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In brief

By means of Communication ‘A’ 7556 (“Communication“), the Central Bank of Argentina (ACB) established new regulations applicable to resident individuals or legal entities that are grain producers and/or grain traders, and do not export on their own account (“Beneficiaries“).


In focus

The main points of the Communication are set out below:

  1. It establishes that those Beneficiaries selling soy as from 27 July 2022 to a buyer who will export directly or as a result of a production process in Argentina may, until 31 August 2022, (i) purchase foreign currency for the formation of foreign assets, for up to 30% of the proceeds of the sale (after the withholding provided for in RG AFIP No. 4815 and the PAÍS Tax is applied), and (ii) credit the amount of pesos received that was not allocated for item (i) in a ‘Special Account for holders with agricultural activity’ (“Account“).
  2. To this end, the Beneficiary shall designate a financial institution that will (i) issue the certification with the amounts in its favor, to credit the funds in the Account and acquire the foreign currency, and (ii) register the soy sale transactions with the ACB. Prior to the issuance of the certification, the Beneficiaries must present a sworn statement compromising that they will not carry out certain transactions with securities from the time the certification is required and for the following 90 days.

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Author

Francisco José Fernández Rostello is a partner and member of the Firm’s Banking & Finance Practice Group in Buenos Aires. He has worked for the International Swaps and Derivatives Association and for Société Générale, New York Branch. He is knowledgeable on matters related to issuance of debt, derivatives transactions, local and cross-border financing, and securities transactions.

Author

Gabriel Gómez Giglio is the Chair of the Latin American Banking & Finance Practice of Baker McKenzie and a member of the Global Steering Committee of the Financial Institutions Industry Group of the firm. He advises clients on a variety of general commercial issues. His practice is focused on the areas of transactional and regulatory matters including but not limited to multinational financial transactions, commercial agreements and mergers and acquisitions. Gabriel has been referred to as “one of the best banking lawyers in Argentina” and as “a very professional and business-oriented lawyer with a profound knowledge of the law” (Chambers, Legal 500 and Latin Lawyer). He is also a member of the Board and Adjunct Professor of Law of Universidad Torcuato Di Tella and a Visiting Professor with the Centre for Commercial Law Studies, Queen Mary College, University of London.

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