CNV Eliminates certain Requirements Applicable to Securities Transactions Settled in Foreign Currency

On March 3, 2022, the Argentine Securities Commission ("CNV" after its acronym in Spanish) issued General Resolution No. 923 (the "Resolution"), by which it abrogated two temporary provisions due to changes in the prevailing economic and financial context.

Thus, the Resolution eliminated the weekly limit of 50,000 nominal bonds with respect to the sale of fixed income securities issued by Argentina under local law, denominated in U.S. dollars and settled in foreign currency, in the segment of concurring offers with a price/time priority.

Furthermore, the Resolution also abrogated the provision that established that transactions with securities settled in foreign currency (that are not included in the previous paragraph) and the transfer of securities to or from foreign depositaries could only be effected if the client submitted a sworn statement stating that securities issued by Argentina under local law and settlement in foreign currency had not been sold in the last 30 days through the segment with concurrency of offers with price-time priority; and that such transactions would not be carried out in the following 30 calendar days.

The Resolution was preceded by General Resolutions No. 907 (https://www.marval.com/publicacion/una-nueva-norma-impacta-en-las-operaciones-con-valores-negociables-con-liquidacion-en-moneda-extranjera-14089&lang=es) and No. 911 (https://www.marval.com/publicacion/nuevas-restricciones-aplican-a-ciertas-operaciones-con-valores-negociables-con-liquidacion-en-moneda-extranjera-14115&lang=es), issued on October 6 and November 16, 2021, respectively.