New guidelines applicable to the Data Protection Act

On January 16, 2019, the Argentine Data Protection Agency (the “Agency”) enacted Regulation No. 4/2019 (the “Regulation”) which established new guidelines to be applied to the Personal Data Protection Law No. 25,326 (the “Data Protection Act”), in order to enhance its implementation.

In this sense, the main relevant provisions implemented by the Agency are as follow:

  • personal data owners may access to their data acquired through video surveillance, provided that, their identity is duly certified. If their request were rejected, they shall be noticed about the possibility to file a claim with the National Direction for the Personal Data Protection;
  • if the recorded image identifies any other third party, the data holder shall apply a decoupling technic in order to assure that only the data owner will be identifiable;
  • the data owner shall have the right to request a disclosure regarding the applicable logic in those cases in which negative legal effects, or if any other significative negative consequence, may emerge from decisions based on automatic treatment of personal data;
  • biometric data identifying a person shall be deemed sensible only if it may result discriminatory to the data owner;
  • data holder shall implement valid and effective identification mechanisms;
  • in relation to the assignment of personal data among public offices, certain scenarios were defined in which prior consent of the data owner shall not be necessary; and
  • underage may consent the treatment of their personal data, under certain conditions.

Any further information, please do not hesitate to contact Juan Pablo Bove, Federico Otero, Julián Razumny, or corporate@trsym.com.


Roch S.A. US$ 5,215,570 Class 4 Notes Issuance

Counsel to Roch S.A. in the issuance of US$ 5,215,570 Class 4 Notes under its US$ 50,000,000 Global Notes Programme.

Puente Hnos. S.A. acted as arranger and placement agent.


Co-Issuance of U$S 250,000,000 Private Notes by Rio Energy S.A., UGEN S.A. and UENSA S.A. in the International Market

Legal counsel to Rio Energy S.A., UGEN S.A. y UENSA S.A, as Co-Issuers, in the co-issuance of Secured Floating Rate Private Notes worth U$S 250,000,000, due in 2023.

Pursuant to the Note Issuance Facility Agreement, J.P. Morgan Securities LLC acted as arranger; Citibank N.A. acted as notes agent, paying agent and registrar, and La Sucursal de Citibank, N.A., established in the Republic of Argentina, acted as collateral agent and trustee.


Financial Statements´ reporting in constant currency

The enactment of Law N° 27,468 on November 15th, 2018 reestablished the effectiveness of previously abrogated Section 62 (in fine) of General Corporations Law N° 19,550 that sets forth that interim and annual financial statements are required to be reported in constant currency and delegated in the Public Registry of Commerce (“IGJ”) its effectiveness date.

In such respect, IGJ´s issuance of General Resolution N° 10/2018 (the “Resolution”) on December 28th, 2018 reestablished the effectiveness of such obligation and additionally amended General Resolution Nº 7/2015 in the following related matters:

  • financial statements must be filed in constant currency (except those issued by entities subject to special control regimes)
  • financial statements shall be restated in accordance with the regulations issued by the Argentine Federation of Professional Councils of Economic Sciences (FACPCE) and adopted by the Professional Council of Economic Sciences of the City of Buenos Aires (CPCECABA);
  • the decisions to be adopted by governance bodies must be taken with accounting information in constant currency;
  • all restatements must be expressed in their actual value;
  • companies subject to the Public Registry of Commerce’s control that are controlling, controlled or affiliated to other companies subject to oversight by the National Securities Commission may adopt specific regulations applicable to the latter, explaining the reasons in the financial statements.

Any further information, please do not hesitate to contact Juan Pablo Bove, Federico Otero, Julián Razumny, or corporate@trsym.com.