Rules on the Formation of External Assets by Residents (Circular CAMEX 1-675)

2011 – Year of Decent Work, Health and Safety of Workers

COMMUNICATION “A” 5236
27/10/2011

TO THE FINANCIAL INSTITUTIONS,
TO THE EXCHANGE HOUSES, AGENCIES AND OFFICES:

Ref.: Circular
CAMEX 1 - 675

Rules on the formation of external assets by residents.

---

We address you for the purposes of informing you that it has been provided, with effect from 28.10.11 inclusive, to replace point 4.2. of the Annex to Communication “A” 5198 of 04.04.2011 with the following:

"4.2. Purchases of banknotes and foreign currency in foreign currency made by trusts constituted with contributions from the national public sector, resident natural persons and legal persons constituted in the country, excluding: a) entities authorized to operate in foreign exchange, b) unregistered commercial companies, and c) other non-commercial companies, foundations and associations, which do not have a registration in specific registries, excluding those of a tax nature, established by Law, so that these legal persons can carry out their specific activity in the country, for the set of the following concepts: real estate investments abroad, loans granted to non-residents, contributions of direct investments abroad by residents, portfolio investments abroad by natural persons, other investments abroad by residents, portfolio investments abroad by legal persons, purchase for holdings of foreign banknotes in the country and purchase of traveler's checks, and donations; when the following conditions are met:

4.2.1. For the total operated for the aforementioned concepts, the equivalent of two million United States dollars (US$ 2,000,000) is not exceeded in the calendar month and in the set of entities authorized to operate in foreign exchange;

4.2.2. The funds purchased in foreign currency are not destined for the purchase in the secondary market of securities and instruments issued by residents or representative of these, or issued by non-residents with trading in the country. For this purpose, it shall be understood that prior conformity is required when said destination is realized directly or indirectly with a settlement of the purchase of the securities within the twenty (20) business days following the date of access to the local foreign exchange market;

4.2.3. When the amount acquired by natural persons in the set of entities authorized to operate in foreign exchange exceeds throughout the calendar year the equivalent of two hundred fifty thousand United States dollars (US$ 250,000), the intervening entity must verify that the funds applied to the

CENTRAL BANK OF THE ARGENTINE REPUBLIC

amounts acquired do not exceed the sum of: a) the assets declared as investments in local financial assets, and holdings in cash in local currency, which appear in the last personal assets declaration with due presentation date, b) the funds resulting from the realization in the country in local currency of registrable real assets and of banknotes in foreign currency compatible with the tax declaration and income of the period, c) the income generated in the calendar year that has been subject to income tax withholdings, d) the income received in the year for financial assets not reached by income tax, and e) the amounts received in the year for inheritances. The verification of what was done by the entity with the corresponding supporting documentation that demonstrates the application of the realization of these sources of funds to the purchase of the foreign currency, must remain documented in the entity at the disposal of the Central Bank.

4.2.4. When the amount acquired by legal persons excluding local governments, in the set of entities authorized to operate in foreign exchange exceeds throughout the calendar year the equivalent of two hundred fifty thousand United States dollars (US$ 250,000), the intervening entity must verify that the sum of the funds applied to the purchases in foreign currency for these concepts in the calendar year does not exceed the sum of the net book equity at the close of the last expired annual fiscal year, minus the investments at that date in external assets, local deposits in foreign currency, participations in other local companies, distributions of profits and dividends approved after the date of the balance sheet, plus the profits generated after the close of the annual fiscal year and sales in the local market of banknotes in foreign currency. The verification of what was done by the entity with the corresponding supporting documentation must remain documented in the entity at the disposal of the Central Bank.

4.2.5. For the purposes indicated in the preceding points, the entity must at least have in the client's file the following information:

a. For natural persons: a) copy of the last sworn declaration of personal assets with due presentation date; b) sworn declaration of the client on the facts subsequent to the reference date of the personal assets declaration presented, that justify the disposition of the funds according to the provisions of this regulation, of its situation before the requirements established in the norm, and of the updated real domicile of the client; c) copy of documentation presented by the client as support of the sworn declaration.

b. For legal persons that are subjects of income tax: copy of the last income tax declaration with due declaration date and of the accounting balance sheet closed and audited corresponding to said tax declaration, to the extent applicable, and sworn declaration of the client of its situation before the requirements established in the norm.

c. In the cases of legal persons in the non-financial private sector that are not subject to income tax, when the equivalent of two hundred fifty thousand United States dollars (US$ 250,000) is exceeded over the calendar year, the intervening entity must have closed and audited accounting balance sheets and a sworn statement on the origin of

CENTRAL BANK OF THE ARGENTINE REPUBLIC

the funds applied to the purchase in the foreign exchange market and their situation with respect to the requirements established in the regulation.

These requirements shall not apply when purchases in the calendar month in the aggregate of the entities authorized to operate in foreign exchange do not exceed the equivalent of five thousand United States dollars (US$ 5,000).

4.2.6. The client's sworn statement is available stating that it has no overdue and unpaid debts abroad for capital services and interest on debts of any kind.

This requirement shall not apply to purchases of banknotes and traveler's checks for amounts that do not exceed the equivalent of ten thousand United States dollars (US$ 10,000) per calendar month, in the aggregate of the entities authorized to operate in foreign exchange.

For the purposes of the requirements established in this point, it shall be understood that:

i. financial and commercial obligations abroad without maturity shall be considered as overdue debt as of 365 calendar days from the date on which they were incurred;

ii. in the case of debts for imports of goods, those in which 365 calendar days have not elapsed from the date on which, according to the agreed purchase condition, the obligation of delivery of the good from the exporter to the importer is considered fulfilled, whatever the maturity date, shall not be considered as overdue and unpaid operations.”

The update of regulations provided by this Communication is attached in the Annex, which replaces the Annex made known by Communication “A” 5198 of 04.04.2011, also incorporating the modifications made known by Communication “A” 5220 of 30.08.2011.

We greet you very attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Marina Ongaro
Office of Research and
Foreign Planning and Exchange

Juan I. Basco
Subgerente General de Operaciones

ANNEX

B.C.R.A.
Annex to
Com. “A”
5236

Index

Foreign Trade and Exchange Regulations

1. Exchange regulations for access to the local foreign exchange market by residents for the formation of external assets.................................................................. 2

2. Purchase of foreign currency for its application to specific destinations in local assets.......................................................................................................... 2

3. Purchase of foreign currency for the formation of external assets for its subsequent application to specific destinations............................................................................ 4

4. Regulations for access to the local foreign exchange market for the formation of external assets by residents, without the obligation of a subsequent specific application. ................................................................................................................ 7

5. Other requirements and regulations applicable for access to the foreign exchange market for the formation of external assets by residents........................................... 10

Foreign Trade and Exchange Regulations

1. Exchange regulations for access to the local foreign exchange market by residents for the formation of external assets.

Resident natural and legal persons, estates and other universalities constituted in the country and local governments may access the local foreign exchange market to form external assets when the conditions established for each case in this regulation are met.

Cases that do not fall within the established conditions must have the prior consent of the Central Bank before the entity grants the client access to the local foreign exchange market.

2. Purchase of foreign currency for its application to specific destinations in local assets.

Residents shall have access to the local foreign exchange market for the purchase of external assets for their application to a specific destination in local assets, when it involves the following operations:

2.1. Purchases of foreign currency made by resident natural and legal persons, estates and other universalities constituted in the country without amount limit, which are destined on the settlement date of the exchange operation to integrate the primary subscription in foreign currency of public securities issued by the National Government.

2.2. Purchases of foreign currency banknotes made by local governments without amount limit for their deposit in local accounts of financial entities under the conditions established for the disbursements of loans granted by International Organizations. The funds so constituted, plus their interest net of account expenses, must be settled in the local foreign exchange market at the time of use.

2.3. Purchases of foreign currency banknotes to deposit in local bank accounts under the concept “Purchases of foreign currency for allocation to investment projects” that are made simultaneously with the inflow of funds from the financings provided for in Communications “A” 4785 and “A” 4970 and provided that the conditions established therein are met.

2.4. Purchases of foreign currency banknotes made without amount limit by public companies, companies that even being constituted as subjects of private law are under the control of the National State, and trusts constituted with funds contributed by the national public sector, to the extent that:

2.4.1. The funds used for the purchase of foreign currency correspond to funds contributed by the National Treasury.

2.4.2. The funds acquired are deposited on the date of access to the local foreign exchange market, in local accounts in foreign currency opened at the entity that
processes the transaction. processes the transaction.
2.4.3. The local accounts constituted with these funds are destined to guarantee
letters of credit or other types of guarantees issued by the aforementioned entities, to guarantee the payment of Argentine imports of goods.
2.4.4. The funds released from these accounts must be settled through the local
foreign exchange market on the date of their withdrawal.
2.4.5. The entity through which the foreign exchange transaction is processed shall be responsible for
carrying out the monitoring and eventual reporting to the Central Bank in case of non-compliance with the provisions of this regulation.
2.5.
The purchases of foreign currency banknotes to be deposited in local bank accounts made by non-financial private sector companies, provided that the following conditions are met:
comply with the following conditions:
2.5.1. The company records overdue and unpaid debt abroad in respect of
securities issued abroad, syndicated financial loans abroad, financial loans granted by foreign banks, and other direct debts or debts guaranteed by official foreign credit agencies.
2.5.2. On the date of access to the local foreign exchange market, the company has made a
refinancing offer of its debt to foreign creditors.
2.5.3. The amounts acquired do not exceed the amount of principal and
interest services of overdue debt according to the original schedule, without computing the acceleration of maturities due to default clauses, nor 75% of the cash payments offered in the refinancing offer.
2.5.4. The funds deposited in local accounts plus their interest, net of expenses and
commissions affecting the account, must be re-entered through the local foreign exchange market on the date of cash payment of the offer in the case of acceptance thereof, or within the following 10 business days in case of rejection.
2.5.5. The purchases shall be channeled by the banking entity receiving the deposit,
which shall be responsible for monitoring these transactions and the eventual reporting to the Central Bank in case of non-compliance with the provisions of this regulation.
2.6.
The purchases of foreign currency banknotes made by mutual investment funds to pay in the country redemptions of shares of clients not covered by the provisions of point 1.b. of Communication "A" 4377 and provided that they have entered foreign currency for such purpose for the same amount.
2.7.
The purchases of foreign currency banknotes made by stockbrokers resident in the country and provided that the funds are deposited in their name in local accounts at the same entity, for up to the amount of foreign currency income arranged on the same date in respect of repatriations of portfolio investments, when the funds resulting from these transactions are applied within the following 24 business hours from the foreign exchange settlement date, to cancel

BANCO CENTRAL
DE LA REPÚBLICA ARGENTINA

purchases of securities issued by non-residents with quotation in the country and abroad, made to clients not covered by the provisions of point 1.b. of Communication "A" 4377 in transactions arranged with a prior notice not greater than 72 business hours and payable in foreign currency in the country.

This exception shall apply provided that the funds resulting from the transaction remain deposited in local accounts in foreign currency in the name of the seller of the traded securities.

The period for applying the funds to the settlement of securities shall be extended in cases of delays due to causes beyond the buyer of the securities and provided that the funds are not used for other purposes, until the causes preventing their application are remedied.

3. Purchase of foreign currency for the formation of external assets for subsequent application to specific purposes.

Resident legal persons shall have access to the local foreign exchange market to constitute deposits abroad for subsequent application to specific purposes, in the following cases:

3.1. The purchases of foreign currency made until 27.02.2012 by resident legal persons in the country that are not entities authorized to operate in foreign exchange, provided that the following conditions are met:

3.1.1. The funds and their income are applied within thirty (30) calendar days from the date of access to the foreign exchange market to the payment of:

3.1.1.1. Principal and interest services of financial debts abroad in respect of securities issued abroad, syndicated financial loans abroad, financial loans granted by foreign banks, and other direct debts or debts guaranteed by official foreign credit agencies.

3.1.1.2. Debts for Argentine imports of goods.

3.1.1.3. Profits and dividends.

3.1.1.4. Argentine direct investments abroad.

3.1.2. The maximum amount of external assets that may be accumulated under the conditions set forth in the preceding point, including the amount for which access to the foreign exchange market is requested, and the income received from said assets, shall be given by:

3.1.2.1. Imports of goods: no limit.

3.1.2.2. Financial debt services: for principal and interest maturities abroad occurring in the next three hundred and sixty-five (365) calendar days.

3.1.2.3. Profits and dividends: the greater amount resulting from comparing: i) the amount paid for this concept to non-residents and ADRs in the previous calendar year, or ii) the accumulated amount pending payment of

results of fiscal years with annual or quarterly financial statements closed and audited, which should be applied to payments to non-residents and ADRs.

3.1.2.4. Argentine direct investments abroad: the equivalent in US dollars of 30% of Net Equity minus the book value of equity interests in domestic and foreign companies and other portfolio investments abroad, arising from the last closed and audited annual accounting balance sheet, considering the reference exchange rate published by the Central Bank, of the business day immediately preceding the date of access to the local foreign exchange market.

3.1.3. The funds used for access to the foreign exchange market for the formation of external assets to be applied to the payment of profits and dividends and direct investments abroad, do not have financial indebtedness abroad as a source of funding.

For these purposes, this condition shall be deemed met when no disbursements abroad or income through the foreign exchange market for loans or other financial indebtedness abroad are recorded, excluding disbursements corresponding to loans from International Organizations, in the period of sixty (60) calendar days before and after the date of access to the foreign exchange market.

Likewise, in cases of access to the local foreign exchange market for the formation of external assets to be applied to the making of direct investments abroad, the remaining requirements established in point 4.1 must be complied with.

3.1.4. On the date of effective application of the funds abroad to the payment of the corresponding concept, the requirements established in the foreign exchange regulations must be met in order to access the foreign exchange market for the payment of the concept for which said assets were formed.

For the purposes of corroborating the application and the classification under the regulation, the legal entity must appear before the financial institution designated for monitoring, presenting the documentation that corresponds to classify the operation under the regulations in force on the date of application, and make the corresponding registrations.

3.1.5. If the foreign currency acquired and its income are not applied to the specific destination within the established term, the corresponding funds must be re-entered into the local foreign exchange market within five (5) business days following the deadline established for their application.

The prior consent of the Central Bank must be required for the modification of the destination of the accumulated funds, and/or the extension of the term established for the application of the payments for which access to the foreign exchange market was obtained, and to process operations for amounts greater than those provided for when they are destined for the early cancellation of external financial debt under the conditions established in the foreign exchange regulations.

3.1.6. Comply with the following procedural and registration rules:

3.1.6.1.
The resident company must designate a local financial institution which will be in charge of monitoring the purchases of foreign currency made and their applications, and will be responsible for reporting to the Central Bank in cases of non-compliance with the provisions of this regulation. The designation must be communicated by the company to the Foreign Exchange Statistics Sub-Management of the Principal Foreign and Exchange Management, by note submitted through the designated financial institution. The note must be entered through the Entry Desk of this Central Bank, prior to the execution of the operations.

The designated institution shall be responsible for monitoring all operations carried out from the date of submission of the letter to the Central Bank.

In the case of formation of external assets for the cancellation of debts abroad, said note must include, under sworn declaration, the detail of the financial and/or commercial debt abroad, which must be validated in the reporting regime of Communication “A” 3602 and complementary ones, at the different reference dates whose submission is overdue as of the date of submission of the note.

3.1.6.2. The designated financial institution shall issue the certifications that may be necessary so that the company can access the foreign exchange market through other institutions authorized to operate in foreign exchange.

3.1.6.3. Foreign exchange purchases made pursuant to the provisions herein must be processed under the following concepts:

a. “Portfolio investments abroad for the servicing of debt service maturities with external creditors” (Code 881).

b. “Portfolio investments abroad for the servicing of import payments” (Code 896).

c. “Portfolio investments abroad for the servicing of profit and dividend payments” (Code 897).

d. “Portfolio investments abroad for the making of direct investments abroad” (Code 898).

3.1.6.4. At the time of applying the funds acquired under this regime to the corresponding specific destination, a purchase ticket must be made for:

a. For the cancellation of debt with foreign parties: “Application of portfolio investments for the cancellation of debts” (Code 475) and a sale ticket for the concept of the debt service being cancelled.

b. For the payment of imports of Argentine goods: a purchase ticket must be made for the concept of “Application of

portfolio investments for the payment of imports” (Code 497) and a sale ticket for the concept of payment in cash or deferred of imports of goods as applicable.

c. For payments to non-residents and ADRs for profits and dividends: a purchase ticket must be made for the concept of “Application of portfolio investments for the payment of profits and dividends” (Code 498), and a sale ticket for the concept of “Profits and dividends paid abroad”.

d. For the making of direct investments abroad, a purchase ticket must be made for the concept of “Application of portfolio investments for the making of direct investments abroad” (Code 499), and a sale ticket for the concept of “Direct investments abroad by residents”.

The inflows of funds under the concepts “Application of portfolio investments for the cancellation of debts” (Code 475), “Application of portfolio investments for the payment of imports” (Code 497), “Application of portfolio investments for the payment of profits and dividends” (Code 498), and “Application of portfolio investments for the making of direct investments abroad” (Code 499), as they are technical tickets without movements of funds or, as the case may be, to the extent that they are applied simultaneously to the specific destinations provided for at the time of their constitution, are exempt from the constitution of the deposit established in point 6 of Communication “A” 4359.

4. Rules for access to the local foreign exchange market for the formation of external assets by residents, without the obligation of a subsequent specific application.

Residents of the country may access the local foreign exchange market for the purchase of foreign currency for the formation of external assets, without the obligation of a subsequent specific application, in the following cases:

4.1. Purchases by companies resident in the country of foreign currency without a limit on amount made up to and including 27.02.2012, for the making of direct investments abroad in productive activities of non-financial goods and services, provided that the following conditions are met:

4.1.1. The company does not register new financial indebtedness with foreign parties. For these purposes, this condition shall be deemed met when no disbursements abroad or inflows through the foreign exchange market for loans or other financial indebtedness with foreign parties are registered, excluding disbursements of loans from International Organizations, in the period of sixty (60) consecutive days prior to and following the date of access to the foreign exchange market, and they have been reported to the Subgerencia de Estadísticas Cambiarias before twenty (20) business days from their access to the foreign exchange market.

4.1.2. The company registers increases in share capital in the last 365 days
prior to the date of access to the foreign exchange market, for an amount not less than 50% of the sum resulting from considering the values of the direct investments made abroad with access to the local foreign exchange market in that same period, plus the amount in local currency for which the new access is requested.

4.1.3. The client does not register overdue and unpaid external liabilities as of the date of access
to the local foreign exchange market, under the terms set forth in this rule.

4.2. Purchases of banknotes and foreign currency in foreign currency made by trusts constituted with contributions from the national public sector, resident natural persons and legal persons constituted in the country, excluding: a) entities authorized to operate in foreign exchange, b) unregistered commercial companies, and c) other non-commercial companies, foundations and associations, which do not have a registration in specific registries, excluding those of a tax nature, established by Law, so that these legal persons can carry out their specific activity in the country, for the set of the following concepts: real estate investments abroad, loans granted to non-residents, contributions of direct investments abroad by residents, portfolio investments abroad by natural persons, other investments abroad by residents, portfolio investments abroad by legal persons, purchase for holdings of foreign banknotes in the country and purchase of traveler's checks, and donations; when the following conditions are met:

4.2.1. For the total operated under the indicated concepts, the equivalent of two million United States dollars (US$ 2,000,000) is not exceeded in the calendar month and in the aggregate of the entities authorized to operate in foreign exchange;

4.2.2. The funds purchased in foreign currency are not destined for the purchase in the secondary market of securities and instruments issued by residents or representative of them, or issued by non-residents with trading in the country. For this purpose, prior conformity shall be deemed required when said destination is carried out directly or indirectly with a settlement of the purchase of the securities within twenty (20) business days following the date of access to the local foreign exchange market;

4.2.3. When the amount acquired by natural persons in the aggregate of entities authorized to operate in foreign exchange exceeds, over the calendar year, the equivalent of two hundred fifty thousand United States dollars (US$ 250,000), the intervening entity must verify that the funds applied to the amounts acquired do not exceed the sum of: a) the assets declared as investments in local financial assets, and holdings in cash in local currency, appearing in the latest personal assets declaration whose filing date has expired, b) the funds resulting from the realization in the country in local currency of registrable real assets and of foreign currency banknotes compatible with the tax return and income of the period, c) the income generated in the calendar year that has been subject to income tax withholdings, d) the income received in the year from financial assets not subject to income tax, and e) the amounts received in the year from inheritances. The verification of what was done by the entity with the corresponding supporting documentation that demonstrates the application of the realization of these sources of funds to the purchase of foreign currency must be documented at the entity and available to the Central Bank.

4.2.4. When the amount acquired by legal persons excluding local governments,
in the aggregate of entities authorized to operate in foreign exchange exceeds, over the calendar year, the equivalent of two hundred fifty thousand United States dollars (US$ 250,000), the intervening entity must verify that the sum of the funds applied to purchases in foreign currency for these concepts in the calendar year does not exceed the sum of the accounting net equity at the close of the last expired annual fiscal year, less the investments at that date in external assets, local deposits in foreign currency, holdings in other local companies, distributions of profits and dividends approved after the balance sheet date, plus the profits generated after the close of the annual fiscal year and sales in the local market of banknotes in foreign currency. The verification of what was done by the entity with the corresponding supporting documentation must be documented at the entity and available to the Central Bank.

4.2.5. For the purposes indicated in the preceding points, the entity must at least have the following information in the client's file:

a. For natural persons: a) copy of the latest sworn personal assets declaration whose filing date has expired; b) sworn declaration by the client regarding the facts after the reference date of the personal assets declaration filed, that justify the disposal of the funds in accordance with the provisions of this regulation, regarding its situation vis-à-vis the requirements established in the rule, and the client's updated real domicile; c) copy of documentation submitted by the client as support for the sworn declaration.

b. For legal persons that are income tax subjects: copy of the latest income tax return whose filing date has expired and of the closed and audited accounting balance sheet corresponding to said tax return, to the extent applicable, and sworn declaration by the client regarding its situation vis-à-vis the requirements established in the rule.

c. In the case of legal persons of the non-financial private sector that are not income tax subjects, when the equivalent of two hundred fifty thousand United States dollars (US$ 250,000) is exceeded over the calendar year, the intervening entity must have a closed and audited accounting balance sheet and a sworn declaration on the origin of the funds applied to the purchase in the foreign exchange market and on its situation vis-à-vis the requirements established in the rule.

These requirements shall not apply when purchases in the calendar month in the aggregate of entities authorized to operate in foreign exchange do not exceed the equivalent of five thousand United States dollars (US$ 5,000).

4.2.6. The client's sworn declaration is available stating that it has no overdue and unpaid debts abroad for capital services and interest on debts of any kind.

This requirement shall not apply to purchases of banknotes and traveler's checks for amounts that do not exceed the equivalent of ten thousand United States dollars (US$ 10,000) per calendar month, in the aggregate of entities authorized to operate in foreign exchange.

For the purposes of the requirements established in this point, it shall be understood that:

iii. financial and commercial obligations abroad without maturity shall be considered as overdue debt as of 365 consecutive days from the date on which they were incurred;

iv. in the case of debts for imports of goods, those in which 365 consecutive days have not elapsed from the date on which, according to the agreed purchase condition, the obligation of delivery of the good from the exporter to the importer is considered fulfilled, whatever the maturity date, shall not be considered as overdue and unpaid operations".

5. Other requirements and rules of application for access to the foreign exchange market for the formation of external assets by residents.

5.1. Entities authorized to operate in foreign exchange may only process foreign exchange transactions for sales of foreign currency to residents for the constitution of portfolio investments abroad, to the extent that the transfer is destined to an account in the name of the client carrying out the foreign exchange transaction, opened at:

i. banks abroad constituted in OECD countries whose sovereign debt has an international rating not lower than "BBB", or that consolidate balance sheet in the country with a local banking entity, or in

ii. banks abroad in the country of permanent residence of natural persons who have authorization to remain in the country as “temporary residents” under the terms established in article 23 of Migration Law No. 25.871, or in

iii. financial institutions that habitually engage in investment banking activities and that are incorporated in OECD countries whose sovereign debt has an international rating of no less than “BBB”.

The identification of the foreign entity where the account is held and the client's account No. must be recorded in the corresponding exchange ticket.

5.2. For purchases of foreign currency banknotes and foreign exchange for the concepts covered by this Communication, when in the calendar month they jointly exceed the equivalent of twenty thousand United States dollars (US$ 20,000) at all entities authorized to operate in foreign exchange, the sale of the excess amount may only be made by debit to a demand account opened at financial institutions in the client's name, or by transfer via MEP in favor of the intervening entity of the funds from the client's demand accounts opened at a financial institution, or by payment with a check from the client's own account.

5.3. For the purposes of calculating the limits mentioned as of the date of carrying out a new transaction, for purchases in foreign currencies other than the United States dollar, the pesos settled for each transaction shall be calculated at the reference exchange rate of the banking business day immediately preceding the one on which each transaction was carried out”.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

5.4.
The intervening entities must have the client's sworn statement stating that with the exchange transaction to be entered into with the entity, the limits established in the regulations for their transactions at all entities authorized to operate in foreign exchange are complied with, in the cases where applicable. In this sworn statement it must also state that as of the date of access to the local foreign exchange market, it has complied, where applicable, with the filings with due dates falling more than 10 business days earlier, of the reporting regimes for: a) external debt under Communication “A” 3602, and b) the Survey of Direct Investments established by Communication “A” 4237 and supplementary communications.

5.5.
Sales of external assets carried out in compliance with the obligation to repatriate funds acquired for a specific purpose are exempt from the limit established in article 2 of Resolution No. 365/05 of the Ministry of Economy and Production for the constitution of the deposit established in Decree No. 616/05.

5.6.
These rules are independent of those applicable to money laundering prevention and other illicit activities and terrorist financing.