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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.

Click here to access the Spanish version.


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.


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.


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


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

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