The Argentine Securities and Exchange Commission
(Comisión Nacional de Valores) has issued a new Resolution
which amends Chapter XXII "Prevention of Money Laundering and
By Resolution No. 602/2012 (the "Resolution"),
published in the Official Gazette on February 8, 2012, the
Securities and Exchange Commission (the "Comisión
Nacional de Valores" or "CNV") amended its
regulations on prevention of money laundering and terrorism
financing, in order to adjust its internal regulations to the
regulations issued by the Financial Information Unit (the
"UIF", after its Spanish acronym). In this sense, it
amended current Chapter XXII "Prevention of Money Laundering
and Financing of Terrorism" of the CNV's Regulations,
which is applicable to the obliged entities submitted to the
control of such Organization.
Under the authority of the CNV to issue complementary
regulations, and the obligations set by the UIF's resolutions,
some of the regulations of such Chapter are still in force, such
as, Resolution No. 580/2010 and Resolution No. 583/2010, that
regulate the "Procedures of Control for the Receipt and
Delivery of Funds from and to Clients", and Resolution No.
554/2009, that limits transactions in the scope of the public
offering, when these are done or ordered by subjects in tax haven
or countries of low taxation.
Mainly, the Resolution states that the obliged entities from the
Capital Market according to Section 20, Subsections 4, 5 and 22 Law
No. 25,246 and its amendments on prevention of money laundering and
terrorism financing and, among others, corporations that are
depositories of Mutual Funds (sociedades depositarias de Fondos
Comunes de Inversión); investment agents (agentes
colocadores) or any other intermediary, legal entity or
natural person that may exist in the future, of Common Investment
Funds, shall comply such regulation, UIF's resolutions and this
According to the Resolution, before February 28, 2012, the
self-regulated entities shall issue in the scope of its competence,
regulations and elaborate control proceedings, so that its
intermediaries fulfill the obligations set in Section 4 Chapter
XXII, and they shall file them before the CNV for its previous
Finally, it should be mentioned that on February 16, 2012, the
Financial Action Task Force (the "FATF") issued a report
which stressed that Argentina has made in June 2011 a high-level
political commitment to work with the FATF to address its strategic
deficiencies on prevention of money laundering and terrorism
financing and, since then, Argentina has taken steps towards
improving its regime, including by enacting legislation that
significantly improves Argentina's criminalization of terrorist
financing; and issuing UIF Resolutions enhancing measures for the
insurance, securities, and real estate sectors, and cooperatives
and mutual associations. However, the FATF has determined that
certain strategic deficiencies remain. In this sense, Argentina
should continue to work on implementing its action plan to address
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As of June 5, 2013 the Brazilian government decided to attract and foster the return of foreign investors to the Brazilian market by reducing from 6% to zero the applicable rate of the Tax on Financial Transactions (IOF) on fixed income instruments,
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