Investment regulation - Argentina

Holding restrictions

There are applicable limits for foreign investments regarding media and communication sector companies under Argentine laws.

Foreign investors can invest in up to 30% of the capital and votes of an Argentine media and communications entity. Media and communication companies comprise newspapers, magazines, publishing companies, broadcasting services, production of visual and digital contents, advertising companies, and internet providers. In the case of broadcasting companies, no foreign individual can directly purchase stock. Some limits are applicable on gas and energy sector companies for local and foreign investors.

The regulatory framework originally established by CNV General Resolution No. 841/2020 regarding minimum holding periods for securities has been amended. As of October 2026, the applicable rules are set out in Article 2 of Chapter V, Title XVIII of the Comisión Nacional de Valores (CNV) Rules, as amended by CNV General Resolution No. 1152/2026.

For clients other than resident individuals, the following general requirements apply:

Article 2 – Sale of securities settled in foreign currency. Minimum holding period. Transfers abroad

• Sale of securities settled in foreign currency: A minimum holding period of one (1) business day applies, counted from the date the securities are credited to the local central securities depository (CSD), regardless of the jurisdiction or governing law of issuance. This requirement does not apply to purchases of securities settled in foreign currency, regardless of the jurisdiction in which the transaction takes place.
• Transfers of securities abroad: A minimum holding period of one (1) business day applies to securities purchased through transactions settled in local currency, counted from the date the securities are credited to the local CSD, subject to the exceptions expressly provided for under the applicable regulations. These exceptions include securities credited as a result of primary placements of securities issued by the Argentine Treasury or BOPREAL bonds issued by the Central Bank of Argentina (BCRA), as well as shares and CEDEARs traded on markets regulated by the CNV.

Clearing and Settlement Agents (ALyCs in spanish) and Trading Agents (ANs in spanish) shall verify compliance with the applicable minimum holding period.

Article 3 – Incoming transfers. Minimum holding period

For clients other than resident individuals, securities credited to the local CSD and transferred from foreign depository institutions may not be used to settle transactions in foreign currency, in any jurisdiction and regardless of their governing law of issuance, until one (1) business day has elapsed from the date the securities are credited to the relevant sub-account(s) held with the local custodian.

Transfer and repatriation of capital

Effective 17 December 2015, the Central Bank introduced some modifications (Communication “A” 5850 and Resolution 3/2015) on foreign exchange regulations  applicable to foreign investors in Argentina. Please see the Creation Link Guide - Argentina for further information.

Clients should note that the regulatory framework governing securities transfers, settlement and repatriation activities in Argentina may be amended from time to time by the relevant authorities, including the CNV and the BCRA. Clients should refer to the relevant CBL announcements for any regulatory or market changes and are responsible for complying with the applicable local requirements and restrictions

Clearing and settlement restrictions

On 29 December 2015, the Comision Nacional de Valores (CNV) published Resolution number 651/15 and the Central Bank of Argentina (BCRA) published Communications "A" 5861 and "A" 5864 , removing the "three business days" holding period, that local brokers had to comply with when transferring securities from a local account at Caja de Valores S.A. or CRYL to an international central depository or to the local comitente account of such international central depository.

Clients should refer to the relevant CBL announcements for any regulatory or market changes affecting securities transactions in Argentina. Any such changes are implemented in accordance with applicable local regulations, and clients remain responsible for complying with the local requirements and restrictions communicated in the relevant CBL announcements.