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24 November 2020

Legal News Alert - Special Edition: Foreign Exchange Control

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24/11/2020

ALERTA DE NOVEDADES LEGALES

LEGAL NEWS ALERT

Controles de Cambio

Foreign Exchange Control

Comunicación “A” 7168 del Banco Central de la República Argentina
 
A través de la Comunicación “A” 7168 de fecha 19 de noviembre de 2020 (la “Comunicación”), el Banco Central de la República Argentina (el “BCRA”) estableció las condiciones para las operaciones ingresadas y liquidadas por el mercado de cambios a partir del 16 de noviembre, destinadas a la financiación de proyectos enmarcados en el Esquema de Oferta y Demanda 2020-2024, correspondiente al Plan de Promoción de la Producción del Gas Natural Argentino bajo el Decreto N° 892/20.

Las entidades podrán dar acceso al mercado de cambios para girar divisas al exterior en concepto de utilidades y dividendos a accionistas no residentes, cuando (i) correspondan a balances cerrados y auditados; (ii) el monto total abonado por este concepto a accionistas no residentes, incluido el pago cuyo curso se está solicitando, no supere el monto en moneda local que les corresponda según la distribución determinada por la asamblea de accionistas, debiendo presentar la entidad una declaración jurada firmada por el representante legal de la empresa residente o un apoderado con facultades suficientes para asumir este compromiso en su nombre; (iii) el acceso se produce no antes de los 2 años desde la fecha de la liquidación en el mercado de cambios de la operación que permite el encuadre en el presente punto; y (iv) la operación se encuentra declarada, en caso de corresponder, en la última presentación vencida del Relevamiento de activos y pasivos externos.

Asimismo, se otorga acceso al mercado de cambios para la cancelación al vencimiento de servicios de capital e intereses de endeudamientos con el exterior en la medida que el endeudamiento tenga una vida promedio no inferior a los 2 años y se verifiquen los restantes requisitos previstos para Pagos de capital e intereses de endeudamientos financieros con el exterior de las normas sobre Exterior y cambios del BCRA.

Finalmente, se otorga acceso al mercado de cambios para la repatriación de inversiones directas de no residentes hasta el monto de los aportes de inversión directa liquidados en el mercado de cambios a partir del 16.11.2020, en la medida que (i) la entidad cuente con documentación que acredite el efectivo ingreso de la inversión directa en la empresa residente; (ii) el acceso se produce no antes de los 2 años corridos desde la fecha de liquidación en el mercado de cambios de la inversión; (iii) en el caso de reducción de capital y/o devolución de aportes irrevocables realizadas por la empresa local, la entidad cuente con la documentación que demuestre que se han cumplimentado los mecanismos legales previstos y haya verificado que se encuentra declarado en la última presentación vencida del Relevamiento de activos y pasivos externos, el pasivo en pesos con el exterior generado a partir de la fecha de la no aceptación del aporte irrevocable o de la reducción de capital, de corresponder.

En todos los casos, la entidad deberá contar con la documentación que le permita constatar el carácter genuino de la operación a cursar, que los fondos fueron destinados a financiar proyectos comprendidos en el mencionado plan y el cumplimiento de los restantes requisitos previstos por las normas de Exterior y cambios del BCRA. 

Argentine Central Bank Communication “A” 7168 

By means of Communication “A” 7168 dated November 19, 2020 (the “Communication”), the Argentine Central Bank (the "BCRA") provided for the conditions for the operations to be entered and settled by the exchange market as from November 16, destined to the financing of projects under the Supply and Demand Scheme 2020-2024, corresponding to the Plan for the Promotion of the Production of Argentine Natural Gas under Decree No. 892/20.

Entities may grant access to the exchange market to transfer foreign currency abroad as profits and dividends to non-resident shareholders, when (i) they correspond to closed and audited balance sheets; (ii) the total amount paid for this concept to non-resident shareholders, including the payment requested, does not exceed the amount in local currency that corresponds to them according to the distribution determined by the shareholders' meeting, and the entity must submit an affidavit signed by the legal representative of the resident company or a proxy with sufficient powers to assume this commitment on its behalf; (iii) the access occurs not earlier than 2 years from the date of the settlement in the exchange market of the operation that allows for the inclusion in this point; and (iv) the operation is declared, if applicable, in the last expired presentation of the External assets and liabilities survey.

Likewise, access to the foreign exchange market is granted for the payment at maturity of capital and interest services on foreign indebtedness to the extent that such indebtedness has an average life of not less than 2 years and the remaining requirements for capital and interest payments on foreign financial indebtedness under BCRA's foreign exchange regulations are verified.

Finally, access to the exchange market is granted for the repatriation of direct investments by non-residents up to the amount of direct investment contributions settled in the foreign exchange market as from 2020.11.16, as long as (i) the entity holds documentation that proves the effective income of the direct investment in the resident company; (ii) the access occurs not earlier than 2 years from the date of settlement in the exchange market of the investment; (iii) in case of a capital reduction and/or return of irrevocable contributions made by the local company, the entity holds the documentation that proves that the legal mechanisms foreseen have been complied with and has verified that the external liability in pesos generated from the date of the non-acceptance of the irrevocable contribution or the capital reduction, if applicable, has been declared in the last expired presentation of the External assets and liabilities Survey.

In all cases, the entity must hold the documentation that allows it to verify the genuine nature of the operation to be carried out, that the funds were used to finance projects included in the aforementioned plan, and compliance with all the requirements set forth in the BCRA's Foreign Exchange Regulations.
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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.

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