The Argentine Securities Commission Continues With the Process of Normalizing the Capital Market

On September 18, 2024, through General Resolution 1018, the Argentine Securities Commission (CNV) modified and flexibilized certain transitory provisions for blue-chip swap transactions, in accordance with the latest resolutions the CNV issued on this subject, and as part of the process of normalization of the capital market.

The following modifications became effective when the Resolution entered into force, on September 25, 2024:

•    Securities with settlement in foreign currency may be settled for transactions settled locally or abroad, when clients hold positions in foreign currency, on REPOs, securities, and/or any type of financing through transactions in the capital markets. This limitation is maintained for transactions in ARS.

•    It will not be necessary to give the CNV a five-day notice to carry out blue-chip swap transactions, including transfers of securities issued by residents to foreign depositories, in transactions over ARS 200 million. The daily limit of ARS 200 million is maintained for transactions entered into by non-residents.