Relevant News

• Abrogation of restrictions to Negotiable Debt Securities
• Restrictions to acquire foreign currency (access to MULC)
• Financial Solvency Requirements for Hydrocarbons Companies

LEGISLATION

Resolution Nº 923/2022 – Abrogation of Restrictions Applicable to Negotiable Debt Securities

By means of General Resolution Nº 923/2022, the National Securities Commission (“CNV”) abrogates the restrictions applicable to operations of securities with settlement in foreign currency imposed by Resolutions Nº907 and 911 issued by the CNV (weekly limit of 50,000 (nominal) for the purchase and sale of securities denominated and settled in US Dollars issued under Argentinean legislation and restrictions applicable to the operations with securities settled in US Dollars and to the transfer of securities form or to depositing foreign entities in connection with the sale of sovereign bonds issued under local legislation and settled in US Dollars within the previous or subsequent 30 days). Therefore and as of March 7TH, operations related to sovereign bonds denominated in US Dollars and issued under Argentinean legislation are no longer subject to restrictions other than the ones referred to parking.

Communication A Nº7466/22, Nº7469/22 and Nº7471/22– New Regulations Applicable to Imports and Indebtedness with Abroad

Communication A Nº7466/2022, extended by Communication Nº 7471/2022, issued by the Central Bank of Argentina (“BCRA”) sets forth the following: (i) defers until December 31st, 2022 the obligation to refinance at least 60% of the payments of capital of financial indebtedness incurred in foreign currency due until December 31st, 2022; (ii) BCRA’s prior authorization for payment of capital of financial indebtedness to related parties is deferred until December 31st, 2022; (iii) maintains certain restrictions for accessing the Exchange Market in order to pay imports and creates to types of “SIMI” in order to access the Exchange Market in connection with imports. Additionally, Communication Nº7469, sets forth an exception to the 180 day refinancing requirement for the payment of imports related to the tariff positions of, among others, petroleum oils and gases and other gaseous hydrocarbons.

Communication A Nº 7472/22 – Access to MUL

Communication “A” Nº 7472/2022 issued by the Central Bank of Argentina (“BCRA”) modifies certain aspects related to the access to the exchange market in order to pay imports of goods. In particular, the Communication sets forth a term of 90 calendar days to access the Exchange Market in order to pay imports of fertilizers or phytosanitary products or inputs for local fabrication of such products, which have an associated SIMI - Category B declaration in EXIT status. In addition and in connection with payment of letter of credits or letters issued or guaranteed by local financial institutions, the Communication determines the requisites to be met in order to consider that the import has an associated SIMI - Category B declaration in EXIT status and that the access to the Exchange Market occurs as from the 180-day period of time (as determined by Com. Nº7466).

LATEST NEWS IN THE HYDROCARBON SECTOR

Resolution Nº 130/2022 – Survey of Hydroelectric Exploitation Concessions

By means of Resolution Nº130/22, the Secretary of Energy creates a committee for reviewing the status of the hydroelectric exploitation concessions in national jurisdiction listed in the Resolution.

Note Nº 295057039 – Financial Solvency Requirements for Hydrocarbons Companies

By means of Note NO-2022-29505703-APN-DNEYR#MEC, the National Director of Economic and Regulation sets forth the new and updated minimum amounts of net worth to be complied by hydrocarbons companies in order to meet financial solvency requirements and obtain registration -or renovation- with National Oil Companies and/or National Transportations Registries for the 2022-2023 period. Said amounts are the following: (i) On Shore Areas: ARS$ 144.103.142,02; and (ii) Off Shore Areas: ARS $ 1.441.031.420,24.

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