General Resolution 841/2020 of the National Securities Commission published in the Official Gazette on May 25, 2020 resolves that, in order to carry out sales operations of Negotiable Securities with settlement in foreign currency, or transfers thereof to depositary entities from abroad, there shall be a minimum term of possession of said Negotiable Securities in the portfolio of five business days counted from their accreditation in the Custodian Agent.
According to the resolution, the term will not be applicable:
- In the case of purchases of Negotiable Securities in foreign currency and its sale in foreign currency against the same settlement jurisdiction as the purchase.
- In the case of purchases of Negotiable Securities with settlement in foreign jurisdiction and sales in foreign currency against local jurisdiction except in the cases reached by the current resolution.
Settlement and Clearing agents and Trading agents must verify compliance with the established minimum term of permanence of the negotiable securities.
The measure aims to discourage the mechanism by which investors manage to take foreign currency abroad in order to ensure the normal functioning of the economy, sustain the level of activity and employment and protect consumers in the framework of the COVID-19 pandemic. and its impact on the current economic context.
