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Uncertificated Shares in Argentina: What Every Investor Should Know

Markets
09 April 2025
4 min to read
Uncertificated Shares: Legal Security and Digital Control in Argentina

Did you know that many Argentine companies no longer issue paper shares? Uncertificated shares are registered digitally and offer key legal and operational advantages. In this article, I explain how they work, where they are used, and why they can give you greater control and transparency in your investments.

What Are Uncertificated Shares and How Do They Differ?

The uncertificated shares are participation titles in a company that are not represented by physical documents but are digitally registered in entities such as Caja de Valores or in electronic corporate books. This reduces operational risks and facilitates administration.

In Argentina, they are regulated by Law 19.550 and are presented as a modern alternative to endorsable shares, which require physical transfer and handwritten signatures for their transfer.

Advantages over Traditional Models

In addition to reducing the risk of loss or forgery, uncertificated shares simplify transfer processes and allow better traceability of share history. This becomes relevant in audits, litigation, or corporate restructurings.

Uncertificated and Registered Shares: What Is the Relationship?

There is a conceptual difference. Uncertificated and registered shares are recorded in the name of a natural or legal person, while uncertificated refers to the digital format. That is, a share can be both registered and uncertificated. This ensures that the owner is fully identified at all times.

Type Format Identification Transfer
Uncertificated Digital Yes (if registered) Via electronic registry
Endorsable Physical paper Only if indicated Through physical endorsement
Non-endorsable registered Paper or digital Always With prior registration in corporate books

What Do Non-Endorsable Registered Shares Imply?

The non-endorsable registered shares are issued in the name of their holder and cannot be transferred by simple endorsement. For their transfer, it is necessary to register with the issuing company. This type of share offers greater control over who is part of the share capital.

  • Restrict transfers without corporate authorization
  • Provide total visibility of shareholders
  • Reinforce compliance in closed companies

This format is especially chosen in family businesses, private investment funds, and controlled management companies.

Practical Examples of Uncertificated Shares in Argentina

Some concrete uncertificated shares examples that can be seen today in the country:

  • Companies listed on BYMA, with digital records in Caja de Valores
  • Simplified Joint Stock Companies (SAS) with 100% digital administration
  • Startups that tokenize participation on private platforms with legal backing

Although when operating from international platforms such as Pocket Option you do not access local uncertificated shares, the logic of traceability and electronic registration is present, especially in the purchase of foreign shares under international custody.

Uncertificated Shares vs Endorsable Shares

Criterion Uncertificated Endorsable
Support Digital Paper
Security High Medium
Identification Clear and continuous Only if registered
Transfer By registered instruction By signature on the reverse

Key Advantages in the 2025 Environment

In a context where digitalization advances and traceability gains value, uncertificated shares allow:

  • Avoid documentary fraud
  • Optimize succession and inheritance processes
  • Facilitate capitalization or issuance operations

They are also key for those who wish to attract external investment or prepare the company for future mergers. The transparency and simplicity of the model increase business attractiveness.

Warnings and Practical Recommendations

Limitations to Consider

Not all companies have the technical or administrative means to implement reliable digital records. In certain cases, costs or cultural resistance may delay the transition.

Good Practices for Investors

Before investing in companies with uncertificated and registered shares, it is important to verify:

  • That the registration system is audited or certified
  • That there are clear policies for access to corporate information
  • That transfer procedures are documented

And if investing in external markets from platforms such as Pocket Option, understanding how ownership is managed and what custodians are involved is fundamental to protect investor rights.

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Conclusion

The uncertificated shares represent a firm step towards the professionalization of share ownership in Argentina. Compared to endorsable shares or non-endorsable registered shares, they offer traceability, legal security, and operational ease. Although their implementation still coexists with more traditional structures, the trend towards digital is clear. For investors who prioritize documentary clarity, and for companies that aim to grow or professionalize, uncertificated shares are the format of the future.

FAQ

What are uncertificated shares?

They are share titles that are not issued on paper, but are digitally registered in corporate books or platforms such as Caja de Valores.

How do they differ from endorsable shares?

Uncertificated shares are transferred electronically and have digital legal backing. Endorsable shares are physically transferred by signature and delivery of the title.

What does it mean for a share to be non-endorsable registered?

It implies that it is in the name of a specific person and cannot be transferred without updating the corporate registry. It increases control over the shareholder base.

How does Pocket Option relate to this topic?

Pocket Option does not offer Argentine uncertificated shares, but it does allow trading with foreign shares with digital backing and transparent international custody.

Is it advisable to invest in companies that use uncertificated shares?

Yes, especially if you are looking for traceability, legal security, and operational ease. Although they require certain infrastructure, their adoption is increasing.