ANNOUNCEMENT 26 Oct 2011

In October 2011, the government of Argentina announced changed rules for foreign investors.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 26 Oct 2011 | Removal date: open ended
Still in force

FDI: Entry and ownership rule

On 26 October 2011, Argentina through issuing Resolution 35615 announced that domestic insurers must invest their funds exclusively in Argentina by 31 December 2011. 
Furthermore, according to Resolution 35615, insurers will have a term of:

  • 10 working days to file with the SSN an affidavit, reporting all investments located abroad; and
  • 50 days running to evidence with the SSN the transfer to Argentina of all the investments and funds located abroad.

In cases of insufficient market depth or other inconveniences related with the Resolution, an authorization for the temporally maintenance of investments abroad may be granted. The grounds of the request of exception must be proven prior to the filing of each balance sheet.
The Resolution provides a different regime for reinsurers. Argentinian reinsurers may still invest abroad. However, the volume of total foreign assets must not exceed, in any case, 50% of their accredited capital.

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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