Key Benefits:
The Senate and Chamber of Deputies of the Argentine Nation assembled in Congress, etc. sanction with force of Law:
ARTICLE 1 In order to safeguard its vital importance for development, technological and scientific innovation, national defence and cultural acquis; and without prejudice to the provisions of special laws aimed at safeguarding the strategic interests of the Nation, the policy of the national State will especially preserve:(a) The anthropological, historical, artistic and cultural heritage;
(b) Companies dedicated to science, technology and advanced research that are critical to the development of the country;
(c) Activities and industries of relevance to national defence;
(d) The radio spectrum and the media.
ARTICLE 2 Please note, from the entry into force of this law, that the ownership of the media, which is defined in Article 3 of the Act, shall be of national enterprises, allowing the participation of foreign companies to a maximum of 30% of the share capital and which grants the right to vote up to the same percentage of 30%.Such a percentage may be extended in reciprocity with countries that contemplate foreign investment in their media, to the percentage in which they permit it.
They are not reached by the provisions of this rule:
(a) The means of communication that, at the date of entry into force of this law, are of ownership or control of foreign natural or legal persons;
(b) Contracts for the assignment of shares, quotas or transfer of the licence held prior to the date of entry into force of this law, and which have not yet been approved by the competent agencies.
Cultural companies may not yield control over the contents of their production.
Article 3 For the purposes of this Act, the following are considered media:(a) Journals, journals, newspapers and publishing companies in general;
(b) Broadcasting services and supplementary broadcasting services covered by Act No. 22,285;
(c) Producers of audiovisual and digital content;
(d) Internet access providers;
(e) Public broadcasting companies.
ARTICLE 4 For the purposes of this law it shall be understood by national company:(a) Natural persons of Argentine nationality, and legal entities constituted, domiciled in the country and composed mainly of Argentine citizens.
(b) Legal persons constituted in the country or abroad, controlled directly or indirectly by natural persons of Argentine nationality and domiciled in the country.
For the purposes of this law shall be understood by foreign company:
(a) Persons of foreign nationality or
(b) Legal persons constituted in the country or abroad directly or indirectly controlled by natural persons of foreign nationality.
ARTICLE 5o Please note that the procedure and the provisions set forth in article 48 of Act No. 24.522 in the wording set out in article 13 of Act No. 25.589 shall not govern the media listed in article 3 of this Act as long as they are national property, as defined in article 2 of this Act. In the event that agreement is not reached in the concursal procedures, at the request of the concursada the proposal for direct or indirect participation of foreign companies in the ownership of the media of national companies, must be previously authorized by the national executive branch. ARTICLE 6 Contact the national executive branch.IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, TO THE DAYS OF THE JUNE YEAR TWO MIL TRES.
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EDUARDO O. CHANGE. . DANIEL O. SCIOLI. . Eduardo D. Rollano. . Juan Estrada.
