Who Has to Register in the Foreign Exchange Data Registry of Exporters and Importers?

Via Communique “C” 89.476, dated March 22, 2021, the Argentine Central Bank (BCRA, after its acronym in Spanish) proclaimed as governed subjects those physical and legal persons who operated significant import and/or export volumes during 2020, based on the information provided within the framework of the SECOEXPO and SEPAIMPO information regimes.

Pursuant to section 2 of Communique “A” 7200, the BCRA released the list of exporters and importers subject to registration in the “Foreign Exchange Data Registry of Exporters and Importers” before April 30, 2021 using the app created to that effect.

Consequently, financial entities must inform their clients about the terms established in Communique “A” 7200, bearing in mind that as of May 1, 2021, those subject to registration whose status is “NOT REGISTERED” will require prior BCRA approval to perform any operation involving the outflow of funds by the foreign exchange market, including those done via swaps or arbitrages.

Finally, as of May 1, 2021, before conducting an outflow operation, financial institutions must visit a specific website to check whether the exporter or importer is subject to Communique “A” 7200 and verify their status. This requirement does not apply when accessing the market for cancellations of financing in foreign currency granted by local financial institutions.