ARGENTINA: CNV Relaxes Certain Restrictions for ALyCs and ANs

Wednesday June 24 2026

On 17^th June 2026, the National Securities Commission (CNV) announced that the Board of Directors approved Resolution No. 1152, as part of the process of normalizing and deregulating the capital markets it is promoting and in accordance with the prevailing economic and financial context. This resolution readjusts certain regulations concerning the sale of negotiable securities settled in foreign currency by ALyCs (Securities Brokers and Agents) in specific circumstances. Furthermore, Resolution No. 99 is repealed.

Through the Regulations, the limitation on carrying out sales operations of negotiable securities with settlement in foreign currency, both in local and foreign jurisdiction, for the own portfolio of ALyC and AN, is made more flexible through new exceptions, when said agents maintain, in local currency, positions taking collateral and/or passes and/or any type of financing through operations in the capital market.

In this regard, in addition to the intraday exception contained in Interpretative Criterion No. 99 (which is rendered ineffective), a new exception is incorporated with respect to the aforementioned limitation, allowing ALyC and AN to sell negotiable securities with settlement in foreign currency for their own portfolio to rebuild their position in foreign currency within 15% of their net worth (once the minimum regulatory equity has been deducted) and with a certain daily limit.

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