Argentina: Important News on Criminal Exchange Proceedings
The Board of Directors of the Argentine Central Bank (the “Central Bank”) announced important news on criminal exchange investigations. In this connection, the Superintendence of Financial and Exchange Institutions (the “Superintendence”) was instructed to apply the legal principle of retroactivity of the “more favorable criminal law”, on the ground of law precedents set forth by the Supreme Court of Justice (in re “Cristalux” and “Docuprint”). According to this principle, subsequent rules which are more favorable to the prosecuted persons or entities apply to cases that were before deemed a criminal offence by the Criminal Exchange Regime.
The Central Bank estimates that about 60,000 persons will be released from current criminal exchange proceedings and shall cease to be prosecuted for transactions made in the past that are now fully permitted, particularly, for minor infractions which, from a legal standpoint, can be deemed not subject to sanctions due to their insignificance.
In this way, proceedings followed for infractions that are no longer in force will cease. This would include, among other situations, the purchase of foreign currency for travels without evidence of the trip, extraction of foreign currency from ATMs abroad in excess of the permitted amounts, excess of remittances of foreign currency for family assistance, etc.
It is expected that this decision will allow the Superintendence to focus its resources and efforts on the investigation of serious exchange infractions, as well as to accelerate these proceedings.
“BeST Consumer Directo Serie I” Financial Trust for AR$ 89,000,000
Deal counsel in the issuance and placement in Argentina of trust securities for AR $ 89,000,000 issued under the “BeST Consumer Directo Serie I” Financial Trust, in which Crédito Directo S.A acted as trustor and servicer, Banco de Servicios y Transacciones S.A. as arranger, collection agent and placement agent, and TMF Trust Company (Argentina) S.A acted as trustee.
Central Térmica Roca’s AR$ 170 million Class III Notes Issuance
Deal counsel in Central Térmica Roca S.A.’s issuance of its AR$ 170,262,333 Class III Notes under its $ 50,000,000 Global Notes Programme. Banco Macro S.A., Macro Securities S.A., and Balanz Capital Valores S.A. acted as arrangers and placement agents.
AR$ 59 million syndicate loan granted to Credinea S.A.
Counsel to Banco de Servicios y Transacciones S.A., Banco de la Ciudad de Buenos Aires, Banco Comafi S.A., Banco Supervielle S.A. and Banco Meridian S.A., as lenders, in a sindicated financial loan granted to Credinea S.A. for an amount of AR$ 59,000,000. (2016)
Province of Chubut’s Series XXII Treasury Notes Issuance for AR$ 565,219,500
Legal counsel to Banco del Chubut S.A., as arranger, placement agent and financial agent, in the issuance of the Province of Chubut’s AR$ 565,219,500 million Series XXII Short Term Treasury Notes, under the U$S 200,000,000 Short Term Treasury Notes Program. Puente Hnos S.A. acted as co-arranger and as co-placement agent (2016).
Province of Chubut’s Series XXI Treasury Notes Issuance for AR$ 302,329,500
Legal counsel to Banco del Chubut S.A., as arranger, placement agent and financial agent, in the issuance of the Province of Chubut’s AR$ 302,329,500 million Series XXI Short Term Treasury Notes, under the U$S 200,000,000 Short Term Treasury Notes Program. Puente Hnos S.A. acted as co-arranger and as co-placement agent. (2016)
Province of Chubut’s Series XIX Treasury Notes Issuance for AR$ 829,221,000
Legal counsel to Banco del Chubut S.A., as arranger, placement agent and financial agent, in the issuance of the Province of Chubut’s AR$ 829,221,000 million Series XIX Short Term Treasury Notes, under the U$S 200,000,000 Short Term Treasury Notes Program. Puente Hnos S.A. acted as co-arranger and as co-placement agent. (2016)
Province of Chubut’s Series XVII Treasury Notes Issuance for AR$ 442,000,000
Legal counsel to Banco del Chubut S.A., as arranger, placement agent and financial agent, in the issuance of the Province of Chubut’s AR$ 442,000,000 million Series XVII Short Term Treasury Notes, under the U$S 200,000,000 Short Term Treasury Notes Program. Puente Hnos S.A. acted as co-arranger and as co-placement agent. (2016)
Province of Chubut’s Notes Issuance for U$S 50,000,000
Legal counsel to Banco del Chubut S.A., as arranger, placement agent and financial agent, in the issuance of the Province of Chubut’s Notes issued under Rule 144A (according the US Securities Act), under the $ 1,200,000,000 Notes Program. Puente Corredor de Bolsa S.A. acted as dealer manager.
“BeST Consumer Finance Serie XL” Financial Trust for AR$ 108,400,000
Deal counsel in the issuance and placement in Argentina of trust securities for AR $ 108,400,000 issued under the “BeST Consumer Finance Serie XL” Financial Trust, in which Banco de Servicios y Transacciones S.A acted as arranger, trustor, servicer and custodian, and TMF Trust Company (Argentina) S.A acted as trustee.