On April 10, 2023, the National Securities Commission (“CNV”), approved General Resolution 957/2023 (“Resolution”) extending the minimum holding periods for transactions and transfers of marketable securities.
The Resolution maintains in 1 (one) business day the minimum holding period in portfolio for the sale of marketable securities settled against foreign currency and local jurisdiction, when dealing with a security issued under Argentine law. In the case of sales transactions settled in foreign currency and in foreign jurisdiction of securities issued under foreign law, the minimum holding period was increased from 2 (two) business days to 3 (three) business days. Both terms will be counted as from the date of crediting at the Central Depository Agent of Negotiable Securities.
On the other hand, for transactions of securities issued under local law, the minimum term for holding securities in portfolio is changed from 2 (two) business days to 1 (one) business day for securities acquired in the local market, and it is maintained at 2 (two) business days when the securities come from abroad. Likewise, the minimum term for the transfer abroad of marketable securities acquired in local currency is maintained at 2 (two) business days.
This report cannot be considered as legal or any other type of advice from Allende & Brea.
