The Argentine Securities Commission Issues a New Provision in Connection With the 'Tax Amnesty Regime'

On September 18, 2024, the Argentine Securities Commission (CNV) issued General Resolution 1017, complementing the provisions recently issued in connection with the Tax Amnesty Regime, created through the Law of Palliative and Relevant Tax Measures 27743 (for more information on this law, see here).

The CNV had already issued—within the scope of its powers and through General Resolutions 1010 and 1014—the complementary, clarifying, and operative rules necessary for the effective application of the provisions of the Law of Palliative and Relevant Tax Measures 27743, within the framework of the Tax Amnesty Regime (for more information, see here).

Now, through the RG 1017, the CNV specified the operational treatment for the available liquid balances in the Special Regularization Accounts. In response to the Chamber of Stockbrokers’ request, the CNV established that, after the ten business day deadline for arranging and settling transactions involving eligible assets, the funds fully or partially not invested  must be transferred and credited by the agents to the bank account called Special Regularization Account, owned or co-owned by the corresponding client, if they exceed the lowest of these alternatives:

1.    the equivalent of 3% of the total funds owned or co-owned by that client,
2.    the equivalent of 1500 Units of Acquisition Value (UVA), adjustable according to the Reference Stabilization Coefficient (CER), taking as a reference the UVA value of the immediately preceding month.

The CNV also provided that broker-dealers (ALyCs) must request express instructions from the client regarding the treatment of the available liquid balances to which the guidelines mentioned above are applicable.