Transfers of Negotiable Securities Abroad

The Argentine Securities Commission (CNV) issued General Resolution 1128 on April 9, 2026, incorporating a new exception to the daily transaction limit applicable to transfers of negotiable securities abroad.

The Resolution maintains the general daily limit of ARS 200,000,000 for certain transactions but allows it to be exceeded if transfers to foreign depository entities of negotiable securities have remained in the transferors’ brokerage sub-accounts for at least 365 consecutive calendar days from the day they were credited into such sub-accounts.

Likewise, the Resolution reorganizes and systematizes the existing exceptions, including those related to primary placements, securities issued by the Argentine Treasury, Argentine Central Bank instruments such as BOPREAL, and specific transactions involving dividends from ADR/GDR programs, redemptions of mutual funds denominated in foreign currency, and sales associated with UVA mortgage loans.

The Resolution also strengthens the control obligations of market participants, who must verify compliance with the applicable limits and conditions considering each brokerage sub-account and the aggregate of sub-accounts belonging to the same holder, as well as retain the corresponding supporting documentation.

Through this amendment, the CNV seeks to continue the gradual easing of existing restrictions, allowing greater flexibility for investors holding long-term positions, without disregarding market supervision and control objectives.