In brief
On 15 August 2023, the Argentine Securities and Exchange Commission(Comisión Nacional de Valores or CNV) issued General Resolution No. 971/2023 (“Resolution“) to limit the purchase and sale of fixed-income marketable securities denominated and payable in US dollars issued by the Argentine Republic under local or foreign law (“Bonds“).
In depth
On 15 August 2023, the CNV made the Resolution in order to limit the purchase and sale of Bonds.
In this regard, the Resolution provides that Settlement and Clearing Agents, as well as Trading Agents, must verify that for each brokerage sub-account requesting to carry out a purchase and sale transaction of Bonds in the time-priority bidding segment, no marketable securities with settlement in foreign currency have been sold for more than 100,000 nominal amounts at the close of each calendar week.
This requirement is applicable for each brokerage sub-account, for all brokerage sub-accounts held or co-owned by the same person or entity, and for all transactions settled in foreign currency.
The Resolution came into force on 15 August 2023.
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