Argentine Securities Commission Updates Maximum Amount in Fines Applicable to Expedited Summary Proceedings

On April 16, 2024, the Argentine Securities Commission issued General Resolution 998, increasing the maximum amount of the fines applicable under the expedited summary procedure. This is necessary considering the prevailing circumstances, to comply with the exemplary, preventive, or dissuasive purpose of the sanctions.
A case can undergo expedited summary proceeding when the preliminary investigation shows that one or more of the infringements in the “Grid of Infringing Conducts Subject to Expedited Summary Proceeding” might have been committed. For more information, click here.
Sanctions imposed within the framework of the expedited proceeding may only be a warning and/or a fine. The Resolution increased the maximum amount of the fine from ARS 5,000,000 to ARS 10,000,000.
To determine the corresponding amount, these guidelines must be considered:

a.    those in article 133 of Law 26831 (for example, the magnitude of the infringement, the profits made or the damages caused by the offender, and the offender’s operating volume),
b.    the number of acknowledged conducts that are infringements,
c.    whether the infringement has been cured,
d.    the defendant’s adoption of measures to remedy the infringements that caused the preliminary investigation.