Pursuant to BCBA regulations, Argentine and foreign corporations must comply with the following general requirements in order to list their stock on the BCBA: (i) The corporate purpose, capital and financial status of such corporations must permit access to stock exchange markets; (ii) their administrative organisation must allow them to comply with all BCBA regulatory requirements; (iii) stock to be listed must all have the same par value; (iv) compensation to the board of directors may not be made with corporate stock. Foreign corporations with stock listings on foreign exchange may obtain a waiver of some these requirements, provided that such foreign stock exchanges do not impose additional requirements on corporations whose stock is authorised for listing on the BCBA.

BCBA regulations provide a detail of documents and information to be submitted for purposes of obtaining the authorisation for listing. Regarding ongoing information requirements, corporations shall inform the BCBA immediately upon occurrence of (i) any nonhabitual act or fact that may affect the quotation of the stock of the corporation or its financial status (this requirement applies parl passu to controlled corporations), and (ii) any judicial or administrative decision related to credits or assets that may adversely affect the net worth of the corporation.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

For further information contact Bernado E. Duggan or Leonardo F. Fernandez on Tel: 54 1 310 3980 or Fax: 54 1 310 3944. Alternatively enter a text search 'Basilico, Fernandez Madero & Duggan' and 'Business Monitor' or view the entire information archive on the Business Monitor web site (http://businessmonitor.co.uk).