Argentina: Additional Currency Control Restrictions

The Central Bank of Argentina has imposed various restrictions on the purchase of foreign currency and remittance of funds out of Argentina.  In particular, the amount of funds individuals in Argentina may purchase and remit out of Argentina on a monthly basis without prior authorization from the Central Bank is limited to USD 200. 
 
Effective May 29, 2020, Communication "A" 7030 was issued which imposes a new restriction on the ability of legal entities to access the foreign exchange market.  In order to access the market, legal entities are restricted from buying or selling securities in foreign currency, or from transferring such securities to foreign depository entities, for both 90 days before and 90 days after the request to access the foreign exchange market.  The 90-day restriction should not apply to individuals who wish to access the foreign exchange market. 
 
These restrictions are highly technical, and there is currently no clear indication on whether the rules will be relaxed or further tightened in the future.  Please contact your Compensation attorney to determine the impact of these restrictions on the operation of your share plans in Argentina.