On October 5, 2021, through General Resolution 907/2021 (the “Resolution”), the National Securities Commission (“CNV”) established additional restrictions on the sale of negotiable securities. As of that date, in order to arrange sales transactions of any negotiable security settled in foreign currency that is not a fixed-income negotiable security denominated and payable in US dollars issued by the Argentine Republic under local law, or to transfer negotiable securities to or from foreign depository institutions, the following requirements must be met:
a) no sales with settlement in foreign currency have been made in the price-time priority bidding segment (BYMA) of negotiable securities denominated and payable in US dollars, issued by the Argentine Republic under local law, in the previous 30 days; and
b) there must be reliable evidence that the transactions referred to in point a) will not be carried out from the moment the aforementioned transactions are settled and for the following 30 calendar days.
Likewise, the CNV eliminated the weekly cap established by General Resolution 895/2021 for transactions in the price-time priority bidding segment (BYMA) for securities issued by the Argentine Republic under foreign law and jurisdiction. On the other hand, with regard to transactions in the time-price priority bidding segment (BYMA) for the purchase and sale of fixed-income securities denominated and payable in US dollars issued by the Argentine Republic under local law and jurisdiction, and for all client sub-accounts and such securities, it maintained the weekly limit of fifty thousand (50,000) nominal limit remained in effect with respect to the amount of negotiable securities purchased with settlement in that currency, accounting for the comparison between purchases and sales according to the jurisdiction of settlement, local or foreign, and considering the limit established for all transactions with settlement in foreign currency. The latter limit continues to not be applicable to wholesale tranches (MAE/SENEBI).
