The National Securities Commission (hereinafter, "CNV") through Resolution 981/2023 has established new limitations on financial dollar transactions, which also restrict the participation of foreign investors in the Argentine secondary market. The resolution aims to expand regulations and/or limitations on the actions of Brokerage Agents (hereinafter, "BA"); the Agents for Settlement and Comprehensive Compensation of Investment Funds (hereinafter, "SCIF") and Investment Management Advisors (hereinafter, "IMA").

In this regard, the purchase and sale of financial instruments abroad must be conducted through intermediaries regulated by Securities Commissions or regulatory bodies. BAs must identify and record these transactions in their accounting books and issue tickets in the name of third-party clients.

On the other hand, SCIFs engaged in buying and selling financial instruments abroad must meet certain requirements.

The new CNV resolution states that IMAs must meet certain requirements to provide investment advisory services, order execution, and investment portfolio management.

The new resolution prohibits conducting transactions in the secondary trading of the local market through foreign trading computer systems.

Furthermore, it defines the limits on the purchase and sale of fixed-income negotiable securities denominated and payable in US dollars issued by the Argentine Republic.

Finally, it has been established that foreign investors operating with an Identification Key (C.D.I.) or Foreign Investor Key (C.I.E) can only operate on their own account with their own funds, with a daily maximum limit for trading. This limit also applies to stock brokerage firms operating on behalf of third parties and to foreign stock brokerage firms operating on their own account and with their own funds. However, in the case of a local operator, specifically one operating under a tax identification number (CUIT), it is mandatory to disclose transactions exceeding a specified amount.