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Gabriel Adrián (Gabriel) Gómez Giglio

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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.

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

On 11 May 2023, the Argentine Central Bank issued Communication “A” 7766 extending the limitations for legal entities requesting access to the local foreign exchange market when entering certain transactions with any company related or belonging to the same economic group.

On 2 May 2023, the Argentine Securities and Exchange Commission issued General Resolution No. 959/2023 in order to restrict the sale of marketable securities with settlement in foreign currency for parties that hold positions in surety bonds and/or repos, regardless of the settlement currency. Likewise, settlement and clearing agents are prohibited from granting financing to the transactions mentioned above. Finally, the term of permanence in portfolio for the sale of marketable securities with settlement in foreign currency in foreign jurisdiction is modified.

On 4 May 2023, the Argentine Central Bank (ACB) issued Communication “A” 7759, whereby it amended the regulations applicable to Payment Service Providers Offering Payment Accounts (PSP). Under the Communication, the ACB established that PSPs shall not carry out or facilitate transactions involving digital assets (including crypto-assets) for their clients.

On 20 April 2023, the Central Bank of Argentina issued Communication “A” 7746 introducing modifications to the access to the foreign exchange market for the payment of certain services abroad. Communication “A” 7746 determines that the prior approval of such entity will be required to make certain payments abroad, provides a term of 180 calendar days for the sworn statements for transactions with securities, and extends the list of persons and entities that may access a special remunerated account based on the evolution of the reference exchange rate of Communication “A” 3500.

On 10 April 2023, the National Executive Power issued the Decree of Necessity and Urgency No. 194/2023 with the purpose of re-establishing, on an extraordinary and transitory basis, the Export Increase Program created by Decree of Necessity and Urgency No. 576/2022 for those subjects and producers of regional economies that have exported at any time during the 18 months immediately prior to the entry into force of this decree, goods whose tariff positions of the Common Nomenclature of MERCOSUR are listed in Annexes I and II of Decree 194.

On 31 March 2023, the Federal Administration of Public Revenues and the Secretariat of Commerce issued Joint Resolution No. 5342/2023 through which they incorporated certain amendments to Joint General Resolution No. 5271/2022 related to the SIRASE affidavit.

Watch and listen to Baker McKenzie specialists and industry experts talk about recent legal and commercial developments affecting financial institutions around the world. The latest webinar in the series looks at Sustainability for Financial Institutions – Global Trends and the LatAm Perspective.