Argentina Securities Commission exempts non-residents from ARS 200 million daily cap for certain Treasury securities transfers to foreign depositories

The Argentina Securities Commission issued General Resolution No. 1093 introducing a new exemption for non-residents from the ARS 200 million daily limit that applies to transfers of negotiable securities to foreign depository institutions. The exemption removes the daily cap for qualifying transfers involving National Treasury securities acquired through specified reinvestment activity. The daily limit will not apply where the transferred instruments are National Treasury securities, regardless of governing law or amortisation term, provided they were previously acquired and credited as the result of reinvesting payments from National Treasury securities that are payable in pesos domestically, have total or partial amortisation dates not less than 180 days from issuance, and were originally bought in a primary placement or auction. The exemption applies up to the total nominal value subscribed for the relevant security, and up to the amount corresponding to those payments and the proceeds of successive reinvestments. CNV president Roberto E. Silva framed the change as part of a continuing effort to remove operational restrictions and support capital market normalisation.