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The Ministry of Economy introduced an exception to the terms
for the transfer of foreign currency proceeds from the exports of
goods into the local financial system.
Through Resolution No. 187/2012, effective May 14, 2012, the
Ministry of Economy amended Resolution No. 142/2012, which had
reduced the terms for the transfer of foreign exchange proceeds
from the export of goods into the Local Foreign Exchange Market
("Mercado Único y Libre de Cambio" or
"MULC") (see "Reduction in the Terms for the
Transfer into Argentina of Foreign Exchange Proceeds from
Exports" in Marval News # 116 dated April 27,
2012).
The new regulation established an exception to the compliance
with the new terms for the transfer of foreign currency to the MULC
(provided by Resolution No. 142/2012) for exporters that do not
exceed a certain export level, and for transactions included under
agreements executed prior to the enactment of Resolution No.
142/2012.
Exception to the Terms Established by Resolution No.
142/2012
The exception to the compliance with the terms set forth by
Resolution No. 142/2012 applies to exporters of goods that, during
2011, have registered exports for less than US$ 2,000,000,
calculated on the basis of F.O.B. value.
The Federal Tax Authority ("AFIP") must provide the
Evaluation Unit, created by Resolution No. 142/2012, with a list of
the exporters that meet such requirement. The repatriation terms
that were effective prior to the enactment of Resolution No.
142/2012 shall be applicable to those exporters, who will be
notified thereof by the Secretary of Foreign Trade
("SFT"). According to a press release issued by the
Ministry of Economy on May 21, 2012, such exporters will be deemed
notified upon their access to the link
https://auth.afip.gov.ar/contribuyente .
Registration of Existing Contracts
Resolution No. 187/2012 also created a registry of
"Existing Contracts" executed prior to the enactment of
Resolution No. 142/2012. The registry, which will work under the
scope of the SFT, will determine the requirements to be met by such
contracts. Such requirements have not been set by the SFT yet. The
repatriation terms that were effective prior to Resolution No.
142/2012 will apply to the transactions included under these
"existing contracts".
Lastly, it must be pointed out that Resolution No. 187/2012 does
not modify Communication "A" 5300 of the Argentine
Central Bank, which had also introduced changes related to the
terms to transfer into Argentina foreign exchange proceeds obtained
from the payment of exports. Therefore, the additional 120
business-day term revoked by Communication "A" 5300 has
not been restated by Resolution No. 187/2012.
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The Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) decided to amend and add provisions to CVM Instruction No. 400, of December 29, 2003 (CVM Instr. 400/2003), that regulates public offers for the distribution of securities in the primary and secondary markets in Brazil, by means of CVM Instruction No. 533, of April 24, 2013 (CVM Inst. 533/2013).
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The Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) found a way to facilitate fund raising for Brazilian small and medium-size companies with the issuance of shares, without changing the applicable law or regulations.
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On March 29, 2012, the Brazilian Monetary Council (Conselho Monetário Nacional – CMN) decided to amend the provisions of CMN Resolution No. 2723, of May 31, 2000 (CMN Res. 2723/2000), which sets forth detailed rules, conditions and procedures for installing dependencies abroad and for the direct or indirect equity interest in Brazil or abroad by financial institutions and other entities authorized to operate by the Central Bank of Brazil (Banco Central do Brasil – Bacen).
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