The Argentina Securities Commission (CNV) issued Interpretative Criterion No. 99, repealing Interpretative Criterion No. 98, and clarified how the foreign-currency settlement restriction introduced by General Resolution No. 959 should be applied. Interpretative Criterion No. 98 had clarified that ALYCs (clearing and settlement agents) were covered by the restriction alongside individuals and legal entities. Under Interpretative Criterion No. 99, the restriction operates exclusively on the net amount of foreign currency to be settled and, across the relevant accounts and sub-accounts, cannot generate a receivable balance. The CNV also clarified that the restriction does not apply to sales of bond holdings acquired before the new criterion was issued.
Argentina Securities Commission (CNV) 2025-09-12
Argentina Securities Commission replaces interpretative guidance on foreign currency settlement restrictions and exempts sales of pre-existing bonds
The Argentina Securities Commission (CNV) issued Interpretative Criterion No. 99, repealing Criterion No. 98, to clarify the application of the foreign-currency settlement restriction under General Resolution No. 959. The restriction now applies exclusively to the net amount of foreign currency to be settled and cannot generate a receivable balance, but does not apply to sales of bond holdings acquired before the new criterion.