On September 10, 2018, General Resolution 761-E/2018, issued by
the Comisión Nacional de Valores ("CNV"), was
published in the Official Gazette, by means of which the CNV
introduced amendments to persons that are deemed "Qualified
Investors."
The Resolution broadened the existing definition by
incorporating the following persons as "Qualified
Investors:" (i) international organizations; (ii) public trust
funds; (iii) pension funds; (iv) publicly offered financial trusts;
(v) insurance and reinsurance companies, and labor risk insurance
companies; (vi) mutual guarantee associations; (vii) agents
registered with the CNV, provided that they act on their own
behalf; (viii) individuals registered with the CNV; and (ix)
individuals or legal entities, other than those mentioned above,
that hold, at the time the investment is made, investments in
securities and/or deposits in financial entities for an amount of
at least three hundred fifty thousand purchasing power units
