreign Broker
    4. The CEDEAR Issuer
    5. The Custodian
    6. The Clearing Agency in the Home Market of the Represented Shares
    7. The Clearing Agency in the CEDEAR Home Market
    8. The Argentine Market Regulators
      The Issuance and Cancellation Process
      Trading CEDEARs in the Stock Market - The Settlement Cycle
      Processing Corporate Actions
     
    1. Dividend Payment
    2. Proxy Voting
     
    Section 3
      CEDEAR BENEFITS
      CEDEAR Benefits
      Benefits to Brokers
      Benefits to Investors
      Transaction Costs
     
    Section 4
      MARKETING ANALYSIS
      Investor Targeted Universe
      Questions and Answers
      Glossary of Terms
     
    Section 5
      EXHIBITS
      Exhibit 1: CEDEARs – Issuance Process
      Exhibit 2: CEDEARs – Cancellation Process
      Exhibit 3: CEDEARs – Dividend Payment
      Exhibit 4: CEDEAR Group at Deutsche Bank
      Exhibit 5: CNV Resolution N.291

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    FAQ
    The following questions and answers were developed based on the most common inquiries received at Deutsche Bank as CEDEAR Issuer and Custodian. The answers should increase the understanding of the CEDEAR as a new Argentine security.
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    Glossary
    This glossary of terms is provided as an attachment for additional assistance in understanding the CEDEAR structure and dynamics.
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    Contacts
    Deutsche Bank CEDEAR/CEVA professionals will be pleased to discuss with investors and their brokers the material contained herein and to answer any questions that may arise related to CEDEARs/CEVAs, their features, uses and requirements.
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