On November 16, 2021, the Argentine Securities Commission (the “CNV,” after its acronym in Spanish) issued General Resolution No. 911 (the “Resolution”), introducing amendments aimed at reducing the volume of fixed income securities transactions in the segment with concurrent offers with price-time priority denominated in U.S. dollars and issued under local law.
Under the Resolution, the CNV established that the weekly limit for selling fixed income securities denominated in U.S. dollars issued by Argentina pursuant to local law and settled in foreign currency will operate in absolute terms, i.e., weekly sales may not exceed a face value of US$ 50,000, instead of US$ 50,000 weekly securities sold in excess of the weekly securities purchased with settlement in the same currency, as permitted prior to the Resolution.
The Resolution was preceded by Resolution No. 907, issued on October 6, 2021, by which the CNV eliminated, among other things, the weekly limit on sales transactions of fixed-income securities issued by Argentina under foreign law denominated in U.S. dollars and settled in foreign currency through the segment with concurrent offers with price-time priority.