Marval O'Farrell & Mairal

Buenos Aires

Founded in 1923, Marval, O’Farrell & Mairal is the largest law firm in Argentina. A market leader at both local and Latin American levels, the firm has been providing sophisticated, high quality advice to international and local clients for 90 years. The firm comprises over 300 lawyers and has wide experience of international business issues and the complexities of cross-border transactions.

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Extension of Maximum Term for Pesos Conversion
Argentina | April 13 2007

The Argentine Central Bank has recently issued Communication A4643, which extended the maximum term for the proceeds of foreign financial indebtedness to be transferred into Argentina and converted into pesos through the local foreign exchange market to 365 calendar days.

Set-Off During Suspension of Financial Institutions
Argentina | September 15 2006

The legality of offsetting debits and credits with a suspended financial institution has been much debated. However, the National Supreme Court of Justice of Argentina ruled that set-off cannot take place during the suspension of a financial institution.

New Regulatory Trends for Representatives of Foreign Banks
Argentina | July 14 2006

In light of recent regulatory trends, foreign financial corporations should carefully analyze the advantages and disadvantages of electing an individual or a separate legal entity as its representative in Argentina, and of reorganizing a representation office in Argentina.

New Communication Regulates Transfer of Foreign Currency to Pay Debts
Argentina | April 13 2006

The Argentine Central Bank has issued Communication A/4507, which regulates the transfer of foreign currency to Argentina for the payment to local financial entities of financial debts and financial guarantees granted by foreign residents. The communication came into effect on March 8 2006.

Amendments to Regulations on Financing to Exporters
Argentina | January 27 2006

The Argentine Central Bank has issued Communication A/4443, which replaces the regulations regarding financing to exporters under Communication A/4415, issued in September 2005. The amendments are designed to relax some of the requirements provided by the previous regulations in order for local exporters to receive export financings.

New Regulations on Financing to Exporters
Argentina | October 14 2005

The Central Bank of Argentina has issued a communication establishing new requirements on the indebtedness of Argentine residents with regard to advances and pre-export financings. The Central Bank also issued a communication introducing a new regime for the financing of investment projects aimed at increasing export capacity.

New Restrictions on Transfer of Funds Into and Out of Country
Argentina | July 22 2005

New regulations on the transfer of funds into and out of Argentina reinforce some existing obligations (eg, the minimum period for which funds entering the country must remain before being transferred out again), but also impose new restrictions (eg, a 30% reserve requirement on funds transferred into Argentina).

New Information Regime for Direct and Real Estate Investments
Argentina | May 20 2005

The Central Bank of Argentina has set out a framework to determine the requirements and frequency for the filing of reports on direct and real estate investments held by Argentine residents abroad, and by non-Argentine residents in Argentina.

Central Bank Notification of Direct Investments
Argentina | December 17 2004

The Central Bank of the Argentine Republic has issued a new regulation which states that Argentine residents holding 10% or more in foreign companies and real estate properties abroad, and non-Argentine residents holding 10% or more in Argentine companies and real estate properties in Argentina, must declare such information to the Central Bank.

Proposal to Restructure Argentina's Debt
Argentina | August 27 2004

On June 1 2004 details of the debt restructuring proposal for the reduction of Argentina's public external indebtedness were announced. Under the proposal, the principal amount of defaulted debt is $81.2 billion and the reduction of principal under nominal terms is 75%. Debt restructuring will be carried out by the issue of par bonds, quasi-par bonds and discount bonds.

Foreign Exchange and Foreign Trade Update
Argentina | May 28 2004

Until June 30 2004, Argentine individuals and legal entities in the private non-financial sector may purchase foreign currency on the foreign exchange market in order to make portfolio investments abroad for an amount exceeding the normal $1 million per calendar month limit. However, restrictions exist on the use of such funds.

Flexibility of Exchange Control Regime Increased
Argentina | November 07 2003

Under certain conditions, non-residents in Argentina can now access the local exchange market to make portfolio investments abroad in excess of the previous maximum of $500,000, as long as funds are used to repurchase or pay foreign debts. The regulatory regime governing the repatriation of investments by non-residents has also been liberalized.

Temporary Limits and Registration Requirements for Fund Transfers
Argentina | August 22 2003

A new government decree requires the registration of transfers of funds to and from Argentina, with certain exceptions. The decree also provides that once foreign funds have entered Argentina, they may not be transferred abroad for at least 180 days. These measures were passed to prevent the eventual departure of speculative capital which may be entering Argentina.

Argentina Sued over Defaulted Foreign Debt
Argentina | June 20 2003

A New York district court recently declined to grant stays requested by Argentina in actions brought by individual bondholders seeking repayment of Argentina's defaulted foreign debt. However, several class action motions were denied on procedural grounds, including failure to define the class with sufficient precision in the motion.

Supreme Court Declares the 'Pesification' of Bank Deposits Unconstitutional
Argentina | April 25 2003

The Supreme Court recently declared that Section 2 of Decree 214/02, which converts dollar bank deposits into pesos, is unconstitutional. Among other things, the court held that the rule is invalid as an emergency decree and involves an unconstitutional curtailment of individual property rights.

Currency Exchange Controls Eased
Argentina | January 31 2003

Tight exchange controls were imposed by the Argentine Central Bank (CBRA) in early 2002, including a requirement to obtain prior CBRA approval for many overseas payments. A new regulation creates exemptions from these requirements for certain payments of loan principal and interest. Argentine companies may also now purchase foreign currency to pay dividends or profits abroad.

Antitrust Commission to Review All Central Bank Restructurings
Argentina | November 22 2002

The Antitrust Commission recently ruled that it is the only government agency authorized to analyze the competitive effects of bank restructurings undertaken by the Central Bank. As these restructurings often result in market consolidations under the Antitrust Law, the parties involved must now report them to the Antitrust Commission.

Government Tries to 'Pesify' a Way Out of Crisis
Argentina | June 14 2002

Due to the social, economic and political crisis in Argentina, the government has resolved to devaluate the peso and 'pesify' debts denominated in US dollars or other foreign currencies.

Sovereign Debt Restructuring and Liquidity in the Banking System
Argentina | January 25 2002

A new decree addresses sovereign debt restructuring, the liquidity of the banking system and the restructuring of financial entities. It provides measures to help the banking system and financial entities undergoing liquidity crises.

Overview (September 2001)
Argentina | September 28 2001

Including: Legal Framework; Establishing a Bank in Argentina; Legislation on Consumer Credit; Loan Agreements; Privacy and Data Protection; Bank Secrecy; Anti-Money Laundering Regulations

New Tax on Credits and Debits
Argentina | June 15 2001

A recently enacted law has created a new tax on credits and debits. This update discusses how the tax will work, as well as other aspects of the new law.

Money Laundering Law is Regulated
Argentina | June 15 2001

The Argentine Money Laundering Law has been regulated by the government through Decree 169/01. This update discusses some of the implications of the new law.

New Law Cheques Tax Evasion
Argentina | June 15 2001

A new law designed to reduce tax evasion and prevent unregistered operations has recently been enacted. Among the new measures it will introduce are the limitation of cash operations and the creation of a new type of payment instrument.