In brief

On 11 April 2023, the Argentine Securities and Exchange Commission (CNV) issued General Resolution No. 957/2023 (“Resolution“) to modify the minimum holding periods in the portfolio of securities with settlement in foreign currency prior to the execution of sale transactions.

In focus

On 11 April 2023, the CNV issued the Resolution to modify the minimum holding periods in the portfolio of securities with settlement in foreign currency prior to the execution of sale transactions.

In this regard, the Resolution determines the following:

i. To carry out sale transactions of securities with settlement in foreign currency and in a foreign jurisdiction, the following minimum holding periods shall apply: (a) one business day for securities issued under Argentine law; and (b) three business days for securities issued under foreign law, both periods counted as from the date in which the security was registered at the Central Depository Agent of Securities.

ii. The minimum holding periods indicated in the preceding section shall not apply to purchases of negotiable securities with settlement in foreign currency and in a foreign jurisdiction.

iii. For sale transactions of securities with settlement in foreign currency and in a local jurisdiction, the minimum holding period shall be one business day, to be computed in the same manner as set in section (i) above.

iv. The minimum holding period indicated in the preceding section shall not apply to purchases of securities with settlement in foreign currency.

v. To transfer negotiable securities acquired with settlement in local currency to foreign depositary entities, a minimum holding period of two business days shall apply, counted as from the date in which the security was registered at the Central Depository Agent of Negotiable Securities, except where the registration at such agent is the result of the primary placement of negotiable securities issued by the National Treasury or for shares and/or Argentine Certificates of Deposit (CEDEAR, for its Spanish acronym) traded in markets regulated by the CNV.

vi. The Settlement and Clearing Agents and Trading Agents must verify compliance with the minimum terms of permanence of the marketable securities referred to in the preceding sections.

The Resolution became effective on 11 April 2023.

Click here to read the Spanish verison.