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In the last days of October 2011, the Argentine Government has adopted certain regulatory measures intended to maintain the value of the Peso against the US Dollar and adversely affecting particularly the Hydrocarbons, Mining and Insurance Industry, and repatriation of direct investments.

Although all of the Latin American jurisdictions had notable regulatory and market developments in 2008, Argentina stands out as particularly significant given the size of the market involved and the fundamental nature of the developments seen there in the past year.