Latin America: What happened in 2019 and significant events in 2020
FX Restrictions: In September 2019, and effective until December 31, 2019 foreign regulations were reinstated, (“FX Regulations”). Such FX Regulations establish requirements for local residents to have access to the local foreign exchange market for the payment of financial indebtedness in foreign currency, formation of offshore assets, payment of dividends, payment of imports of goods and services and, in certain cases, the obligation to enter and settle through local foreign exchange markets for the proceeds of financial indebtedness, among others. The FX Regulations have also established additional limitations on access to the local foreign exchange market by non-residents.
2019 Elections: The general presidential and congressional elections took place in October 2019. The presidential candidate Alberto Fernández was elected president with his running mate Cristina Fernández de Kirchner obtaining the highest percentage of votes, amounting to 48.1%, while the incumbent administration candidate Mauricio Macri, obtained 40.4% of the votes. With this result, the candidate representing the “Frente de Todos” political coalition became the newly elected president of Argentina.