Relevant News

• Restrictions to securities trading
• Prohibition of financing to foreign tourism
• Restrictions to acquire foreign currency (access to MULC)
• Export Duty
• Corporate definition to ultimate beneficiary owner
• New values of hydrocarbons compensations to landowners

LEGISLATION

General Resolution N° 911/21 – Selling Operations of Foreign Currency Bonds

By means of General Resolution N° 911/2021, the National Securities Commission (“CNV”) modifies the method for calculating the weekly limit set forth for the selling of securities issued by national government denominated and payable in US Dollars under local legislation. In this regard, the CNV determined that the aforementioned weekly limit may not exceed the amount of 50,000 nominals.

Communication “A” Nº 4707/21 - Prohibition of Foreign Tourism Financing

By means of Communication "A" N° 4707/21, the Central Bank of Argentina ("BCRA") provided that, as from November 26, 2021, the purchase of touristic services abroad and international tickets by means of credit cards shall not be financed in installments.

Communication “A” Nº 4708/21 – Access to FX Market for Advanced Payments of Imports of Capital Goods

By means of Communication “A” Nº 7408/2021, the Central Bank of the Argentine Republic (“BCRA”) establishes that as from December 1st, 2021, the access to the foreign exchange market for advanced payments of capital goods with custom’s entry registry still pending will be enabled for up to US$ 1MM. If said limit was exceeded, the following conditions shall be met: (i) the sum of the advanced payments of the aforementioned imports does not exceed the 30% of the total value of the goods to be imported; and (ii) the sum of the advance and on demand payments and commercial debt without custom’s entry registry made under the specific point of the regulation does not exceed 80% of the total value of the goods to be imported.

Decree Nº 783/21 – Export Duty

By means of Decree Nº 783/21, the Executive Branch set forth a 0% rate of export duties for export operations processed under the Simplified Export Regime (“Exporta Simple”), created under Joint Resolution Nº 4458/2019. By means of Resolution Nº 5096/2021, the General Direction of Customs sets forth new values of reference for the export of certain products provided therein (bovine meat and bones) to certain countries also provided therein.

Resolution Nº 5096/21 – Reference Values Applicable to Exportations

The Resolution also abrogates the values of reference previously set forth under General Resolutions N° 5044/2021 and 5054/2021.

General Resolution Nº 17/21 – Ultimate Beneficiary Owner

By means of General Resolution N° 17/2021, the Superintendence of Corporations (“IGJ”) modifies its criteria regarding the definition of Beneficiary Owner, referring to the definition provided under section 2nd of Resolution UIF N° 112/2021.

Resolution Nº 739/21 – REPRO II

By means of Resolution Nº 698/2021, 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 October 2021.

Resolution Nº 698/21 – REPRO II

By means of Resolution Nº 739/2021, the Ministry of Labor sets forth the period of time for applying for REPRO II Program’s benefits regarding the salaries corresponding to November 2021 and the guidelines to be considered in order to apply the pre-selection criteria determined under the Repro II program.

Resolution Nº 752/21 – REPRO II

By means of Resolution N° 752/2021, the Ministry of Labor amends Resolution N° 938/20 which created REPRO II Program, providing modifications to certain features of the program.

LATEST NEWS IN THE HYDROCARBON SECTOR

Joint Resolutions Nº 1/21 and 2/21 – New Values of Compensations Payable to Landowners

Joint Resolutions Nº 1/2021 and Nº 2/2021 issued by the Secretary of Agriculture, Livestock and Fishing and the Secretary of Energy, set forth as from March 1, 2021 an increase in the amounts to be paid under previous regulations to landowners by oil and gas exploration, exploitation and transportation companies as compensation for the activities performed on their land.

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