To grant access to the foreign exchange market, it will also be necessary to detail the legal entities conforming the same economic group and inform the delivery to them of any funds in local currency or other liquid assets in Argentina.
The Argentine Central Bank (BCRA) issued Communication "A" 7766 on May 11, 2023, amending the foreign exchange regulations.
The Communication establishes that, as of May 12, 2023, for the advance payment of certain imports of goods –for example, those related to COVID-19 detection and capital goods– it must be verified that the SIRA declaration in "READY" status has been assigned a term of zero calendar days.
Regarding the affidavit on transactions with securities –necessary to access the Foreign Exchange Market (FX Market) without the BCRA’s prior approval– the Communication establishes that, as of May 12, 2023, the detail of legal entities conforming the same economic group must be provided together with the detail of the direct controlling individuals or legal entities, indicating if they have delivered funds in local currency or other liquid local assets in Argentina within the last 180 calendar days.
Likewise, the term of 180 calendar days will only apply to deliveries direct controlling individuals or legal entities make as of April 21, 2023. The term of 90 calendar days will apply to deliveries made before that date.
As to individuals, the Communication establishes that, for the affidavit regarding transactions with securities to be included in the exception of settling in the FX Market the collections of exports of services transferred within the calendar year for up to USD 12,000 (the remainder must be settled), they must take as a reference the day on which the use of the mechanism provided by Communication "A" 7518 was requested, instead of the day of accessing the FX Market.
The same modification is determined for legal entities registered in the National Registry of Beneficiaries of the Regime for the Promotion of the Knowledge Economy, registered beneficiaries of the provisions in Chapter II of Decree No. 679/22.
Finally, the regulation incorporates acquiring gift cards or equivalents from local stores or stores abroad among the cases in which financial institutions and non-financial institutions issuing cards require the BCRA’s prior approval to access the FX Market.
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.