The Argentina Securities Commission has issued a new general resolution that refines the scope of the "Restricted Subject" definition introduced under General Resolution 1151 by adding new carveouts. The exemptions now cover the National Treasury and companies directly or indirectly controlled by financial institutions, provided they are subject to special regulatory regimes and their main activity is the provision of financial services, including professional private wealth, fund or third-party asset management, as well as brokerage, fiduciary, insurance or reinsurance, leasing, payment management, technology or other services offered in open and competitive markets. The measure also requires agents, before processing transactions for a Restricted Subject, to verify trading volume limits for each security. Total daily nominal volume per security must not exceed 25% of the average daily volume over the previous five trading sessions in which that security traded, or, if that volume cannot be determined, 5% of the outstanding amount of the security. For public fixed income securities, daily nominal trading volume may not exceed 5% of the outstanding amount of the relevant issue. These volume and limit requirements do not apply to securities already held in portfolio before the new resolution entered into force, although the other conditions for processing transactions in those securities remain in place.

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