ARGENTINA Law and Practice Contributed by: Agustin Ferrari and Astrid Nottebohm, Naveira, Truffat, Martínez, Ferrari & Mallo Abogados
• they are executed between domestic and/or international counterparties outside of mar - kets authorised by the CNV, in which case the CNV requires specific registration procedures for such derivatives; contracts in this catego - ry will be enforceable against third parties and assigned a definite date upon registration. As a result, it is crucial that these contracts are either executed or registered within CNV-author - ised markets to ensure full applicability of the Productive Financing Law. 4.5 Filing/Reporting Obligations In line with the provisions of the Productive Financing Law, the CNV, as the controller and enforcement authority of the regulatory regime, issued Resolution 775/2018 governing the Reg - istry of Derivatives Operations that the markets must carry out for the registration of non-stand - ard derivative contracts, carried out bilaterally with the intervention of entities under the juris - diction of the CNV and/or agents registered with it, as well as the content and minimum data that such registries must contain and the obligations that fall on the entities under the jurisdiction of the CNV and the agents registered with said Agency in the matter. Resolution 775/2018 establishes that the so- called Derivatives Operations Registration Entities or, in their absence, the markets and/ or clearing houses must keep a record of the derivatives contracts and repurchase agree - ments entered into bilaterally outside the scope of authorised markets. To this end, they must include the recordable data grouped by type of contract and underlying asset required in each case. The record must contain, at least, the fol - lowing data: date, tax ID the parties involved, indication of buyer/seller (for swaps, refer to the underlying asset), type of contract, underlying
asset, face value, settlement currency, amount, term, expiration date and applicable jurisdiction. The entities in charge of the registry must enable access that allows the information to be sent remotely with the security measures that it deems most appropriate to guarantee its authenticity. Said registry must guarantee the confidential - ity, integrity and protection of the information they receive. The information involved must be kept by the entities in charge of the registry, for a period of ten years. The entities in charge of the registry must authorise the parties to a contract to access the information corresponding to the execution, modification (of amount or term), final settlement and termination of said contract, and to correct it without delay. The record of registration sent to the parties involved by the entities in charge of the registry will be sufficient proof of the effective registration of the contract for the purposes of effectiveness against third parties and the record of the existence of a certain date of the same. The Resolution outlines registration duties for derivative contracts and bilateral repos. CNV- regulated entities and agents must report con - tract execution, modification, settlement, or ter - mination to register entities by the next business day. Non-CNV entities may register contracts within five business days if the counterparty is solvent. One party must be designated for reg - istration. Argentina’s 2018 regulations ensure enforceability of close-out netting, protecting derivative transactions against third parties and insolvency, provided they are conducted within CNV-authorised markets. 4.6 Transparency For listed companies, the regulations of the National Securities Commission establish that
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