In brief
On 30 November 2023, the Argentine Central Bank issued Communication “A” 7901 (“Communication“), which introduces amendments to the regime for foreign exchange dealers, including limits for the sale of foreign currency to entities authorized to operate in foreign exchange and to related customers, as well as new obligations for foreign exchange dealers.
In depth
The Communication states as follows:
- As from 1 December 2023, the total amount of monthly foreign currency sales to entities authorized to operate in foreign exchange and to customers related to the foreign exchange operator —according to point 1.2.2. of the rules on “Large exposures to credit risk” (“Grandes exposiciones al riesgo de crédito”)— shall not exceed the total amount of foreign currency sales to the remaining customers recorded in the previous month.
- Foreign exchange operators must (a) identify the shareholders that reach or exceed 25% of the capital stock or of the total votes of any instrument with voting rights and prove that they have an equity situation that evidences sufficient solvency and liquidity to comply with the contributions committed for the integration of the capital —if applicable— as well as to face the other obligations that correspond to them as shareholders in the future; and (b) designate a person responsible for compliance with the foreign exchange regulations by providing their personal information.
This obligation must be complied with by having specific documentation accredited through a Registry of Exchange Operators (ROC) application. Exchange operators that are already registered must comply with the provisions within 30 days as from the date on which the ROC application is updated.
The Communication entered into force on 30 November 2023.
Click here to read the Spanish version.
