Argentina: CNV passes new Resolution 962/2023 for securities issued by the Argentine Republic denominated in dollars
Clearstream Banking1 informs clients that the National Securities Commission (CNV) published Resolution 962/2023 on 23 May 2023 establishing that in order to book securities transactions versus foreign currency (USD) or transfer securities to and from ICSDs, the investor will need to provide an additional sworn statement to the local broker.
Effective
immediately
clients should note that local brokers will request an additional sworn statement before being able to book securities transactions versus foreign currency or transfer securities to and from ICSDs, stating that:
- Within 15 calendar days before the booking of such transactions, the investor has not booked any sale versus foreign currency of fixed income securities issued by the Argentine Republic denominated in dollars under local and/or foreign law, with settlement in foreign currency, both in local jurisdiction and foreign jurisdiction, in the price-time priority segment.
- In addition, there must be a reliable statement by the investor that they will not book any sale versus foreign currency of securities issued by the Argentine Republic denominated in dollars under local and/or foreign law, with settlement in foreign currency, both in local jurisdiction and foreign jurisdiction, in the price-time priority segment for 15 subsequent calendar days since the settlement of such transactions or transfers.
- The conversion of ordinary shares into CEDEARs (Argentine Depositary Receipts) or ADRs (American Depositary Receipts), regardless of direction of the conversion, will also be considered as a transfer of securities from or to foreign ICSDs.
Note: Local brokers and custodians are responsible for holding the securities during the parking period.
Impact on clients
External against payment transactions in ARS remain suspended until further clarification from regulators.
Alternatively, Clearstream Banking clients can settle external transactions on a free of payment basis.
Internal and Bridge transactions are open for settlement in ARS.
Further information
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG clients using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.