PUBLIC debt public debt law 27249 laws N ° 26.017, N ° 26.547, N ° 26.886 and N ° 26.984. Repeal. Law N ° 27.198. Modification. Adopted: March 31 2016 promulgated: March 31 2016 the Senate and Chamber of deputies of the Argentina nation gathered in Congress, etc. they attest to the force of law: article 1 - repeal laws 26.017 26.547 26.886, 26.984 and its rules regulations and complementary, as well as all other law, decree or rule that is contrary or inconsistent with the provisions of this law.
Article 2 ° - the ratification of the agreements referred to in article 5 °, the authorisation granted to the enforcement authority in article 6 °, as well as the provisions of articles 7 °, 8 °, 9 °, 10, 11, 12, 13 and 15, all of this law shall become effective from the confirmation from the Chamber of appeals of the second circuit of the United States of America of the cash interim lifting of the measures ("injunctions") issued against the Republic of Argentina.
Article 3 ° - modified article 42 of the law 27.198, which will be drafted in the following way: article 42: empower the national executive power, through the Ministry of finance and public finance, to proceed with normalization of the services of the debt referred to in article 41 of this law, in the terms of article 65 of the law of financial management and the systems of Control of the Sector public national 24.156 , and any modifications or the Standardization Act of the public debt and credit recovery, the national executive branch being empowered to continue with the negotiations and perform all necessary acts to its conclusion. The Ministry of finance and public finance will report quarterly to the Honourable National Congress, the progress of negotiations and agreements that will arrive during the negotiation process. That report shall incorporate an updated data base in which to identify the agreements reached, completed judicial or arbitration processes, amounts of capital and the amounts cancelled https://www.boletinoficial.gob.ar/pdf/linkQR/SEE4SzBlT1BvYXRycmZ0RFhoUThyQT09 or cancel each agreement and the level of implementation of the authorization of the level of indebtedness that is given through article 7 ° of the law of normalization of the public debt and credit recovery. In addition, certified copies of the agreements reached, as well as its translation into Spanish language if applicable must be accompanied. With equal frequency, the Ministry of finance and public finance must report the progress of the management aimed at the normalization of the service of the public securities issued within the framework of the restructuring of the public debt arranged by decrees 1735/2004 and 563/2010. The firm judicial pronouncements, issued against the provisions of the law 25,561, Decree 471 dated March 8, 2002, and its complementary rules, relapsed on these titles, are included in the deferral described in article 41 of this law.
Article 4 - in the event that the provisions referred to in article 2 of this law do not come into force by the causes provided for in that article, the enforcement authority may carry out new negotiations with holders of securities (or their representatives) who were eligible for redemption in 1734 dated 9 December 2004 Decree and its complementary rules , which not have been submitted to such an Exchange, nor to the provisions of the Decree 563 dated April 26, 2010 (titles public eligible), provided that the agreements that the enforcement authority subscribes to such creditors as well as proposals for cancellation or restructuring to the enforcement authority will be subject to the approval of the National Congress.
Article 5 - Ratificanse cancellation agreements concluded between the Republic of Argentina and holders of eligible public titles (and/or their representatives), which as annex I, in English language and its translation to Spanish language copy, an integral part of this law. The Ministry of finance and public finance, as the application authority of this law, is authorized to extend the respective expiration periods established in the aforementioned cancellation agreements.
(Article 6 ° - authorize the enforcement authority a: i) make amendments and/or addenda to cancel agreements referred to in the preceding article as long as they do not modify their object, their economic conditions, their terms and conditions; and, ii) perform all the acts necessary to cancel debt to eligible public securityholders (and/or their representatives) who are not included in the cancellation agreements referred to in the preceding article, including the signing of agreements and other instruments. A_fin_de implemented the subscription of agreements referred to in the preceding paragraph, the enforcement authority may offer: to) to all securityholders public eligible, a payment equal to the amount of principal sum of his titles with more a fifty percent (50%) of the amount of capital (supply Base). In any case, the amount to be paid shall exceed the amount recognized by any judgment in relation to these other titles corresponding to the application of judicial interests legal update of January 31, 2016. Supply Base is implemented and will implement by means of: i) the signing of agreements of debt cancellation; and (ii) a national and international offer of cash payment against delivery of the eligible securities ("cash tender offer", according to its name in the English language).
https://www.boletinoficial.gob.ar/pdf/linkQR/SEE4SzBlT1BvYXRycmZ0RFhoUThyQT09 with respect to holders of eligible public titles that have initiated claims to the District Court for the district South of New York, United States of America, grouped together in a class action, is authorised to agree an additional sum to cover the administrative costs necessary to notify those who are included in the respective class According to the terms of the agreement referred to in paragraph 4 of annex I. The national executive power shall not assume any expense or charge over the rest of securityholders public eligible covered at the Base offer; (b) to those holders of eligible public titles whose claims were included in the court orders handed down by the District Court for the district South of New York, United States of America, on February 23, 2012 date, and modified date of November 21, 2012 ("orden" Pari Passu "original") and date 30 October 2015 ("orden" Pari Passu "Me Too" and along with "Pari Passu" Original order) (((, the orders "Pari Passu"), to offer basis provided for in subsection a) preceding or, at its option, the following proposal ("oferta" Pari Passu ""): i) to those holders of eligible public titles that are achieved by the orders "Pari Passu", that time with a monetary judgment prior to the 1 ° of February of 2016, which finds the debt for eligible public titles under his tenure (, a payment equal to seventy per cent (70%) of the legal claim (which includes the amount recognized in that judgment and judicial interests accrued from the date of the judgment until January 31, 2016), and ii) to those holders of eligible public titles that are reached by "Pari Passu" orders that no time with a monetary judgment enacted prior to the 1 ° of February 2016, which finds the debt of eligible public titles under his tenure, a payment equal to seventy percent (70%) of legal claim (that includes the principal sum more accrued amounts according to the contractual interest rate and the statutory interest rate "statutory interest rate" on the contractual rate until January 31, 2016 in accordance with the laws of the State of New York, United States of America).
Article 7 ° - dispónelos, through the implementing authority and with charge to this law, the issuance of bonds of the treasure of the nation or the hiring of other operations of loan by up to rated original of US dollars or its equivalent in other currencies, that is necessary to meet the payments required under this Act and to the extent that such payments not exceeding the amount of twelve thousand five hundred US $ million (U$ S 12.500.000.000) or its equivalent in other currencies being expanded, as a result, the General budget of the national administration for the year 2016, approved by law 27.198. The enforcement authority will allocate the proceeds from emissions referred to in the preceding paragraph to cancellations of debt provided for in this Act. In the event that the emission amount exceeds the amount of payment required under this Act, the surplus will be imputed to the existing authorization of public debt under the General budget of the national administration for the year 2016, approved by law 27.198.
Article 8 - the holders of eligible public titles that want to participate in any operation cancellation carried out within the framework of the provisions of this law, including creditors who have signed agreements of annex I and accept that the proposals provided for in article 6 °, must renounce all rights which they are entitled , under such titles, including to those rights that had been recognized by any judicial or administrative judgement, arbitral award or decision of any authority, in any jurisdiction, and waive and release the Argentina Republic of any judicial, administrative action, arbitration or https://www.boletinoficial.gob.ar/pdf/linkQR/SEE4SzBlT1BvYXRycmZ0RFhoUThyQT09 any, initiated or which may engage in the future in relation to such titles or to the obligations of the Republic Argentina arising of them, including any action to receive capital services or interests of such securities or any other accessory increased or spending.
Article 9 ° - authorize the enforcement authority to include clauses that establish the extension of jurisdiction in favour of foreign courts, and having the renunciation to oppose the defence of sovereign immunity, exclusively, with respect to claims in the jurisdiction that extends and in relation to the agreements which have been agreed and public debt made , in accordance with the provisions of this law and subject to include so-called "collective action clauses" and clause of "pari passu", in accordance with the current practice of the international capital markets. The renunciation to oppose the defence of sovereign immunity does not imply waiver with respect to the immunity of the Argentina Republic in relation to the implementation of the goods listed below: to) any reserve of the Central Bank of the Republic of Argentina; (b) any property belonging to the public domain located in the territory of the Republic of Argentina, including those by articles 234 and 235 of the code of Civil and commercial of the nation; (c) any property located inside or outside the Argentine territory that lend an essential public service; (d) any good (in the form of cash, bank deposits, securities, obligations of third parties or any other means of payment) of the Argentina Republic, its Government agencies and other government entities related to the implementation of the budget, within the scope of articles 165 to 170 of the permanent supplementary law of budget 11.672 (t.o. 2014); (e) any good achieved by the privileges and immunities of the Vienna Convention on diplomatic relations of 1961 and the Vienna Convention on consular relations of 1963, including, but not limited to goods, settlements and accounts of Argentine missions; (f) any property used by a Government, diplomatic or consular mission of the Republic of Argentina; (g) taxes and/or royalties owed to the Republic of Argentina and the rights of the Republic of Argentina to raise taxes and/or royalties; (h) any military or under the control of a military authority or agency of Defense of the Republic of Argentina; (i) any good that form part of the cultural heritage of the Republic of Argentina; and (j) property protected by any law of sovereign immunity which applies.
ARTICLE 10. (- Empower the authority to perform all acts necessary to comply with the provisions of this Act, including, but not limited to: application to) the determination of the times and terms of participation in tenders of debt cancellation; (b) the determination of the times, deadlines, methods and procedures for issuing the new securities; (c) the designation of financial institutions that will participate in the new Government securities placement and recruitment of other borrowings of public credit; (d) the signing of agreements with financial institutions insert of the new securities to be issued, anticipating, to do so, the payment of commissions on market terms, that in no case shall exceed zero coma twenty per cent (0.20%) the amount of emission; (e) the preparation and registration of a programme of government bonds before the Government's control of the major international capital markets; (f) the signing of agreements with trust agents, payment agents, information, custody https://www.boletinoficial.gob.ar/pdf/linkQR/SEE4SzBlT1BvYXRycmZ0RFhoUThyQT09 agents, registration officers and agencies rating required for debt cancellation operations both issuance and placement of the new securities, with payment of the corresponding fees and expenses under market conditions; and (g) the payment of necessary expenses of registration, printing and distribution of leaflets, translation and other associated costs, which must be under market conditions, in order to comply to the provisions in this law.
ARTICLE 11. -Exempt the operations covered by this Act from the payment of all taxes, fees and existing national contributions and to create in the future, and the exchange restrictions that may apply to the operations referred to in this law.
ARTICLE 12. -Exempt the operations covered by this law under articles 7 and 10 23.928 law and its amendments, and the provisions of article 765 of the Civil Code and commercial of the nation.
ARTICLE 13. -The enforcement authority, within a period of sixty (60) days from the fulfilment of the condition in article 2 of this law, shall take all necessary measures to standardize the service of the public securities issued within the framework of the restructuring of the public debt arranged by decrees 1735, dated December 9, 2004 (, and 563, dated April 26, 2010 ("titles public restructured"), including: i) the regularization of the situation of The Bank of New York Mellon as a trust agent within the framework of the agreement of trust dated June 2, 2005, modified on April 30, 2010 (the "trust agreement"); (ii) if necessary, the hiring of another institution that fulfills the functions of trust agent according the provisions of the trust agreement; and (iii) the issuance of instructions to make available the funds deposited in the account transfer "Fund Law N ° 26.984 payment of restructured debt sovereign" nation trust anonymous society in the Central Bank of the Republic Argentina accounts matching The Bank of New York Mellon, or the entity that replace it under the agreement of trust trust agent , in the Central Bank of the Argentina Republic in order to apply them to the payment of such securities. Until normalizes the contract with The Bank of New York Mellon situation as fiduciary agent under the agreement of trust, the enforcement authority may transfer the funds corresponding to the future maturities of the restructured public titles to nation trusts Sociedad Anónima, entity refers to which by this act as paying agent transient, (whose late the enforcement authority will agree with this company the terms of such designation) for later transfer to the Agent trustee under the trust agreement, without that provisions of this article imply any amendment to the trust agreement.
ARTICLE 14. -In the event that the provisions referred to in article 2 of this law do not come into force by the causes provided for in that article, the enforcement authority may transfer funds for future maturities of the securities public restructured nation trust anonymous society as a transitional payment for subsequent transfer agent under the agreement of trust trust agent , without that provisions of this article imply any amendment to the trust agreement.
https://www.boletinoficial.gob.ar/pdf/linkQR/SEE4SzBlT1BvYXRycmZ0RFhoUThyQT09 article 15. -Designated the Ministry of finance and public finance as the application authority of this law, may dictate explanatory and supplementary norms that were necessary to implement the compliance of this standard.
ARTICLE 16. -Empowered Chief of the Cabinet of Ministers to make budgetary adjustments that are relevant to comply with the provisions of this law.
ARTICLE 17. -Payments provided for in this law shall be served charged to the budgetary imputation "Expenses and commissions the debt public" corresponding to the jurisdiction 90.
ARTICLE 18. -Create, in the field of the Honorable National Congress, the Joint Standing Committee for monitoring and Control of the management of contracting and payment of the debt outside of the nation, which will be composed of ten (10) senators and ten (10) members, appointed by the Presidents of the respective Chambers on the proposal of the blocks of Parliament respecting the proportion of political representations , and that will be governed by the regulation of internal operation to that effect issued by and whose main purpose will be the follow-up to the development, management and payment of the foreign debt of the nation. The Commission may request information, documentation, or data from national, provincial or municipal agencies, centralized, decentralized or autarchic as well as financial institutions, national and international, private or public; and any other agency that is necessary for the fulfilment of its tasks.
ARTICLE 19. -This law is of public order and shall be effective from the date of its publication in the Official Gazette.
ARTICLE 20. -Communicate to the national executive power.
GIVEN IN THE CHAMBER OF THE CONGRESO ARGENTINO, BUENOS AIRES, THIRTY-ONE DAYS OF THE MONTH OF MARCH OF THE YEAR TWO THOUSAND SIXTEEN.
-REGISTERED UNDER NO. 27249 - FEDERICO PINEDO. -EMILIO MONZO. -Eugenio Inchausti. -John p. Tunessi.
Note: The / annex/s that integrates / n this (a) law are published in the web edition of the BORA - www.boletinoficial.gob.ar - and may also be consulted at the Head Office of this National Directorate (Suipacha 767 - Ciudad Autónoma de Buenos Aires).
Date of publication: 01/04/2016 https://www.boletinoficial.gob.ar/pdf/linkQR/SEE4SzBlT1BvYXRycmZ0RFhoUThyQT09