CNV Extends Period to File Financial Statements

In accordance with measures adopted to reduce the economic impact of COVID-19, the Argentine Securities and Exchange Commission (the “CNV”, after its acronym in Spanish) issued Resolution No. 832, which was published in the Official Gazette on April 7, 2020, Resolution No. 834, which was published in the Official Gazette on April 21, 2020; and Resolution No. 842, which was published in the Official Gazette on June 8, 2020.

The measures adopted through the above-mentioned resolutions are intended to extend the period to file the financial statements and to comply with the periodic information regime applicable to entities under the public offer regime of negotiable values of the CNV.

Below is a brief description of the issued measures:

• Filing of annual financial statements for listed companies, closed mutual funds and financial trusts for fiscal periods ended on January 31, 2020; February 29, 2020; and March 31, 2020: Resolution No. 832 established that they must be filed within ninety (90) calendar days after the end of the annual fiscal year or within the following two (2) days after their approval by the administrative entity, whatever occurs first. On the other hand, by Resolution No. 842 established the same period for the financial statements for the fiscal periods ended on April 30,2020.

• Filing of intermediate financial statements for listed companies, closed mutual funds and financial trusts: Must be filed within seventy (70) calendar days after the end of the quarter, or within the following two (2) days after their approval by the administrative entity, whatever occurs first. On the other hand, Resolution No. 842 established the same term to file intermediate financial statements for fiscal periods ended on April 30, 2020.

• Filing of quarterly accounting information for listed companies that exclusively issue short-term debt securities. Must be filed within seventy- eight (78) calendar days after the end of the quarter or within two (2) days after their approval by the administrative entity, whatever occurs firs.

Resolution No. 832 provided the same terms for quarter fiscal periods ended on February 29, 2020 and March 30, 2020. On the other hand, Resolution No. 842 extended the measure to the quarterly fiscal periods ended on April 30,2020.

• Deadline applicable to Small and Medium-sized Enterprises under the CNV regime (CNV SMEs) to comply with the special periodic information regime applicable to them: Resolution No. 832 established a period of 90 (ninety) calendar days to file the annual financial statements as of the closing for the fiscal periods ended on January 31, 2020, February 29, 2020 and March 31, 2020; or within 2 (two) days of their approval by the administrative body. And, a deadline for submitting the quarterly summary accounting report for the fiscal periods ended on February 29, 2020 and March 31, 2020 of 70 (seventy) calendar days from closing; or within 2 (two) days of its approval by the governing body, whichever occurs first. Likewise, this resolution establishes that listed entities, CNV SMEs and administration agents and/or custody agents of collective investment products, must immediately report through the Financial Information Reporting System (the “AIF”, after its acronym in Spanish) any relevant fact that may affect the issuer's equity, economic and financial situation and all information that must be known by investors, in accordance with the regulations in force. On the other hand, Resolution No. 842 determined the application of the aforementioned deadlines for the annual and quarterly fiscal periods ending on April 30, 2020.

• Annual financial statements of issuers included in the "SME CNV GUARANTEED" Regime: Resolution No. 832 provided that they must be published in the Financial Information Reporting System (AIF) within 140 (one hundred and forty) days of the closing of the fiscal years ending on January 31, 2020, February 29, 2020 and March 31, 2020. In turn, Resolution No. 842 established the application of this deadline for fiscal years ending on 30 April 2020. Furthermore, through Resolution No. 837, the CNV extended the period to file annual financial statements for the fiscal period ended on December 31, 2019 from 120 to 140 calendar days after the end of the annual fiscal period for companies under the regime called CNV SMEs guaranteed notes.

• Filing of intermediate financial statements for financial entities under CNV regime ended on March 31, 2020: Resolution No. 842 provided that both financial entities authorized to make public offerings of securities and/or registered with the CNV for their activities related to the capital market, and listed entities which main assets and results are constituted by and originate from investments in financial entities, must file their financial statements within the terms established by the Argentine Central Bank (the “BCRA” after its acronym in Spanish) for such purpose. Communique "A" 7033 of the BCRA established that (i) for the quarterly/annual reporting and quarterly/annual supervision regimes corresponding to the fiscal periods ended on March 2020, the maturity is extended until June 19, 2020; and (ii) for the monthly regimes listed in Communique "A" 7010 of the BCRA, the maturity corresponding to May is extended until June 30, 2020 and the maturity of June is extended until July 31, 2020. The latter date also applies to quarterly reporting requirements that are subject to the expiration of monthly reporting requirements.

• Filing of the Accounting Statements of the Open Mutual Funds, the Clearinghouses, the Financial Fiduciaries, the Management Companies, the Risk Rating Agents and other agents registered in the public registry under of the CNV control, corresponding to annual fiscal periods closing on January 31, 2020, February 29, 2020 and March 31, 2020, and intermediate fiscal periods -including the quarterly and/or half-yearly accounting certification if corresponding- ended on February 29, 2020 and March 31, 2020: Resolution No. 834 established that for intermediate fiscal periods they must be filed within 70 (seventy) calendar days of closing and for annual fiscal periods, within 90 (ninety) calendar days of closing.