Argentina: Restrictions applicable to operations of marketable securities are relaxed

In brief

On 19 September 2024, the National Securities Commission (CNV, after its Spanish acronym) issued General Resolution No. 1018/2024 to modify the requirements applicable to transactions with marketable securities.


Contents

In depth

In particular, General Resolution No. 1018/2024 provides for the following modifications:

  1. Settlement and clearing agents and trading agents may execute and/or settle sales transactions of negotiable securities with settlement in foreign currency, both in local and foreign jurisdictions, corresponding to ordering clients, as long as these clients do not hold positions in surety bonds and/or passes in local currency (allowing the execution of these transactions while holding positions in foreign currency).
  2. The obligation for trading agents, settlement and clearing agents, and brokerage agents of negotiable securities to provide the CNV — five business days in advance — with the following information has been eliminated: 1) type/s of transaction/s; 2) amount/s involved; and 3) species and/or instrument/s involved for transactions with negotiable securities carried out by the following:
    1. Individuals and/or legal entities that have "Clave de Identificación" or "Clave de Inversores del Exterior" and that are not intermediaries and/or similar entities based in Argentina
    2. Clients that are intermediaries and/or similar entities located abroad regulated by securities commissions
    3. Clients that have a "Clave Única de Identifciación Tributaria" and who act on behalf of third parties

The Resolution became effective on 19 September 2024.

Click here to read the Spanish version.

* * * * *

Jeronimo Argonz, Associate, has contributed to this legal update.


Copyright © 2024 Baker & McKenzie. All rights reserved. Ownership: This documentation and content (Content) is a proprietary resource owned exclusively by Baker McKenzie (meaning Baker & McKenzie International and its member firms). The Content is protected under international copyright conventions. Use of this Content does not of itself create a contractual relationship, nor any attorney/client relationship, between Baker McKenzie and any person. Non-reliance and exclusion: All Content is for informational purposes only and may not reflect the most current legal and regulatory developments. All summaries of the laws, regulations and practice are subject to change. The Content is not offered as legal or professional advice for any specific matter. It is not intended to be a substitute for reference to (and compliance with) the detailed provisions of applicable laws, rules, regulations or forms. Legal advice should always be sought before taking any action or refraining from taking any action based on any Content. Baker McKenzie and the editors and the contributing authors do not guarantee the accuracy of the Content and expressly disclaim any and all liability to any person in respect of the consequences of anything done or permitted to be done or omitted to be done wholly or partly in reliance upon the whole or any part of the Content. The Content may contain links to external websites and external websites may link to the Content. Baker McKenzie is not responsible for the content or operation of any such external sites and disclaims all liability, howsoever occurring, in respect of the content or operation of any such external websites. Attorney Advertising: This Content may qualify as “Attorney Advertising” requiring notice in some jurisdictions. To the extent that this Content may qualify as Attorney Advertising, PRIOR RESULTS DO NOT GUARANTEE A SIMILAR OUTCOME. Reproduction: Reproduction of reasonable portions of the Content is permitted provided that (i) such reproductions are made available free of charge and for non-commercial purposes, (ii) such reproductions are properly attributed to Baker McKenzie, (iii) the portion of the Content being reproduced is not altered or made available in a manner that modifies the Content or presents the Content being reproduced in a false light and (iv) notice is made to the disclaimers included on the Content. The permission to re-copy does not allow for incorporation of any substantial portion of the Content in any work or publication, whether in hard copy, electronic or any other form or for commercial purposes.