On July 12, the Executive Branch informed a limitation to the operations of the dollar denominated “contado con liquidación”, which consists of an operation by which a person or company can exchange Argentine pesos for dollars abroad by means of the purchase-sale of shares or debt securities. According to the regulation, in order to proceed with sale transactions of Negotiable Securities with settlement in foreign currency and in foreign jurisdiction, a minimum holding period of two business days as from their accreditation must be observed.
On the other hand, in the case of sale transactions of Negotiable Securities with settlement in foreign currency and in local jurisdiction, the minimum holding period must be of one business day. In the case of the transfer of Negotiable Securities acquired with settlement in local currency to depository entities abroad, the minimum term of compliance shall be two business days.
In the meantime, at the end of each week, the amount of Negotiable Securities sold with settlement in foreign currency and foreign jurisdiction may not exceed 50,000 nominal amounts with respect to the amount of Negotiable Securities issued under local or foreign law.