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In brief

On 3 August 2023, the Argentine Securities and Exchange Commission (CNV) issued General Resolution No. 969/2023 (“Resolution“) to restrict the purchase and sale of fixed-income marketable securities denominated and payable in US dollars issued by the Argentine Republic (“Bonds“), as well as transfers of such marketable securities to or from foreign depositories.

In depth

The Resolution provides that Settlement and Clearing Agents and Trading Agents (“Agents“) must request from their clients who: (i) do not operate accounts under control of the Agent (cartera propia) and also qualify as qualified investors; and (ii) wish to carry out the transactions with marketable securities detailed below, a sworn statement in which they state that in the 15 calendar days prior and subsequent to the transaction, they have not sold Bonds under local and/or foreign law, with settlement in foreign currency in local or foreign jurisdiction, in the time-priority bidding segment (“Sworn Statement“).

The Sworn Statement will be necessary to carry out the following transactions:

  1. Purchase and sale of securities other than Bonds
  2. Purchase and sale of Bonds in the bilateral negotiation segment (negotiable securities negotiation system for adhered operators)
  3. Purchase and sale of Bonds in the segment of concurrence of offers with price-time priority (open trading system) in the settlement terms of immediate cash  (i.e., in 24 hours)
  4. Transfers of negotiable securities from or to foreign depositories

The Resolution became effective on 3 August 2023. 

Click here to read the Spanish version.


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.


Gabriel Gomez-Giglio is partner at Baker McKenzie’s Buenos Aires office, chair of the Latin America Banking & Finance Practice of Baker McKenzie and a member of the Global Steering Committee of the Firm’s Financial Institutions Industry Group. He advises clients on a variety of general commercial issues. His practice focuses on the areas of transactional and regulatory matters, including but not limited to multinational financial transactions, commercial agreements and mergers and acquisitions. Gabriel is a member of the Board and Adjunct Professor of Law at Universidad Torcuato Di Tella and a visiting professor with the Centre for Commercial Law Studies, Queen Mary College, University of London.


Juana Allende is an Attorney at Law in Baker McKenzie, Buenos Aires office.


Jeronimo Argonz is an Attorney at law in Baker McKenzie, Buenos Aires office.

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