09/18/2020 - 12:51
Clarín.com
Economy
Several official organizations, in addition to the Central Bank, intervened in the architecture of the measures to stop the drain of dollars from the reserves.
One of them was the National Securities Commission, which set the new rules for operating the so-called
"financial dollars"
, which are accessed through the purchase and sale of bonds in pesos and dollars.
The
MEP dollar
allows the acquisition of dollars in the local market, while with
cash with liquid
the investor makes sure to take the dollars out of the country.
To limit these two operations, the CNV established in the RG 856/20 published this Wednesday in the Official Gazette measures relating
to the period of permanence
(called "parking" -parking- in financial jargon) of securities for the settlement of securities negotiable for both human and legal persons,
Stock traders took some time to digest the changes, which, in short, are as follows, according to a Balanz report:
Purchases in foreign currency (MEP or cable)
: the 5-business-day parking available for resident individuals who buy assets (bonds) in foreign currency is eliminated, the subsequent settlement modality being indifferent.
Purchases in local currency:
the 5 business day parking is maintained to sell negotiable securities with settlement in foreign currency, but there are no requirements for their subsequent sale against pesos.
It is the operation by which a saver is made of dollars through the Stock Market.
Transfers abroad:
a 15-business-day parking is added to transfer negotiable securities purchased in local currency to foreign entities.
Sale against pesos of securities transferred from abroad
: a 15 business day parking is added to enable individuals and legal entities to settle the negotiable securities transferred from abroad against local currency.
The requirement does not apply to shares and / or CEDEARs.
There were companies that entered dollars through cash with reverse liquidity.
The 15-day parking seeks to force them to settle those dollars in the official market (MULC or Mercado Único y Libre de Cambio).
Sale against dollars (MEP or cable) of titles transferred from abroad:
the parking requirement remains in 5 business days as it was until now.
For non-residents:
they will not be able to sell securities with settlement in foreign currency in the country, unless these instruments were acquired in Argentina as of 9/16/2020 and remain in the portfolio
for at least one year.
Operative in MULC:
whoever buys dollars in the Single Free Exchange Market will not be able to make operations of MEP dollar or cash with liquidity for
the next 90 days.
NE
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