Newsletters

7 January 2021

Legal News Alert - Special Edition: Foreign Exchange Regulations

*|MC:SUBJECT|*

07/01/2021

ALERTA DE NOVEDADES LEGALES

LEGAL NEWS ALERT

Control de Cambios

Foreign Exchange Regulations

Nuevas medidas cambiarias implementadas por el Banco Central de la República Argentina

En fecha 6 de enero de 2021, el Banco Central de la República Argentina (el “BCRA”) aprobó una serie de adecuaciones a la normativa cambiaria, a través de las Comunicaciones “A” 7196, 7200 y 7201.

La Comunicación “A” 7196 se dictó con la intención de incentivar la refinanciación de las deudas financieras con el exterior, así como la colocación de valores negociables denominados en moneda extranjera, tanto en el país como en el exterior. En este sentido, 
(i) se amplía a 45 días el plazo permitido para acceder al MULC a efectos de precancelar los endeudamientos financieros en el marco de las refinanciaciones exigidas por la Comunicación “A” 7106; 
(ii) se extiende la posibilidad de aplicar los cobros en divisas por exportaciones (cf. Comunicación “A” 7123) al pago de servicios de deuda de los títulos con oferta pública emitidos a partir del 7 de enero 2021 que se emitan para refinanciar vencimientos posteriores al 31 de marzo de 2021, siempre que esa refinanciación implique un incremento no inferior a 18 meses en la vida promedio de la deuda y su primer vencimiento no ocurra antes del 31 de diciembre de 2022;
(iii) como régimen especial respecto de las emisiones de valores negociables con oferta pública concertadas a partir del 7 de enero de 2021 para refinanciar deudas preexistentes, posponiendo su primer pago de capital hasta el 1 de enero de 2023, se considerará que se ha liquidado en la República Argentina (a los efectos del posterior acceso al MULC para el pago del servicio de deuda) no sólo el equivalente al monto de capital refinanciado, sino también los intereses devengados hasta la fecha de la refinanciación y un monto equivalente a los intereses que se devengarían hasta el 31 de diciembre de 2022 por el endeudamiento original refinanciado y/o por la postergación del capital refinanciado y/o por los intereses que se devengarían sobre los montos así refinanciados; y
(iv) se permite aplicar los cobros en divisas por exportaciones, o los fondos recaudados por la emisión de los valores negociables, a la constitución de garantías (incluyendo cuentas fiduciarias) para el repago de nuevas emisiones de títulos con oferta pública cuyos fondos sean liquidados en Argentina a partir del 7 de enero de 2021, por hasta un 125% de los servicios que deban pagarse en el mes en curso y los próximos seis meses.

Por su parte, la Comunicación “A” 7200 implementa el Registro de información cambiaria de exportadores e importadores de bienes (el “Registro 7200”). Toda persona que esté incluida en el listado publicado por el BCRA (aún pendiente), será considerado como “Sujeto Obligado” y deberá estar inscripto en el Registro 7200 antes del 30 de abril de 2021 como condición para acceder al MULC a partir del 1 de mayo de 2021 para operaciones de egresos de divisas (excepto para cancelaciones de financiaciones en moneda extranjera otorgadas por entidades financieras locales). La normativa detalla asimismo el trámite de inscripción, renovación y baja del Registro 7200.

Finalmente, la Comunicación “A” 7201 estableció restricciones adicionales para el pago de importaciones de ciertos bienes listados en los Anexos I y II de dicha norma (esencialmente, bienes considerados “suntuarios”, v.g. automóviles y motos de alta gama; jets privados; embarcaciones de uso recreativo; bebidas con un precio superior a 50 dólares el litro; caviar; perlas, diamantes y otras piedras preciosas, entre otros productos) que sean embarcados a partir del 7 de enero de 2021. Las importaciones de los bienes listados en el Anexo I no podrán ser pagadas hasta 90 días corridos después de la fecha de su registro de ingreso aduanero; mientras que, para el caso de las importaciones de bienes del Anexo II, deberá aguardarse a que hayan transcurrido 365 días corridos desde esa fecha de registro aduanero. Asimismo, durante ese plazo, los bienes ingresados no podrán ser computados a los efectos del Ratio de Importación.

Para mayor información, por favor contactar a Diego Serrano Redonnet y Danilo Parodi Logioco.

New foreign exchange control regulations introduced by the Argentine Central Bank

On January 6, 2021, by means of Communications “A” 7196, 7200 and 7201, the Argentine Central Bank (the “BCRA”) passed a series of amendments to the foreign exchange regulations in force.

The purpose of Communication “A” 7196 is to encourage the refinancing of financial debts abroad, as well as the placement of securities denominated in foreign currency, both in the country and abroad. In this regard,
(i) the term of access to the foreign exchange market is extended to 45 days for the purpose of prepaying financial indebtedness under the refinancing required by Communication "A" 7106; 
(ii) the possibility of applying charges for exports in foreign currency (as established by Communication “A” 7123) is extended to the payment of debt services of publicly offered securities issued as from January 7, 2021 that are issued to refinance maturities occurring after March 31, 2021, provided that such refinancing implies an increase of no less than 18 months in the average life of the debt and that its first maturity does not occur before December 31, 2022;
(iii) as a special regime, regarding the issuance of publicly offered securities arranged as from January 7, 2021, to refinance pre-existing debt, deferring its first payment of principal until January 1. 2023, both the equivalent of the amount of principal refinanced, as well as the interest accrued until the date of the refinancing and an amount equivalent to the interest that would accrue until December 31, 2022 for the original debt refinanced and/or for the deferment of the refinanced principal and/or for the interest that would accrue on the amounts thus refinanced, will be deemed to have been settled in Argentina (for purposes of subsequent access to the foreign exchange market for the payment of the debt service); and
(iv) it is allowed to apply foreign currency earnings from exports, or the funds collected from the issuance of securities, to the granting of guarantees (including trust accounts) for the repayment of new public offerings of securities settled in Argentina as from January 7, 2021, for up to 125% of the services to be paid in the current month and the following six months.

Furthermore, Communication “A” 7200 introduces the Registry of exchange information of exporters and importers of goods (the “7200 Registry”). Any person included in the list published by the BCRA (still pending), shall be considered an “Obliged Subject” and shall be registered in the 7200 Registry before April 30, 2021 as a condition to access the foreign exchange market as from May 1, 2021 for outgoing foreign currency transactions (except for the payment of foreign currency financings granted by local financial entities). The communication also specifies the procedure for registration, renewal and removal from the 7200 Registry.

Finally, Communication “A” 7201 established additional restrictions for the payment of imports of certain goods listed in Annexes I and II of such communication (essentially, goods considered “luxurious”, e.g., high-end cars and motorcycles; private jets; recreational boats; beverages with a price higher than US$50 per liter; caviar; pearls, diamonds and other precious stones, among other products) that are shipped as from January 7, 2021. Imports of goods listed in Annex I may not be paid up to 90 calendar days after the date of their customs entry registration; while, in the case of imports of goods listed in Annex II, the term from the date of customs registration must be of 365 days.  Likewise, during such term, the entered goods may not be computed for purposes of the Import Ratio.

For further information, please refer to Diego Serrano Redonnet and Danilo Parodi Logioco.

light-linkedin-48.png
light-facebook-48.png
light-twitter-48.png
Suipacha 1111 • Piso 18 • C1008AAW • Buenos Aires • Argentina
(54 11) 4114 3000 • news@pagbam.com
pagbam.com

Want to change how you receive these emails?
You can
update your preferences or unsubscribe from this list.
 
Aviso: esta publicación y la información contenida en la misma no tiene por objeto reemplazar la consulta con un asesor legal.
Notice: this legal news alert is not intended to replace legal advice but to provide information of general interest.

Subscribe to our Newsletter

Stay updated by receiving our Legal News Alert that will provide you, in a quick and simple way,
with the latest regulatory changes as well as the most relevant news.

Subscribe

* indicates required
I hereby give my free and informed consent for the collection, processing, storage and/or use of my personal data (the "Personal Data") by Pérez Alati, Grondona, Benites & Arntsen. I understand that all assignment and/or transfer of my Personal Data will be made in full compliance with Law No. 25,326 and complementary regulations. The delivery of my Personal Data is voluntary. I understand that, as the owner of the Personal Data, I have the right to exercise, free of charge, the right of access, rectification or deletion of my Personal Data pursuant to Section 14, subsection 3 of Law No. 25,326 (as amended), by communicating to the following e-mail address news@pagbam.com. The AGENCY FOR ACCESS TO PUBLIC INFORMATION, Control Body of Law No. 25,326, has the power to deal with complaints and claims filed by those affected in theirs right due to breach of the Personal Data legislation in force.
You must fill the checkbox to suscribe.