New Securities Law

On November 29, 2012, the Argentine Congress passed the new "Securities Law", which modifies the public offer regime set forth by Law No.17, 811, as amended.

Although the Securities Law was intended to make a comprehensive modification of the public offer regime established by Law No. 17,811, as amended; in general terms it does not introduce substantial changes, except for the applicable regime to Markets, Stock Exchange and Agents and the powers conferred to the Argentine Securities Commission (Comisión Nacional de Valores) ("CNV").

Likewise, the Securities Law reflects most of the reforms introduced in the Transparency Decree No. 677/2001 (the "Transparency Decree") which, once the law is sanctioned, will obtain law status.