Relevant News

• Restrictions to acquire foreign currency (access to MULC)
• End of the Exception to hold Remote Corporate Meetings

LEGISLATION

Communication “A” 7542/2022 – Access to MULC

By means of Communication “A” Nº 7542/2022, the Central Bank of Argentina (“BCRA”), modifies certain aspects related to the access to the exchange market (“MULC”) in order to pay imports of goods, specifically to Communication Nº7532. Communication Nº 7542/2022’s main aspects are the following: (i) the 180-day period stipulated for the payment of imports shall not apply to imports with a SIMI category B or C provided the importer had obtained a "temporary input export certification under the in-factory customs regime". Also the communication brings the parameters to calculate the quota for these specific situations; (ii) reduces from 90 to 60 calendar days the access to the MULC for those imports that have an associated SIMI category B or C declaration in force and correspond to fertilizers and/or phytosanitary products and/or inputs to the extent that they are used for their local processing; (iii) the limit amount of SIMI Category A will be given by the amount that is greater between USD 1,150,000 and the value that arises from applying the general calculation provided in Section 10.14.1 of the MULC Regulations for small and medium companies; (iv) the Communication brings new exceptions to the obligation of submitting a sworn statement regarding the fulfillment of the annual quota for SIMI category A imports; and (v) the Communication adds two situations in which payments to non-residents are allowed without limitations: services hired to non-residents by financial entities to meet their operational needs and payments by local agents that collect in the country the funds paid by residents to non-resident providers of digital services.

Communication “A” Nº 7552/2022 – Access to MULC

By means of Communication “A” Nº 7552/2022, the Central Bank of the Argentine Republic (“BCRA”) determined that in order to access the MULC, authorized entities shall request from the client a sworn statement indicating that when requesting access to the MULC, they do not hold Argentine deposit certificates representing foreign shares (“CEDEARs”) and/or available liquid external assets which jointly exceeded the sum of USD100,000. Notwithstanding and until 08/19/2022, the CEDEARs which had been acquired until 07/21/2022 will not be computable within the aforementioned limit. Furthermore, the Communication also determined that the client requesting the authorization to access the MULC will not be able to carry out transactions involving CEDEARs neither in the 90 days prior nor in the 90 days following the access to the MULC.

Communication “A” Nº 7553/2022 – Access to MULC

By means of Communication “A” Nº 7552/2022, in connection with the restrictions for accessing the exchange market for paying imports and in addition to the requirements set forth in Communication “A” Nº 7532/2022, the Central Bank of the Argentine Republic (“BCRA”), set forth that access to the MULC in order to pay import of goods shall be granted if the following were verified: (i) the operation corresponds to the importation of inputs that will be used for the production of goods in the country, (ii) the inputs were shipped at origin on or before June 27, 2022 and had arrived in the Argentine Republic, (iii) the access to the MULC takes place no earlier than the payment date agreed with the supplier of the goods and (iv) the import is associated with a valid SIMI declaration that meets any of the following requirements: (a) it has an "output" status made official until March 3, 2022; (b) is assigned category A, B or C made official until June 27, 2022.

General Resolution Nº 8/2022 – End of the Exception for Holding Remote Corporate Meetings

By means of General Resolution N° 8/2022, the Superintendence of Corporations (“IGJ”) eliminates the exception provided under Resolution Nº 11/2020 which allowed the holding of remote board of directors and shareholders’ meetings in those cases in which the applicable bylaws did not expressly admit them.

Resolution Nº 791/2022 – REPRO II

By means of Resolution Nº 791/2022, the Ministry of Labor adopts the recommendations issued by the Evaluation Committee of the Repro II Program, which sets forth the parameters to be met by companies in order to access the benefits under the program regarding the salaries accrued during May 2022.

LATEST NEWS IN THE HYDROCARBON SECTOR

Resolution Nº 557/2022 - Technical Regulation for Hydrocarbon Measurement

By means of Resolution Nº 557/2022, the Secretariat of Energy abrogates Resolution Nº 318 of 04/22/2010 and approves a new Technical Regulation for Hydrocarbon Measurement applicable to hydrocarbon measurement systems and the transmission of the information to the Secretariat of Energy (under terms of Law Nº 17,319) which main purpose is to quantify the total volume of liquid and gaseous hydrocarbons existing in the local market.

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