Blue Chip Swaps Are Once Again Authorized for Non-Argentine Residents

At the same time that the Argentine Securities and Exchange Commission (the “CNV” after its acronym in Spanish) issued General Resolution No. 862 on October 19, 2020, reducing and standardizing the minimum holding period (or parking) of certain Blue Chip Swap transactions for three business days (see also 3-Day Parking for Blue Chip Swap Transactions), the Argentine Central Bank (the “BCRA” after its acronym in Spanish) through Communique “A” 7142 took measures of its own.

It abrogated point 5 of Communique “A” 7106 (see also https://www.marval.com/publicacion/nuevas-restricciones-a-las-operaciones-de-contado-con-liquidacion-13801&lang=en) which established that non-Argentine residents will not be able to arrange sales of securities with settlement in foreign currencies in Argentina. And it replaced point 6 of the aforementioned Communique, restricting the settlement in pesos in Argentina of securities transactions arranged outside the country; allowing, instead, to only settle in pesos in Argentina securities transactions arranged in the country.