ANNOUNCEMENT 20 Nov 2008In November 2008, the government of Argentina announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Law 26.465 (November 20, 2008) published Official Journal of the Argentinian Republic (Boletin Oficial de la Republica Argentina, Numero 31.548, 9 de Diciembre de 2008): http://www.infoleg.gob.ar/infolegInternet/anexos/145000-149999/148141/norma.htm
The Financial Times: http://www.ft.com/intl/cms/s/0/d428857e-b77c-11dd-8e01-0000779fd18c.html#axzz2TkbPC8KZ
The Economist: http://www.economist.com/node/12685478
The New York Times: http://www.nytimes.com/2008/10/22/business/worldbusiness/22argentina.html?_r=0
On November 20, 2008, the Argentinian Congress passed the Law 26.465 on the unification of the pension system. This law led to the nationalisation of the ten private and foreign-owned pension fund companies (known as the AFJPs, 'Administradoras de fondo de jubilaciones y pensiones' in Spanish) that operated at that time in Argentina.
The USD 23-26 billion in assets and an additional USD 4.5-5 billion in contributions each year passed to the National Social Security Administrator ANSES (Administracion Nacional de la Seguridad Social in Spanish), a decentralized agency of the Argentinian government. International banks and insurance groups BBVA (Spain), HSBC Holdings (UK), MetLife Inc (US), and ING Groep NV (Netherlands) were among the companies that ran the funds.
The Law 26.465 'Sistema Integrado Previsional Argentino' was promulgated on December 4, 2008 and published in the Argentinian Official Journal No 31.548 on December 9, 2008.
This measure is included in the GTA database because the nationalisationwas forced and the compensation of the foreign-owned pension funds is most likely tothe detriment of their commercial interests.