In the midst of exchange tension, they limit operations to foreign companies

The National Securities Commission (CNV) limited, this Wednesday, purchasing financial dollarsthat is, Cash with Settlement and MEP Dollar, for foreign companies and investors. This, in the midst of the current exchange rate tension, with a Dolar blue that, yesterday Tuesday, surpassed a new maximum limit of $1000.

The decision, which had been formally requested by the central bank last week, it was formalized from the General Resolution 981/2023published in the Official bulletin.

This imposes a series of parameters that reach foreign investors and securities agents, with the objective of “improve capital market regulation and prevent money laundering and tax evasion”as the provision explained.

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Specifically, the same establishes a maximum operating quota of $100 million and the obligation to inform five days before to perform any action by “for foreign clients and for clients with CUIT who operate on behalf of third parties.”

However, It also affects local investors with their own fundswhich although they may operate without limit, must notify the Settlement and Clearing Agents (ALYCs), five business days in advance, if the total amount is greater than $200 million per day.

It should be noted that human persons residing in the country are outside these requirements, whether or not they exceed the limit amounts set by the new regulations.

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This resolution of the CNV It occurs in the midst of the current currency crisiswith a Blue Dollar that surpassed the four-digit barrier on Tuesday, and with Central Bank reserves that, if the downward trend continues, This Wednesday they could see the $26 billion floor pierced.

In fact, according to the recitals of the Resolution, “it becomes necessary reduce the volatility of financial variables and contain the impact of fluctuations in financial flows on the normal functioning of the real economy“.

The provisions that come into effect with these modifications

  • Foreign investors (companies and/or individuals) that are not securities agents and that operate with CDI (Identification Code) or with CIE (Foreign Investors Code) may only operate on their own account and with their own funds.
  • These companies must inform the local intermediary that they are going to carry out these operations 5 business days in advance and may operate up to 100 million pesos per day. This information, in the form of a Sworn Declaration, must be sent by the intermediaries to the CNV.
  • Foreign brokerage companies, which operate on behalf of and on behalf of third parties (Argentine clients), may operate for a maximum daily amount of 100 million pesos for each of those clients. They have to inform the CNV 5 business days in advance and that report is in the nature of an Affidavit.
  • Foreign brokerage companies, which operate on their own account and with their own funds, must notify 5 business days in advance when they operate for more than 100 million pesos. This information, as an Affidavit, must be sent to the CNV.
  • Local investors, who own CUIT, and operate on behalf of and on behalf of third parties, may operate for up to 100 million pesos per day, and must inform 5 business days in advance and detail who the third party is for whom they operate. This information, in the form of a Sworn Declaration, must be sent by the intermediaries to the CNV.
  • Local investors, who own CUIT, and operate on their own account and with their own funds, may operate without limit, but must notify 5 business days in advance if the amount is greater than 200 million pesos per day. This information, in the form of a Sworn Declaration, must be sent by the intermediaries to the CNV.
  • The portfolios of ALYCs and AN may skip the permanence periods when they arrange sales operations with settlement in foreign currency in bilateral negotiation rounds and subsequently apply that foreign currency to the purchase of assets and their subsequent sale in pesos (they begin in pesos and end in pesos).

RS/LR

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