Argentine Securities Commission Relaxes Regulations on Securities Transactions

Through General Resolution 99N°88, effective as from December 13, 2023, the Argentine Securities Commissions (CNV) established:

 

1.            Unification Simplification of the minimum holding period or ‘parking’

 

a.            The minimum holding period will be one business day for selling securities settled in foreign currency both issued under Argentinian law (AL or Bonares) or under foreign law (GD or Global), and both for transactions settled locally and abroad.

               

b.            The minimum holding period will be one business day for transfers to foreign depositary entities of securities acquired with settlement in local currency, both for securities issued under local and foreign law.

c.            The minimum holding period will be one business day for transfers of securities issued under local or foreign law from foreign depositary entities credited before the Caja de Valores as Central Securities Depository Agents, for transactions settled in local or foreign currency.

 

2.            Removal of quantitative limits on Blue-Chip Swap Transactions

 

a.            The Resolution eliminates the quantitative weekly limit of 100,000 nominals that applied to the sale in foreign currency of securities Argentina issued, denominated and payable in USD.

 

3.            Other provisions

 

The following provisions were repealed:

 

a.            The restriction to purchase securities settled in foreign currency, or to transfer securities from or to foreign depositary entities, if in the last 30 calendar days any sale of securities with settlement in foreign currency was executed in the segment of concurrency of offers with price-time priority (PPT Segment), and if there is a commitment to not sell securities in foreign currency through the PPT Segment in the following 30 calendar days.

 

b.            Trading agents’ obligation to submit weekly affidavits before the the CNV detailing the transactions arranged in foreign markets.