The National Securities Commission has established new measures in operations involving foreign currency in order to avoid financial speculation, called in the context of the "rulo" dollar. This is established by the General resolution 808/2019 published this Friday (13.09.2019) in the Official Gazette.
The regulation announces that "pursuant to the provisions of point 1.10 of Communication "A" 6780 of the BCRA of September 12, 2019, For the purposes of processing any purchase operation of negotiable securities in dollars (species D) for an amount of up to ten thousand US dollars (US$ 10.000) by natural persons, the Clearing and Settlement Agents must previously have a sworn statement from the holder stating that the funds in dollars do not come from a Single and Free Exchange Market (MULC) operation carried out in the last five (5) business days.«.
The grounds state that through decree 609/2019, “temporary and urgent” measures were adopted to regulate the exchange rate regime more intensely and, in this way, strengthen the normal functioning of the economy, contribute to a prudent administration of the exchange market, reduce the volatility of financial variables and contain the impact of fluctuations in financial flows on the real economy.
Likewise, it is indicated that the negotiable securities credited by said purchase may not be transferred to cover the settlement of a sale operation in pesos until five (5) business days have elapsed from the accreditation of said negotiable securities in the ADCVN.
Thus, as the measure is explained, the central bank to dictate the corresponding regulations, in which the situation of natural persons must be distinguished from that of legal persons. In this way, the The entity was also in charge of establishing regulations that prevent practices and operations that seek to avoid, through public securities or other instruments, the provisions of this measure.
In this context, the Central Bank imposed restrictions on access to the exchange market for the purchase of foreign currency and precious metals and transfers abroad. Thus, the regulation explains that the entity detected operations in the capital market, carried out through the simultaneous purchase and sale of negotiable securities, aimed at evading restrictions on access to the exchange market for the purchase of foreign currency.
“Given the exceptional circumstances described above, it is necessary to establish, as a requirement for carrying out sales operations of negotiable securities by individuals and for amounts of up to US$ 10.000, a minimum period of holding said negotiable securities in portfolio,” states the official text in relation to the imposed measure.
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