[Last updated: 1 January 2024, unless otherwise noted]

Periodic reporting

Following the initial listing, entities making a public offering of their securities must submit the following documentation to the CNV on an annual basis:

• Annual report.
• Financial statements.
• Summary of consolidated financial statement.
• Copy of the minutes approving the documentation mentioned above.
• Report of the Supervisory Committee on the management of the company.
• Report of the External Auditor on the financial statements.
• List of any controlled and/or related entity.

Please note that the CNV may require the entities to provide notice of material corporate developments (such as acquisitions, annual meetings, declaration of dividends and change of line of business) and/or to submit the above-mentioned documentation on a quarterly basis.

In addition, the annual and quarterly financial statements must include an audit report issued by an independent public accountant appointed by shareholders' meeting and duly registered in the External Auditors Registry of the CNV, whose signature will be legalized by the corresponding professional council. The financial statements must be submitted in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board.

Insider trading

Under the Argentine Criminal Code, any director, supervisory body member, shareholder, shareholder's representative and any person that by way of his/her work, profession or position at an issuing company, directly or through any other person, provides or uses privileged information to which he/she had access as a result of his/her activity, for the negotiation, pricing, purchase, sale or liquidation of securities, can be punished by up to six years' imprisonment, a fine and a special disqualification.

Penalties are increased when: (i) the privileged information is used or provided on a regular basis; (ii) the use or supply of privileged information brings an economic benefit or avoids a financial loss to the holder of said privileged information or to third parties; (iii) the use or supply of privileged information damages any stock market; or (iv) the crime is committed by a director, a member of the supervisory body, an officer or an employee of a stock market or by any individual whose job requires a license, or by a public officer.

For clarification purposes, the term privileged information includes all information not available to the public, the disclosure of which could have a significant influence on the stock market.

Stock market manipulation

Criminal penalties are applied to anyone making transactions which increase, maintain or lower the price of securities, by using false information, fake negotiations, or coalition of main holders. Criminal penalties may also be applied to persons offering securities who conceal the true facts or circumstances or assert false information.

Unauthorized stock market activities

Persons carrying out financial intermediation activities without being authorized may be subject to imprisonment, a fine and a special disqualification.

Sanctions applicable to legal entities

When the above-mentioned criminal acts are committed on behalf of or for the benefit of a legal entity, the following sanctions may be imposed on the company: fines ranging from 2-10 times the value of criminal assets; suspension of activities; suspension from participating in public bids; cancellation of the legal entity if it was created solely for the purpose of committing the crime, or if such criminal acts constitute its principal activity; loss or suspension of state benefits; and/or publication of an extract of the judgment.