Argentina: Update to parking periods – Resolution 988/2023
Clearstream Banking1 informs clients that the National Securities Commission (CNV) published Resolution 988/2023 on 13 December 2023 effective
immediately
The Resolution will harmonise the parking periods in the local market applicable to all types of securities and eliminate some of the restrictions and requirements that had been established by prior resolutions as detailed in the full-text document attached below.
Clients should be aware of the modified parking periods and rules (sworn statements) in the local market. They apply to the local brokers who book securities transactions versus foreign currency or transfer securities to and from international central securities depositories (ICSDs). Clients should contact their local brokers for additional details regarding these requirements in the local market.
Please note that local brokers and custodians are responsible for holding the securities during the parking period. Please refer to the attached CNV Resolution for more details.
Impact on clients
External against payment transactions in Argentine pesos (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, clients 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.