The Argentina Securities Commission approved rule changes that relax limits on ALyCs and AN selling negotiable securities settled in foreign currency from their proprietary portfolios in specified cases. The measure clarifies existing exemptions and adds new ones for transactions settled in foreign currency in both domestic and foreign jurisdictions, particularly where agents hold local-currency borrowing positions through cauciones, pases or other capital-markets financing. In addition to the intraday exemption previously set out in Interpretative Criterion No. 99, which has now been repealed, the resolution creates a new exemption allowing ALyCs and ANs to sell foreign-currency-settled negotiable securities for their own portfolio to rebuild their foreign currency position up to 15% of net worth after deducting minimum regulatory capital. The exemption is subject to a daily limit.
Argentina Securities Commission (CNV)2026-06-17
Argentina Securities Commission eases foreign currency securities sale limits for ALyCs and ANs with new 15% net worth exception
The Argentina Securities Commission eased limits on ALyC and AN sales of negotiable securities settled in foreign currency from their proprietary portfolios by clarifying existing exemptions and adding new ones. A new exemption allows sales to restore foreign currency positions up to 15% of net worth, net of minimum regulatory capital, subject to a daily limit. Interpretative Criterion No. 99 has been repealed.