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On September 11, 2019, the Argentine Central Bank (“ACB”) issued Communication "A" 6780 introducing some clarifications/amendments to the new exchange control regime established by the Decree No. 609/2019 and ACB’s Communication "A" 6770.

The main clarifications/amendments are the following:

(i) Export of Goods: There are new maximum terms for the repatriation and liquidation of proceeds resulting from exports of goods. Such new maximum terms, which shall be counted as from the date in which the official boarding permit is fulfilled, are the following:

(a) Exports of certain types of agricultural products (oilseeds, wheat, corn, soybeans, rice, among others): 15 calendar days.

(b) Transactions with related parties not included in the previous paragraph and/or exports of other goods (minerals and fuels, among others): 30 calendar days.

(c) Other transactions: 180 calendar days.

Regardless of the maximum deadlines mentioned above, proceeds from exports of goods shall be repatriated and liquidated within five business days as from their collection.

(ii) Financial entities - External Assets: Financial entities and other entities authorized to operate in currency exchange do not require the prior approval of the ACB to access the foreign exchange market for the purchase of foreign currency.

(iii) Derivatives: The ACB clarifies that the prior authorization of such entity for the access to the foreign exchange market to grant guarantees linked to the negotiation of derivative transactions shall apply to all derivative transactions (for individuals, the prior authorization applies when the amount exceeds the equivalent to USD 10,000 per month). Likewise, it is clarified that all derivative transactions performed within Argentine regulated markets shall be settled in local currency.

(iv) Import of goods from related entities: The ACB has clarified its prior regulation dealing with imports of goods from related entities and the maximum amount to be paid under such concept. Accordingly, the term “overdue debts and imports at sight” are considered to be those pending debts as of August 31, 2019 and/or invoices that have an undetermined payment term.

(v) Sale of non-produced non-financial assets: It is established that the proceeds received in foreign currency by residents due to the sale of non-produced non-financial assets must be repatriated and settle within 5 business days from their collection. This obligation would apply to the sale of patents, trademarks, copyrights, license fees, concessions, among others.

(vi) Purchase of negotiable securities: Individuals acquiring foreign currency shall not use those funds for the purchase in the secondary market of negotiable securities within a term of five business days counted as from the date in which they acquired the foreign currency.

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