These measures introduce new foreign exchange regulations for companies with a majority state participation and seek to improve control over operations carried out by foreign exchange agencies.
On the one hand, the Argentine Central Bank (BCRA) issued Communication “A” 7815 on August 3, 2023, establishing that to pay insurance premiums abroad, claims, or auxiliary insurance services (concept codes "S08", "S09", and "S10") companies with majority state participation in the capital or in the decision-making process –regardless of their corporate form– must obtain a declaration through the Argentine System of Imports and Foreign Payments of Services (SIRASE) with "APPROVED" status. Until now, these companies were exempted from this requirement.
On the other hand, through Communication “A” 7828 issued on August 24, 2023, the BCRA established that exchange houses and agencies must only operate through the System of Electronic Operation (SIOPEL). The aim of this is to increase control over these entities’ operations. Until now, they were exempted from using the system when the operations carried out were below USD 800,000.
This insight is a brief comment on legal news in Argentina; it does not purport to be an exhaustive analysis or to provide legal advice.