GR 1152 replaces Section 2 of Chapter V of Title XVIII of the CNV Rules and restructures its content. In particular, the resolution removes the provisions governing borrowing transactions under securities lending agreements (cauciones tomadoras), repurchase agreements (pases) and any other local currency financing transactions—which were previously included in that section—and incorporates them into a new Section 2 bis entitled “Borrowing Transactions under Securities Lending Agreements and Other Transactions.”
The new Section 2 bis provides that ALyCs and ANs may not process or settle sales of negotiable securities with settlement in foreign currency, whether in the local or foreign jurisdiction, where the ordering client—including persons falling within the scope of the expanded proprietary portfolio (cartera propia ampliada) concept—maintains borrowing positions under securities lending agreements, repurchase agreements or any other type of local currency financing transaction executed through the capital markets. The same restriction applies to sales executed by ALyCs and ANs for their own proprietary portfolios, including where such transactions are carried out through another ALyC or AN.
Notwithstanding the foregoing, GR 1152 permits ALyCs—other than those registered as Direct Participants—to execute proprietary sales of negotiable securities with settlement in foreign currency, whether domestically or abroad, provided that such transactions do not generate a positive balance in their net foreign currency position or are intended to restore the position existing as of June 1, 2026, subject to an overall limit of 15% at all times and a daily limit of 3% of the agent’s total net worth, in each case calculated after deducting the applicable minimum regulatory net worth requirement.
GR 1152 extends these exceptions to ANs, subject to specific conditions. In particular, ANs must calculate their net foreign currency position in accordance with the methodology applicable to ALyCs and, for purposes of restoring their position, must use as the applicable benchmark 15% of their total net worth—excluding the applicable minimum regulatory net worth requirement—rather than their position as of June 1, 2026. These exceptions apply exclusively to the proprietary portfolio of the relevant ALyC or AN, do not extend to the expanded proprietary portfolio, and, with respect to ALyCs, do not exempt them from compliance with the prudential limits established under the CNV Rules.
GR 1152 also incorporates Form “MUG_038 – Foreign Currency Holdings” into the information that AN must submit to the CNV through the Financial Information Highway (Autopista de la Información Financiera – AIF) and adds a new Section 28 to Chapter V of Title XVIII requiring ALyCs and ANs subject to Section 2 bis to file the corresponding information within ten business days following the end of each month. The reporting obligation will commence with the information corresponding to July 2026, which must be submitted no later than the tenth business day of August 2026.
Finally, GR 1152 incorporates into Section 2 an express clarification that its requirements do not apply to the Sustainability Guarantee Fund (Fondo de Garantía de Sustentabilidad) and repeals Interpretative Criterion No. 99 by incorporating its provisions directly into the CNV Rules.
