El Banco Central relaja las restricciones a los derivados sobre “commodities”
Published date | 04 January 2008 |
Author | Pablo J. Gayol |
Date | 04 January 2008 |
Law Firm | Marval O'Farrell Mairal |
Desde el año 2002, la normativa de control de cambios ha regulado y limitado la celebración de derivados financieros. Como regla general, las regulaciones del Banco Central de la República Argentina (el “Banco Central”) establecen que los residentes argentinos deberán obtener previa conformidad del Banco Central para celebrar, y para comprar divisas extranjeras con pesos en Argentina a fin de efectuar pagos en relación con, operaciones de futuros, forwards y otros derivados que realicen con no residentes, a menos que la operación califique dentro de las excepciones contempladas por dichas regulaciones. El Banco Central ha dejado en claro que el requisito de conformidad previa es aplicable aun cuando la operación efectuada no involucre la compra de divisas extranjeras por un residente argentino en el mercado de cambios argentino.
Las regulaciones del Banco Central apuntan a restringir el acceso por parte de residentes argentinos a mercados offshore de derivados a fin de favorecer el mercado local de derivados.
La normativa del Banco Central es más restrictiva con las operaciones de derivados celebradas over-the-counter que tienen lugar fuera de la Argentina o son regidas por una ley extranjera (“Derivados Extranjeros”), que con aquellas operaciones que son liquidadas en pesos en Argentina bajo la ley argentina (“Derivados Locales”). Antes de la Comunicación “A” 4743 (“Comunicación 4743”), únicamente los Derivados Extranjeros para determinados propósitos estaban autorizados (básicamente cobertura de tasa de...
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