Milei's Argentine Omnibus Bill

Approved as Law by Argentina June 12th, 2024.

Summary of the Bill

Source Bowtied Mara: https://www.bowtiedmara.io/p/based-laws-and-economic-transformation

"Yesterday, many who were following the votes asked for a run down on what was being voted on. Besides the longer article The May Pact & Omnibus Revival, the breakdown of the bill is as follows:"

Chapter 1: Economic emergency is declared and powers are delegated to the president.

• The powers in which decisions can be made by decree without going through Congress are extended (the same powers that all presidents had from 1983 to today) - HUGE

Chapter 2: State Reform.

• Organizations, agencies and entities can be closed by decree

• The “planta permanente” (permanent employees) option is eliminated in the State

• Several state companies can be privatized

Chapter 3: Contracts and transactional agreements

• Public-private work is introduced

• State concessions to the private sector are expanded

Chapter 4: Promotion of Registered Employment

• Ease of regularizing employees’ situation and get them “on the books” without a fine

Chapter 5: Labor market modernization

• Employee hiring is made easier

• New forms of contracting are introduced

• Entry and exit barriers are eliminated in employment contracts

• Trial periods are extended

• Dismissal insurance is introduced as an alternative to compensation (to end the labor lawsuit industry)

• The labor market is deregulated

Chapter 6: Energy reform

• The energy market is deregulated

• The concept of energy sovereignty (self-sufficiency) is replaced by that of maximizing income (free trade)

• Exploration and exploitation rights are expanded

• Hydrocarbon trade is liberated

Chapter 7: RIGI

• Tax, exchange and legal benefits are granted for 30 years to those who want to invest more than 200 million dollars in Argentina

• Similar to the investment promotion regimes that Chile, Ireland and Spain had during their economic miracles

Chapter 8: Moratorium (*It was rejected in the Senate but could be reintroduced in the Chamber of Deputies)

• The possibility of retiring without contributions is eliminated

• Retirements without contributions are replaced by an old-age subsidy for the elderly who are below the poverty line

The Full Bill

To the Argentine Senate and the Chamber of Deputies,

LAW OF BASES AND STARTING POINTS FOR THE FREEDOM OF ARGENTINIANS

TITLE I

Declaration of emergency

ARTICLE 1: A public emergency is declared in administrative, economic, financial, and energy matters for a period of one (1) year.

The national Executive Branch is delegated the powers provided by this law, related to specific administrative and emergency matters, in accordance with the terms of Article 76 of the National Constitution, based on the established foundations and for the period mentioned in the preceding paragraph.

The national Executive Branch shall monthly and in detail inform the Honorable National Congress about the exercise of the delegated powers and the results obtained.

TITLE II

State Reform

Chapter I

Administrative reorganization

ARTICLE 2: The following shall be established as bases for the legislative delegations provided in this Chapter:

a) to improve the functioning of the State to achieve a transparent, efficient, effective, and quality public management in serving the common good;

b) to reduce the over-sizing of the state structure to decrease the deficit, make spending transparent, and balance public accounts; and

c) to ensure effective internal control of the National Public Administration in order to guarantee transparency in the administration of public finances.

ARTICLE 3: The national Executive Branch is authorized to arrange, in relation to the central or decentralized bodies or entities contemplated in section a) of article 8 of Law No. 24,156 that have been created by law or equivalent regulation:

a) the modification or elimination of competences, functions, or responsibilities that are deemed unnecessary; and

b) their reorganization, centralization, merger, split, total or partial dissolution, or transfer to the provinces or to the Autonomous City of Buenos Aires, subject to an agreement that ensures the proper allocation of resources.

The powers of this article do not apply to the bodies or entities of the Judiciary, the Legislative Power, the Public Ministry, and all the entities that depend on them, national universities, the National Council for Scientific and Technical Research (CONICET), and the National Institute of Agricultural Technology (INTA).

ARTICLE 4: The national Executive Branch is authorized to arrange, in relation to the companies and societies contemplated in section b) of article 8 of Law No. 24,156, in addition to what is provided in article 7 of this law:

a) the modification or transformation of their legal structure; and

b) their merger, split, reorganization, restructuring, or transfer to the provinces or to the Autonomous City of Buenos Aires, subject to an agreement that ensures the proper allocation of resources.

ARTICLE 5: The national Executive Branch is authorized to modify, transform, unify, dissolve, liquidate, or cancel public trust funds, in cases where it is not possible to do so in accordance with the procedures established in their creation regulations, constitutive instruments, or other applicable provisions, and to revert or redirect, as appropriate, their resources or future income to the National Treasury in order to ensure greater transparency in their administration. The national Executive Branch must guarantee the beneficiaries the same resources they would have obtained had the said dissolution not been decreed, respecting, where appropriate, the corresponding specific allocations.

ARTICLE 6: The national Executive Branch is authorized to intervene, for the period provided for in article 1 of this law, in decentralized agencies, companies, and societies mentioned in sections a) and b) of article 8 of Law No. 24,156, with exclusion of national universities, the National Council for Scientific and Technical Research (CONICET), the National Institute of Agricultural Technology (INTA), and social security institutions.

The Intervenor shall exercise the competences of the governing and management body and shall act: (i) in accordance with what is ordered in the intervention act issued by the national Executive Branch; and (ii) under the supervision and tutelage control of the Minister under whose jurisdiction the entity acts.

In case of intervention replacing the powers of the corporate assemblies, the representatives for the National Public Sector shall be appointed by the Executive Branch, according to the proposal of the Minister referred to in the previous paragraph, when appropriate.

At the beginning and end of any intervention, a management audit of the respective entity must be conducted.

Privatization of Public Companies

ARTICLE 7

The companies and societies with total or majority ownership by the National State listed in Annex I that are part of this law are declared "subject to privatization" under the terms and effects of Chapters II and III of Law No. 23,696.

To proceed with the privatization of such companies and societies, the transfer of contracts in execution to the Provinces may be considered.

ARTICLE 8

The companies and societies with total or majority ownership by the National State listed in Annex II that are part of this law are declared "subject to privatization" under the terms and effects of Chapters II and III of Law No. 23,696.

These companies can only be partially privatized, with the National State maintaining majority participation in the capital or in the decision-making of the companies.

ARTICLE 9

When, within the framework of privatization authorizations declared by this law, the liquidation of companies in which the national State has the total participation occurs, the following provisions must be complied with:

a) During the liquidation process of the company, only assets necessary for the payment of liabilities may be sold. The company in liquidation must comply with the procedures for the sale of such assets;
b) The movable and immovable property that make up the remaining assets of the company in liquidation, which are in the name of the National State, must be transferred to the State Assets Administration Agency; and
c) The State Assets Administration Agency will be responsible for the administration, disaffection, and disposition of the assets transferred to it in accordance with the provisions of this law and Decree 1382/2012 and its amending regulations.

ARTICLE 10

The national Executive Branch is entrusted to carry out the privatizations authorized by this law according to the procedures and modalities established in Chapters II and III of Law No. 23,696, having to comply, for this purpose, with the provisions of that law and those established by the present law.

ARTICLE 11

The privatization process must be carried out in accordance with the principles of transparency, competition, maximum participation, open government, efficiency in the use of resources, advertising, and dissemination.

ARTICLE 12

The Bicameral Commission for the Monitoring of Privatizations, created by article 14 of Law No. 23,696, will participate in the privatizations carried out under the provisions of this law.

To fulfill its mission, said Bicameral Commission must be informed about:

a) The selected modality and procedure in accordance with articles 15, 16, 17, and 18 of Law No. 23,696;
b) Any preference granted to a potential acquirer by the national Executive Branch in accordance with article 17 of Law No. 23,696;
c) The measures taken to ensure the principles of transparency, competition, maximum participation, equality, transparency, and open government in the decision-making processes; and
d) Any other relevant circumstance related to the privatization process provided for here.

The General Syndicate of the Nation and the General Audit of the Nation will act in permanent collaboration with this Commission.

ARTICLE 13: The General Audit of the Nation must conduct an examination regarding the privatization process of each of the companies, assessing compliance with legal and financial aspects, once it is completed and within a period of thirty (30) business days. This examination must be presented to the Bicameral Commission established in article 14 of Law No. 23,696.

ARTICLE 14: Article 20 of Law No. 23,696 is substituted by the following:

"ARTICLE 20: The General Syndicate of the Nation shall have prior intervention before the formalization of the contracts indicated in articles 17, 18, 19, and 46 of this law and in all other cases in which this law expressly provides, in order to draw up and make public a comprehensive report on the public company in question, containing detailed information on its asset, economic, financial, and operational aspects, and must make observations and suggestions it deems relevant.

The deadline for issuing the report shall be fifteen (15) business days from the receipt of the documentation sent by the national Executive Branch. Any observations or suggestions made must be expressly considered by the national Executive Branch and submitted to the Bicameral Commission created by article 14 of this law."

Chapter III: Administrative Procedure

ARTICLE 15: Article 1 of Law No. 19,549 is replaced by the following:

"ARTICLE 1: Scope of application

a) The provisions of this law shall apply directly to:

(i) The centralized and decentralized national Public Administration, without prejudice to what the special laws provide.

(ii) The bodies of the Legislative Power, the Judicial Power, and the Public Ministry of the Nation when exercising administrative functions.

b) The Titles I, II, and III shall also apply, subsidiarily:

(i) To non-state public entities, non-state legal persons, and private individuals when exercising public powers granted by national laws.

(ii) To administrative procedures governed by special laws that are conducted before the bodies and entities indicated in subsections (i) and (ii) of the preceding paragraph.

c) This Law shall not apply to State Companies, State Corporations, Joint-Stock Companies with Majority State Participation, Mixed-Economy Companies, and all other companies and other business organizations where the National State has, directly or indirectly, total or majority participation, in capital or in decision-making. The entities mentioned in this section c), as well as the National Bank of Argentina and any other financial or banking entity owned by the National State, shall be governed in their relationships with third parties by private law. The Chief of Cabinet of Ministers, upon the opinion of the Attorney General's Office of the Nation, may, at the request of the interested party, submit the dispute to the realm of public law whenever, for the resolution of the case, in accordance with the law at stake, the application of a public law norm or principle is relevant.

d) This law shall apply to military and defense and security agencies, except in matters governed by special laws and in those issues that the Executive Branch excludes for being related to the discipline and technical and operational performance of the respective forces, entities, or agencies.

Principles and requirements of the administrative procedure

Fundamental principles of the administrative procedure include legality, reasonableness, proportionality, good faith, legitimate trust, transparency, effective administrative protection, administrative simplification, and good administration. Therefore, the procedures governed by this Law must also adhere to the following principles and requirements:

Effective Administrative protection

1. Right of interested parties to effective administrative protection, which includes the possibility of:

Right to be heard

2. Present the reasons for their claims and defenses before the issuance of acts that concern their rights or legally protected interests, lodge appeals, and be professionally represented. When a specific norm allows non-lawyers to represent in an administrative forum, legal representation will be mandatory in cases where legal issues are raised or debated. When a legal norm requiring a public hearing is in place, it will be held according to the applicable regulations. This procedure may be complemented or replaced by a public consultation mechanism or the most suitable, technically or legally, for effective stakeholder participation and the adoption of the relevant act. The content of such participatory instances will not be binding on administrative authorities, without prejudice to their obligation to consider the main relevant issues raised there for the issuance of the corresponding acts.

Right to offer and produce evidence

3. Offer evidence and have it produced, if relevant, within the deadline set by the Administration in each case, considering the complexity of the issue and the nature of the evidence to be produced, with the Administration requesting and producing the necessary reports and opinions for the clarification of facts and the objective legal truth. All this must be done under the proper control of the interested parties and their professionals, who may also present arguments and defenses once the evidentiary period has concluded.

Right to a reasoned decision

4. The decision must make an express consideration of the main arguments and issues raised, including the presented evidence, as long as they are relevant to the case's resolution.

Right to a reasonable timeframe

5. Administrative procedures must be conducted and concluded within a reasonable period, through a written and explicit decision. The Administration is obliged to issue an express resolution and notify it in all procedures regardless of their form of initiation.

Initiative and self-instruction

6. Initiative and self-instruction, without prejudice to the involvement of interested parties in the proceedings.

Promptness, economy, simplicity, effectiveness, and efficiency in procedures. Free of charge. Good faith

7. Promptness, economy, simplicity, effectiveness, and efficiency in procedures. Administrative forms, including appeals, complaints, and other challenges, must be processed and substantiated entirely by the appropriate body to resolve them, except in the case of appeals or complaints directed to the National Executive Branch. Administrative procedures, including resources, complaints, and other challenges, will be free of charge, without prejudice to the obligation of the interested party to bear the fees that may be due to their legal representatives and agents and the experts they propose. Both the Administration and stakeholders must act in good faith and loyalty during procedure processing.

Bureaucratic efficiency

8. Interested parties are not obliged to provide documents prepared by the Centralized or Decentralized Administration, provided that the interested party has expressed their consent to consult or obtain said documents.

The Administration may request the documents electronically through its networks or state databases or by consulting intermediary platforms or other systems enabled for this purpose.

The completion of the administrative process finalizing the procedure.

This paragraph will not apply to matters of public health, the environment, provision of public services, or rights over public domain assets, except when the specific applicable regulation gives a positive interpretation to silence. The regulations may determine other specific cases in which this paragraph does not apply.

Once silence is positively interpreted, the interested party may demand the registration in the registry, issuance of certificate, or corresponding authorization in the administrative headquarters.”

Article 22: Replace Article 11 of Law No. 19.549 with the following:

“ARTICLE 11: For an administrative act of particular scope to be effective, it must be notified to the interested party, and in the case of acts of general scope, it must be published in the Official Gazette. Administrated parties may, however, request compliance with these acts if no harm results to the rights of third parties. Acts of general scope come into force after the eighth day of their official publication or from the date determined in them.”

Article 23: Replace Article 12 of Law No. 19.549 with the following:

“ARTICLE 12: The administrative act enjoys a presumption of legitimacy; its enforceability empowers the Administration to implement it by its own means unless the law or the nature of the act requires judicial intervention. The Administration may only use force against a person or their property without judicial intervention when public order, public ownership, or national state lands need protection; to seize dangerous movable assets for the safety or health of the population; or in the case of Police Forces or Security when addressing flagrant crimes. Appeals filed by individuals against administrative acts shall not suspend their execution and effects, unless there is an express provision stating otherwise. However, the Administration may, on its own or at the request of a party and by reasoned resolution, suspend the execution for reasons of public interest when the execution of the act entails greater harm than its suspension, or when a blatant and absolute nullity is reasonably alleged.”

Article 24: Replace Article 14 of Law No. 19.549 with the following:

“ARTICLE 14: The administrative act is of absolute and incurable nullity in the following cases:

a) When the will of the Administration is excluded by (i) essential error; (ii) deceit, when non-existing or false facts or antecedents are considered to exist; (iii) physical or moral violence exerted on the authority that issued it; (iv) simulation; or (v) a serious defect in the formation of the will of a collegiate body.

b) When:

(i) it is issued with incompetence due to subject matter, territory, or time. In the case of incompetence based on hierarchy, if the act is issued by an administrative authority different from the one that should have issued it within the same sphere of competence, the nullity is relative unless it concerns exclusive competencies assigned by law to a specific authority due to special expertise;

(ii) it lacks a cause due to non-existence or falsity of the invoked facts or law;

(iii) its object is not certain, physically or legally possible, or in accordance with the law;

(iv) the prior hearing of the interested party was omitted when required, or another serious violation of the applicable procedure was committed; or

(v) there was a deviation or abuse of power.

The judgment declaring absolute nullity shall have retroactive effect to the date of issuance of the act unless the court orders otherwise for reasons of equity, provided that the interested party benefiting from the act did not act in bad faith.”

ARTICLE 25: Replace Article 15 of Law No. 19.549 with the following text:

“ARTICLE 15: The administrative act is of relative nullity and will only be annulled in court if it presents a defect or vice not foreseen in the preceding Article 14. Non-essential irregularities or omissions do not lead to any nullity. The judgment declaring relative nullity shall have a retroactive effect to the date of the act, unless the act was favorable to the individual and they did not act in bad faith.”

ARTICLE 26: Replace Article 17 of Law No. 19.549 with the following text:

"ARTICLE 17: The administrative act of particular scope affected by absolute nullity is considered irregular and must be revoked or replaced for reasons of illegitimacy in the administrative sphere. However, once notified, if it has generated subjective rights that are being fulfilled or have been fully fulfilled, its revocation, modification, or replacement in the administrative sphere shall not proceed, and its nullity can only be declared in a judicial proceeding, except in the case provided for in the fourth paragraph of this article. The judgment annulling the act shall have the effect provided for in Article 14, last paragraph. The effects of administrative acts that are considered affected by absolute nullity shall not be suspended administratively when their revocation is not admitted in said sphere. The regular administrative act of particular scope, from which subjective rights have arisen in favor of the administered, cannot be revoked, replaced, or suspended administratively once notified. Both the regular and irregular administrative acts can be revoked, modified, replaced, or suspended ex officio in the administrative sphere if the revocation, modification, replacement, or suspension of the act benefits the administered without causing harm to third parties, if the deception of the administered is proven, or if the right has been expressly and validly granted on a precarious basis. It may also be revoked, replaced, or suspended for reasons of opportunity, merit, or convenience, indemnifying the damages caused in advance. In these cases, the indemnity shall include duly proven lost profits."

ARTICLE 27: Article 18 of Law No. 19,549 is replaced by the following text:

"ARTICLE 18: Administrative acts of a general scope may be repealed, totally or partially, and replaced by others, ex officio or at the request of a party. All of this without prejudice to acquired rights that may have arisen under previous rules and with compensation for the damages actually suffered by their holders."

ARTICLE 28: Article 19 of Law No. 19,549 is replaced by the following text:

"ARTICLE 19: The administrative act affected by vices that cause its relative nullity can be rectified by: a) Ratification by the higher authority, when the act has been issued with incompetence due to grade. b) Confirmation, either by the body that issued the act, or by the body that should have issued the act or pronounced before its issuance, rectifying the vice affecting it. The effects of rectification shall be retroactive to the date of issuance of the act subject to ratification or confirmation only when it benefits the individual without causing harm to third parties."

ARTICLE 29: The title of the section "Review" of Title III of Law No. 19,549 is replaced by the title "Prescription."

ARTICLE 30: Article 22 of Law No. 19,549 is replaced by the following text:

"ARTICLE 22: The statute of limitations for requesting the judicial declaration of nullity of an administrative act of particular scope shall be ten (10) years in the case of absolute nullity and two (2) years in the case of relative nullity, from the date of notification of the act."

ARTICLE 31: Article 23 of Law No. 19,549 is replaced by the following text:

"ARTICLE 23: The administered individual whose rights or legally protected interests may be affected may challenge an administrative act of particular scope judicially when:

a) The act in question:

(i) is final in nature;

(ii) completely impedes the processing of the claim filed, although it does not decide on the merits of the issue;

(iii) a case of silence or ambiguity contemplated in Article 10 or in paragraph d) of this article occurs; or

(iv) the Administration violates what is established in Article 9.

b) In cases of sub-items (i) and (ii) of paragraph (a), it will be necessary to exhaust the administrative channel before challenging judicially, except if:

(i) the challenge is based solely on the invalidity or unconstitutionality of the legal or superior hierarchy norm that the challenged act applies;

(ii) there is clear conduct on the part of the State indicating the certain ineffectiveness of the procedure, making it a useless formality;

(iii) a writ of amparo or other urgent process is filed; or

(iv) it concerns acts issued in relation to a judicial process, after the final and firm judgment. These acts can be challenged directly in the judgment execution process. To the extent that they contradict or modify what is established in the judgment, they will have no legal effects of any kind.

c) Acts that exhaust the administrative channel are considered:

(i) the act that resolves a hierarchical appeal;

(ii) all acts issued by the National Executive Power, at the request of a party or ex officio, with or without the involvement or hearing of the interested party;

(iii) acts originating from the higher bodies of decentralized entities, with the exceptions established in Article 1 of this law, at the request of a party or ex officio, with or without the involvement or hearing of the interested party;

(iv) administrative acts issued by bodies with final resolving competence of the National Congress, the Judiciary, or the Public Ministry, at the request of a party or ex officio, with or without the involvement or hearing of the interested party.

Against acts that exhaust the administrative channel, the filing of corresponding administrative appeals is optional.

d) The deadline for filing administrative appeals that would exhaust the administrative channel cannot be less than thirty (30) days from the valid notification of the challenged act.

e) Administrative acts issued during the execution of contracts with the National State, as well as with other entities and bodies included in paragraph (a) of Article 1, which the contractor has expressly contested within thirty (30) days after its notification, may be challenged judicially up to one hundred eighty (180) days after the termination of the contract, without prejudice to the application of the corresponding prescription rules. For this, it is not necessary to have maintained the administrative challenge or initiated the judicial channel, or the express or tacit denial of said challenge during the contract execution."

ARTICLE 32

Article 24 of Law No. 19,549 is replaced by the following:

"ARTICLE 24: The administered individual whose rights or legally protected interests may be affected by an act of general scope may challenge it judicially when:

a) The act affects or may clearly and imminently affect such rights or interests, and the interested party has lodged a complaint with the issuing authority and the result is adverse or one of the cases provided for in Article 10 has occurred.

Exceptions to the obligation of this complaint:

(i) writs of amparo or other urgent processes; and

(ii) the challenge to decrees of the National Executive Power issued in the exercise of the powers granted by Articles 76, 80, and 99, item 3 of the Constitution.

b) When the Administration has applied the act of general scope.

Through definitive acts and the administrative channel has been exhausted without success against such acts.

The lack of direct challenge to an act of general scope, or its eventual dismissal, shall not prevent the challenge of the particular acts implementing it. Likewise, the failure to challenge the particular acts implementing an act of general scope, or their eventual dismissal, shall not prevent the challenge of the general scope act, without prejudice to the effects of the particular acts that are final.

ARTICLE 33: Article 25 of Law No. 19,549 is replaced by the following:

"ARTICLE 25: The judicial challenge against the State or its autonomous entities provided for in the previous two (2) articles must be brought within one hundred eighty (180) judicial working days, calculated as follows:

a) if it concerns acts of particular scope, from their notification to the interested party;

b) if it concerns acts of general scope against which a claim has been made and negatively resolved by express resolution, from the notification to the interested party of the denial;

c) if it concerns acts of general scope challenged through individual implementing acts, from the notification to the interested party of the express act that exhausts the administrative channel;

d) if it concerns administrative facts, from the date they are known by the affected party.

There will be no deadline to challenge administrative abuses, without prejudice to what may correspond in terms of prescription. The lack of challenge to acts that suffer from nullities shall not prevent their assertion as a defense within the prescription period."

ARTICLE 34: Article 25 bis is added to Law No. 19,549 as follows:

"ARTICLE 25 bis: When due to an express rule the judicial challenge of an administrative act should be made by way of an appeal, the deadline for filing it shall be thirty (30) judicial working days from the notification of the final resolution that exhausts the administrative channel. All special normative provisions establishing shorter deadlines are hereby repealed.

In no case may the administrative body to whom the judicial appeal is filed deny its admissibility, but shall limit itself to forwarding it to the competent court. Unless a shorter deadline has been set, the deadline for forwarding the file shall be five (5) days. If this deadline is not met, the interested party may directly go to the judicial court.

The judicial appeal must be accompanied by documentary evidence and all other evidence that the party intends to use, the relevance and admissibility of which shall be assessed by the court in accordance with the guidelines provided in Article 364 of the National Civil and Commercial Procedural Code.

When the administrative act contested has imposed a pecuniary sanction, its compliance cannot be demanded as a prerequisite for the admissibility of the judicial appeal. All normative provisions stipulating otherwise are repealed."

ARTICLE 35: Article 26 of Law No. 19,549 is replaced by the following:

"ARTICLE 26: The lawsuit may be initiated at any time when the Administration's silence occurs.

The action against the national State and autonomous entities for the damages caused by their illegitimate acts shall begin, for the plaintiff, from the date the judgment declaring their nullity becomes final."

ARTICLE 36: Article 27 of Law No. 19,549 is replaced by the following:

"ARTICLE 27: The action for annulment brought by the State or its autonomous entities shall not be subject to the deadlines provided in the previous articles, without prejudice to what may correspond in terms of prescription as established in the preceding Article 22."

ARTICLE 37: Article 28 of Law No. 19,549 is replaced by the following:

ARTICLE 28: Any party to an administrative procedure may request judicially the issuance of an order for prompt action. Such an order shall be granted when the administrative authority has allowed the set deadlines to expire, or in the absence of such deadlines, when a period that exceeds what is reasonable has elapsed without issuing the opinion, clarifying interpretation, or the procedural or substantive resolution required by the interested party. Once the request is made, if the set deadline has expired or if the delay is deemed unreasonable by the judge, the intervening administrative authority shall be requested to inform within five (5) judicial working days the reasons for the alleged delay and the period within which the requested measure will be issued. The report of said authority shall be served on the petitioner for an additional five (5) judicial working days. Once the response is received or the deadline has passed without a response, the judge shall accept the period reported by the administrative authority if it is considered reasonable given the nature and complexity of the pending opinion or procedures and the delay already incurred, or, if such period is not reported or considered unreasonable, the judge shall set the period within which the required authority must act, being able to include, in all cases, the warning that the petitioner's request will be considered approved if the new deadline accepted or set is not respected. The judge's decision may only be appealed in the following cases: (i) when the request for a delay is denied; (ii) when the deadline proposed by the Administration is accepted; (iii) when the deadline for the Administration to act is set. The appeal shall be allowed for the sole purpose of review.

ARTICLE 38: Article 29 of Law No. 19,549 is replaced by the following: "ARTICLE 29: Disobedience to the prompt action order shall make applicable, for disciplinary purposes, the provisions of Article 17 of Decree-Law 1,285/58, without prejudice to other responsibilities that may arise from such disobedience."

ARTICLE 39: Article 30 of Law No. 19,549 is replaced by the following: "ARTICLE 30: Except in the cases of Articles 23 and 24, the national State may not be judicially sued without prior administrative claim directed to the Ministry or Secretariat of the Presidency or the superior authority of the decentralized entity."

ARTICLE 40: Article 31 of Law No. 19,549 is replaced by the following: "ARTICLE 31: The decision on the claim must be made within ninety (90) days of its submission. After that period has elapsed, the interested party may request expedited action, and if another forty-five (45) days pass, they may initiate the lawsuit, which may be filed at any time, without prejudice to what is relevant in terms of prescription. The Executive Power, at the request of the intervening agency, for reasons of complexity or public emergency, may extend with justification the indicated deadlines, whether already in progress or not, up to a maximum of one hundred twenty (120) and sixty (60) days, respectively. The express denial of the claim may be appealed administratively. The judicial claim must be filed by the interested party within one hundred eighty (180) judicial working days of being notified of said express denial or, if applicable, of the express denial of the administrative appeal they had tried against the former. The latter, without prejudice to the option for the administered individual to challenge administratively the denial, as provided for in Article 23, final paragraph.

ARTICLE 41: Article 32 of Law No. 19,549 is replaced by the following: "ARTICLE 32: The administrative claim prior to the cases mentioned above shall not be necessary if there is an express rule that establishes it and when:

a) it concerns a claim for reimbursement to the State due to an execution or for a wrongly paid fee;

b) claims for damages against the State for contractual or extra-contractual liability, or actions for eviction against it or actions that do not proceed through ordinary means are filed; or

c) there is clear conduct by the State that suggests the certain ineffectiveness of the procedure, rendering the prior claim a useless ritual.

Chapter IV.

Public Employment

ARTICLE 42: Article 11 of the Annex to Law No. 25,164 is replaced by the following:"

Article 11: Employees under stability regime affected by restructuring measures leading to the elimination of bodies, entities, or the functions assigned to them, shall automatically be placed on availability status for a maximum period of up to twelve (12) months, as established by regulations.

Those in availability status must (i) receive the training provided to them, or (ii) perform tasks in outsourced State services.

Upon the end of the availability period, if the worker has not formalized a new work relationship, they will be automatically separated from the National Public Administration. They will be entitled to receive compensation equal to one (1) month's salary for each year of service or fraction exceeding three (3) months, based on the highest monthly salary received during the last year or during the service time if less, except for any superior rights established in the Collective Labor Agreement and any special compensations regulated through that channel.

Article 43: The first paragraph of article 12 of Annex of Law No. 25,164 is replaced by the following:

"Article 12: In cases foreseen in the previous article, employee representatives currently in office or with pending terms in the year following their union protection period may not be affected in their duties or placed on availability."

Article 44: The article 15 of Annex of Law No. 25,164 is replaced by the following:

"Article 15: Employees shall be assigned to tasks corresponding to their category or level reached, as well as to the development of complementary or instrumental tasks to achieve work objectives. They may be temporarily assigned by decision of their superiors to perform specific tasks of a higher level, receiving the corresponding salary difference. The mobility of personnel from one agency to another within or outside the same budget jurisdiction is an attribution of the employer, subject to the regulations established in the collective agreements under Law No. 24,185.

The Executive Branch may enter into agreements with other branches of the State, Provinces, and Municipalities enabling inter-jurisdictional mobility of employees, without prejudice to compliance with the provisions of this law. Employee mobility through assignment of their respective fields to another branch of the national State, provincial governments, and/or the Government of the Autonomous City of Buenos Aires shall not exceed three hundred sixty-five (365) consecutive days, except for justified exceptions in extraordinary service requirements and subject to regulations issued by the Executive, Legislative, and Judicial Powers in their respective jurisdictions."

Article 45: The article 18 of Annex of Law No. 25,164 is replaced by the following:

"Article 18: Employees have the right to equal career development opportunities through established mechanisms. Promotions to vacant positions shall only proceed through:

Systems of Selection of Background, Merits, and Skills"

Article 46: The article 20 of Annex of Law No. 25,164 is replaced by the following:

"Article 20: Employees may be required to start the retirement procedures when they meet the requirements for ordinary retirement."

Article 47: The following is incorporated as section j) of article 24 of Annex of Law No. 25,164:

"j) Perform during their working hours any tasks related to electoral and/or party campaigns."

Article 48: The article 31 of Annex of Law No. 25,164 is replaced by the following:

"Article 31: Reprimand or suspension of up to thirty (30) days may be imposed when:

a) repeated failure to comply with the set schedule;
b) unjustified absences not exceeding five (5) discontinuous days within the previous twelve (12) months and as long as they do not constitute abandonment of duties; and
c) failure to comply with the duties determined in article 23 of this law, unless the seriousness and magnitude of the acts justify the application of the dismissal cause."

Article 49: The article 32 of the Annex of Law No. 25,164 is replaced by the following:

"Article 32: Grounds for dismissal include:

a) unjustified absences exceeding five (5) discontinuous days in the previous twelve (12) months;
b) abandonment of service, considered when the employee has more than three (3) consecutive unexplained absences and was previously duly notified to resume their duties;
c) repeated violations in fulfilling their tasks that have led to thirty (30) days of suspension in the previous twelve (12) months;
d) civil insolvency or non-causal bankruptcy, unless duly justified by the administrative authority;
e) failure to comply with the duties established in articles 23 and 24 when warranted by the seriousness and magnitude of the offense;
f) intentional offenses not related to the Public Administration, which in their circumstances affect the prestige of the function or the agent;
g) Poor ratings resulting from evaluations indicating ineffective performance over two (2) consecutive years or three (3) alternating years in the last ten (10) years of service, given adequate training opportunities for job performance.

In all cases, requests for reinstatement may be considered from two (2) years after the act of dismissal or from the judicial decision becoming final, as the case may be."

Article 50: The article 33 of the Annex of Law No. 25,164 is replaced by the following:

"Article 33: Grounds for exoneration include:

a) final convicting sentence for a crime against the National, Provincial, or Municipal Public Administration;
b) serious misconduct materially harming the Public Administration;
c) loss of permanent residency;
d) violation of the prohibitions provided in article 24;
e) imposition of principal or accessory punishment of absolute or special disqualification from public office.

In all cases, requests for rehabilitation may be considered from four (4) years after the act of exoneration or from the judicial decision becoming final, as the case may be.

Exoneration shall necessarily entail the removal from all public positions held by the sanctioned agent."

Article 51: The article 37 of the Annex of Law No. 25,164 is replaced by the following:

"Article 37: The time limits for applying disciplinary sanctions, with exceptions determined by regulations, shall be calculated as follows:

a) grounds for reprimand and suspension: one (1) year;
b) grounds for dismissal: two (2) years;
c) grounds for exoneration: four (4) years.

In all cases, the period shall be counted from the time of the offense."

Article 52: Article 13 of Law No. 24,185 is replaced by the following:

"Article 13: Clauses in agreements establishing solidarity quotas to be paid by employees to trade unions participating in negotiations shall be valid only for affiliates. For non-affiliates, prior explicit authorization is required to make such deductions."

Article 53: Article 16 bis is included in Law No. 24,185 as follows:

"Article 16 bis: The exercise of the right to strike shall not lead to any administrative sanctions, and salary deductions shall be proportional to the time not worked."

TITLE III

Existing Contracts and Transactional Agreements

Article 54: The National Executive Power is authorized, for emergency reasons and upon the intervention of the Attorney General's Office of the Nation and the General Audit Office of the Nation, as regulated, to renegotiate or terminate public works contracts, public works concessions, construction or provision of goods and services contracts, and their annexed and associated contracts, whose amounts exceed the ten million (10,000,000) modules established in Article 28 of Decree No. 1030/2016 or any future replacement, and have been signed prior to December 10, 2023. This authority may only be exercised if it is financially or economically more convenient for the public interest.

For the purposes of this law, cases of force majeure as per the regime provided in Articles 53, section d) and 54 of Law No. 13,064 and its amendments, a regulation declared applicable for all contracts mentioned in the first paragraph, regardless of the legal nature of the contracting entity. Contracts signed under authorized privatization processes by Law No. 23,696 and those within the framework of promotion schemes for activities and investment or production incentives are expressly excluded from the law established in this law.

Article 55: In any dispute or administrative, judicial, and/or arbitral claim arising between a contractor and any body or entity of the National Public Administration based on alleged breaches of state contractual obligations where there is a real possibility of their recognition, the National Executive Power is authorized to enter into prejudicial, judicial, or arbitral transactional agreements, under the terms and effects provided for in Articles 1641 and following of the Civil and Commercial Code of the Nation, provided that the agreement is duly justified and deemed convenient for the interests of the National State.

The National Executive Power shall regulate the procedure for the conclusion of transactional agreements, which must have prior favorable opinions from the Attorney General's Office of the Nation and the General Audit Office of the Nation, who in turn may request technical reports from any body or entity of the National Public Sector and knowledgeable and representative institutions in the field, to establish an acceptable range of amounts for the transaction.

TITLE IV

Debt Consolidation

Article 56: Debt securities held by entities of the National Public Sector, as defined in Article 8 of Law No. 24,156 and the Sustainability Guarantee Fund created by Decree No. 897/2007, shall be consolidated into the National State, through cancellation by patrimonial confusion.

Article 57: The provisions of the preceding article shall not apply to the Central Bank of the Argentine Republic or entities regulated by Laws No. 20.091 and 21.526.

Article 58: Consolidated public debt securities under this law shall be transferred to an account owned by the National Treasury, where they will be canceled by patrimonial confusion.

Article 59: Within ninety (90) days from the law's publication, legal entities or organizations covered by Article 55 may request before the National Budget Office to maintain a budgetary credit equivalent to the nominal debt to be consolidated. The request must be founded on public purposes and submitted to the Chief of the Cabinet of Ministers for resolution.

Article 60: The Chief of the Cabinet of Ministers shall resolve the requests made under the previous article within thirty (30) days. Entities deemed to have made reasonable requests may receive a budgetary credit solely financed with resources allocated by the National Congress in the annual budget law, as specified in Law No. 24,156.

Article 61: Replace Article 74 of Law No. 24,241 with the following text regarding the investment of assets from the Sustainability Guarantee Fund.

Article 62: Replace Article 77 of Law No. 24,241 concerning the management of fund assets not used as per the law and its amendments.

Article 63: Repeal Article 76 of Law No. 24,241.

Corrections:

TITLE VI: Economic Deregulation

ARTICLE 70

The National Executive Power is authorized, for the period provided in Article 1, to repeal or modify legal regulations that:

a) conspicuously create distortions in market prices, a cost overrun in the regulated sector, or shortages of goods and services without sufficient public interest justification;

b) lead to the establishment of artificial monopolies in activities where competition is feasible; or

c) are related to the negotiation of instruments of public offering to promote their use.

The modification or repeal of regulations concerning health, social security, and labor matters is exempt from the provisions of this article. The National Executive Power must adequately justify the aforementioned aspects through technical reports that may be requested from any National Public Sector body or entity and reputable institutions representative in the field.

TITLE VII: Competition Defense

Chapter I: Prohibited Agreements and Practices

ARTICLE 71

Agreements between competitors and unilateral acts, practices, or conduct in any form related to the production and exchange of goods or services that aim to limit, restrict, falsify, or distort competition or market access in a manner that may harm the general economic interest are prohibited.

The clauses and agreements deemed illegal will be null and void and shall not have any legal effect.

ARTICLE 72

The following acts constitute practices that absolutely restrict competition and are presumed to be detrimental to the general economic interest when entered into by two or more competitors:

a) Directly or indirectly setting the price of goods or services offered or demanded in the market, or exchanging information with the same purpose or effect;

b) Imposing obligations to (i) produce, process, distribute, purchase, or market only a restricted or limited quantity of goods, or (ii) provide a restricted or limited number, volume, or frequency of services;

c) Dividing, distributing, assigning, or imposing zones, portions, or market segments, clients, or suppliers;

d) Directly or indirectly agreeing to refuse to meet purchase or sale demands of goods or the provision or contracting of services for one or more third parties;

e) Coordinating positions, including abstention, in tenders, contests, or auctions.

ARTICLE 73

For Companies with Dominant Positions and their Prohibited Conduct

In the case of companies with dominant positions, the following conducts, among others, to the extent they constitute the situations described in Article 71 of this law, are prohibited:

a) Indirectly fixing the price of goods or services, limiting competition in vertically related markets.

b) Agreeing to limit or control technical developments or investments intended for the production or marketing of goods and services.

c) Preventing, hindering, or obstructing the entry or permanence of third parties in a market, or excluding them.

d) Impacting markets of goods or services through agreements to limit or control research and technological development, goods production, service provision, or to hinder investments for goods or services production or distribution.

e) Making the sale of a good subject to the acquisition of another or the use of a service, or making the provision of a service subject to the use of another or the acquisition of a good.

f) Conditioning purchase or sale to not using, acquiring, selling, or supplying goods or services produced, processed, distributed, or marketed by a third party.

g) Imposing discriminatory conditions for acquiring or disposing of goods or services without justified reasons based on commercial practices and customs, to limit market entry or competition.

h) Unjustifiably refusing to fulfill specific orders for the purchase or sale of goods or the provision of services under the prevailing market conditions.

i) Selling goods or providing services below cost without justified reasons based on commercial practices, with the purpose of displacing competition in the market or damaging the image, equity, or value of the brands of their goods or service providers.

j) Abusively initiating judicial, administrative, or disciplinary proceedings against a competitor, current or potential, to expel them, prevent their access to the market, dissuade them from implementing alternative competitive strategies, or damage their business or professional reputation.

k) Simultaneously holding relevant executive or directorial positions in two or more competing companies.

Provisions and Scope

Those subject to the provisions of this Title include natural or legal persons, public or private, with or without profit motives, engaged in economic activities within all or part of the national territory, and those carrying out economic activities outside the country that might have effects on the national market.

For the purposes of this Title, the determination of the true nature of actions, behaviors, and agreements will depend on the situations and economic relations effectively undertaken, pursued, or established.

Chapter II - Dominant Position

For the purposes of this Title, one or more individuals are considered to have a dominant position when, in respect to a certain type of product or service, there is no significant real or potential competition, or when, due to their degree of vertical or horizontal integration, they can determine the economic feasibility of a competitor.

To ascertain the existence of a dominant position in a market, the following circumstances shall be considered:

a) The degree to which the pertinent goods or services may be substituted by others, whether domestically or internationally; the conditions of such substitution and the time required for it.

b) The extent to which regulatory restrictions limit access by product suppliers, offerors, or demanders in the relevant market.

c) The extent to which the purportedly responsible party may unilaterally affect price formation or restrict supply or demand in the market.

Proofreading of the Provided Text

Chapter III

Concentrations

Article 77: An economic concentration operation, for the purposes of this Title, entails the acquisition or control over one or more companies through:

a) Mergers between companies;

b) Transfers of goodwill;

c) Acquisitions of ownership or capital rights entailing control or significant influence over one or more companies;

d) Other agreements or actions effectively or legally transferring a company's assets or providing substantial influence regarding its ordinary or extraordinary management decisions.

For this chapter, a company is defined as any entity or segment capable of offering or demanding goods or services, irrespective of its legal structure, even if lacking legal personality.

Article 78: Economic concentration operations, whose aim or effect entails restricting or distorting competition in a manner prejudicial to the general economic interest, are prohibited.

Article 79: Acts mentioned in Article 77 of this law must be notified to the Market and Competition Agency for review and appropriate authorization before (i) the act's completion date; (ii) the transaction finalization; or (iii) the substantial influence acquisition, when the turnover of involved companies surpasses one hundred million (100,000,000) mobile units within the country.

Concentration acts carried out in contravention of this article, as well as executing economic concentration operations lacking prior Market and Competition Agency authorization, shall be penalized according to Article 123, subsection e) of said law, without prejudice to the obligation of reversal and annulment of effects if deemed in breach of the Article 77 prohibition.

Total turnover refers to total amounts gained from product sales, provided services, and direct subsidies received by involved companies during the previous fiscal year in ordinary course of their activities, after deducting sales discounts, value-added tax, and taxes directly linked to these activities.

Regarding calculating total turnover, affected companies shall encompass the recipient of control change, along with its subsidiaries, and the acquiring entity of such control, comprising all subsidiaries and any entities directly or indirectly controlling the acquiring company and its subsidiaries.

Concentration acts regulated by these articles shall only impact involved parties upon fully complying with Articles 84 and 85 of this law, as appropriate.

Article 80: Actions mentioned in Article 77 not subject to the remits of Article 79 may be voluntarily notified prior to or within fifteen (15) days post-implementation.

Article 81: The following operations are exempt from mandatory notification pursuant to Article 78:

a) A foreign entity's acquisition of a local firm without simultaneous control over others within the country and with no current exports to Argentina.

Article 82

The Market and Competition Agency will establish the procedure to issue the reasoned resolution mandated by Article 83 concerning economic concentration operations detailed in Articles 79 and 80 of this law. Said procedure shall outline the information and background required upon notifying an economic concentration operation, as well as the timeframes for their provision.

A streamlined procedure for low-risk economic concentrations that are less likely to contravene Article 78 of this law will be determined by the Market and Competition Agency.

Failure to provide information promptly without justification by the Market and Competition Agency will be deemed a severe offense.

Should notifying entities deliberately fail to furnish requested information to the Market and Competition Agency during any stage outlined in this chapter, sanctions per Article 127 of this law may be imposed.

Regulations will detail the procedures stipulated in this chapter ensuring the confidentiality of information provided within. Contents of files will remain confidential as per Article 8, section c) of Law No. 27,275, and exceptions will be granted regarding information disclosure, governed by said regulation or potential amendments or replacements in the future.

In cases where economic concentration involves services regulated by the National State through a regulatory entity, the Market and Competition Agency will request reasoned insights from the requisite entity on the proposed concentration, addressing (i) potential market competition effects or (ii) adherence to regulatory frameworks. The entity's opinion does not legally bind the Market and Competition Agency.

The regulations will establish a procedure for each economic concentration notifying the Market and Competition Agency to become public record, allowing concerned parties to raise objections. Should objections arise, the notifying companies shall be informed. The Market and Competition Agency is not obliged to respond to such submissions.

ARTICLE 83: At the request of a party, the Market and Competition Agency will establish a process to issue a consultative opinion determining whether an act falls under the obligation of notification under this chapter of the law.

The Markets and Competition Agency will establish the procedure by which it will determine, either ex officio or upon complaint, whether an act that was not notified was subject to the notification obligation established under this Chapter of the law.

ARTICLE 84: In all cases subject to the notification provided for in this Chapter and within forty (40) days of the complete and correct submission of information and background, the secretary of the Markets and Competition Agency, by reasoned resolution, must either authorize the operation immediately or challenge it before the Competition Defense Tribunal.

In cases where the Markets and Competition Agency deems that a notified economic concentration operation has the potential to restrict or distort competition in a way that could be harmful to the general economic interest, prior to making a decision, it will communicate its objections to the notifying companies through a reasoned report and convene a special hearing with the interested party to examine possible measures to mitigate the negative impact on competition. This report must be simultaneously made available to the public, ensuring the protection of sensitive and/or trade secret data.

In cases mentioned in the preceding paragraph, the resolution deadline of the Markets and Competition Agency may be extended by up to forty (40) additional days for the issuance of the resolution, through a reasoned opinion. This deadline may be suspended until the notifying companies respond to the objections raised by the Markets and Competition Agency, only once. Once the deadline has expired, it must forward the challenge for resolution to the Competition Defense Tribunal, either for approval of the operation with the agreed terms or for denial.

In cases of challenge by the Agency, the Tribunal must decide within a maximum period of ninety (90) days from the submission of the challenge:

a) authorize the operation;
b) subject the act to compliance with certain conditions; or
c) deny authorization.

ARTICLE 85: If the deadline specified in article 84 of this law elapses without a resolution, the economic concentration operation will be deemed tacitly authorized. The tacit authorization will have the same legal effects as an express authorization in all cases. The regulations of this Title will establish a mechanism to certify compliance with the deadline that led to tacit approval.

ARTICLE 86: Economic concentration operations that have been notified and authorized cannot be subsequently challenged in administrative proceedings based on information and documentation verified by the Competition Defense Tribunal, except when such resolution was obtained based on false or incomplete information provided by the notifying companies, in which case they will be considered as not notified, without prejudice to any other sanctions that may apply.

The resolutions adopted by the Competition Defense Tribunal in accordance with article 84, paragraphs b and c of this law, are subject to an appeal in accordance with article 137 of this law, with a devolutive effect.

Chapter IV

Markets and Competition Agency

ARTICLE 87: The Markets and Competition Agency is established as a decentralized and autonomous entity within the scope of the national Executive Branch, with the purpose of preserving and promoting the proper functioning, transparency, and the existence of effective competition for the benefit of the general economic interest in all markets and economic sectors.

ARTICLE 88: The Markets and Competition Agency will have full legal capacity to act in the fields of public and private law, and its assets will consist of properties transferred to it and those it acquires in the future by any means.

The labor contract law will govern the relationship with the personnel of the Markets and Competition Agency, without prejudice to hiring for the performance of specific or extraordinary tasks that cannot be carried out by its permanent staff.

It will have its main headquarters in the Autonomous City of Buenos Aires. The regulations may provide for the existence of other offices.

ARTICLE 89: The Markets and Competition Agency will be headed by a secretary who will hold the position for five (5) years, with the possibility of being re-elected once. The secretary will be appointed by the national Executive Branch through a public, open, and transparent selection process that guarantees the suitability of the candidate. The candidate must be a lawyer or economist.

ARTICLE 90: In order to be appointed as secretary of the Markets and Competition Agency, one must be an Argentine citizen and have qualifications that, in the opinion of the national Executive Branch, demonstrate suitability for the position. The exercise of the function requires exclusive dedication and is incompatible with any other public or private activity, except part-time teaching. Engaging in any partisan activity during the term of office is prohibited.

The proposed secretary cannot have held party positions in the last five (5) years prior to the appointment.

ARTICLE 97: The selection process for the secretary of the Markets and Competition Agency will be carried out as follows:

a) The national Executive Branch will propose one (1) person and publish their name, surname, and curriculum vitae in the Official Gazette and in two (2) national newspapers for three (3) days;
b) The candidate must submit a sworn statement in accordance with the regulations provided in Law 25,188 on Ethics in Public Service and its regulations;
c) Citizens, non-governmental organizations, colleges, professional associations, and academic entities may, within fifteen (15) days from the last publication in the Official Gazette as provided in paragraph a) of this article, submit written, reasoned, and documented observations regarding the nominated person to the body responsible for organizing the public hearing provided for in paragraph d) of this article. During the same period, the opinion on the nominated person may be requested from relevant organizations in the professional, judicial, and academic fields for evaluation;
d) Within fifteen (15) days from the expiration of the period established in paragraph 3 of this article, a public hearing will be held to assess the observations made, in accordance with the regulations;
e) Within seven (7) days from the hearing, the national Executive Branch will decide whether to confirm or withdraw the candidate's nomination, and in the latter case, propose a new candidate and restart the selection process.

ARTICLE 92: The powers, competences, and functions of the Markets and Competition Agency are:

• Receive complaints and grant the notification provided for in article 111 of this law and decide on the possible initiation of the inquiry procedure provided for in article 113 of this law.

• Propose to the Competition Defense Tribunal the charges that may arise as a result of the inquiry, and the actions indicated in article 115 of this law.

• Request the Competition Defense Tribunal to adopt preventive measures provided in article 118 of this law.

• Negotiate, sign, and subject to the approval of the Competition Defense Tribunal agreements to terminate a sanctioning procedure in accordance with article 119 of this law.

• Grant, subject to the approval of the Competition Defense Tribunal, any benefits provided for in Chapter IX of Title VII of this law.

• Request the Competition Defense Tribunal to impose the sanctions established in Chapter VIII of Title VII of this law.

• Decide in accordance with articles 83 and 84 of this law.

• Order the notification of those economic concentration operations not covered in article 79 of this law, in accordance with article 80 of this law.

• Challenge before the competent court any regulations that, in its opinion, present obstacles to maintaining effective competition in the markets. In order to avoid judicial intervention, prior to filing a lawsuit, the Markets and Competition Agency will communicate with the national, provincial, or municipal authority that issued the challenged regulation, urging them to make the necessary changes to eliminate its distortive aspects.

• Inform the National Executive Branch when it believes that a bill submitted by the National Congress for enactment does not comply with the principles of free competition and efficient regulation, in order for the relevant articles to be reviewed.

• Propose to the National Executive Branch, through the appropriate Minister, the amendment or repeal of national laws that it deems contrary to the principles of free competition and efficient regulation, as well as the enactment of those laws that are deemed necessary to promote competition or regulate certain economic activities provided under non-competitive conditions.

• Carry out activities to promote best practices to preserve or enhance competition in the markets.

• Conduct relevant market studies. To do so, it may request documentation and collaboration from private individuals and national, provincial, or municipal authorities, as well as from consumer and user defense associations, as it deems necessary.

• Issue pro-competitive recommendations of a general or sectoral nature regarding competition modalities in the markets.

• Promote and initiate actions before the courts of Justice, for which it will appoint legal representatives for this purpose.

• Request the competent judge to take the precautionary measures deemed necessary.

• Access places subject to inspection with the consent of the occupants or by court order, which will be requested from the competent judge, who must rule within one (1) day.

• Suspend the procedural deadlines of this Title by reasoned resolution.

• Grant or deny access to the case files under process, and decide on the confidentiality of the documentation, either ex officio or upon request.

• Obtain the necessary evidence to carry out the proceedings.

• Perform any acts necessary for the continuation and instruction of proceedings as part of investigations of anticompetitive conduct, including involving third parties.

Assisting in the procedures;
v) performing any acts necessary for the continuation and instruction of proceedings under the economic concentration notification process provided in articles 79 and 80 of this law, as well as the issuance of advisory opinions and the conduct of preliminary investigative measures as provided in article 83 of this law.
w) administering and updating the National Registry of Competition Defense, in which the economic concentration operations provided in Chapter III of Title VII of this law and the final resolutions issued must be registered. The Registry will be public;
x) designing its organizational structure and appointing its personnel, drafting its internal regulations;
y) acting with relevant entities in negotiating international treaties, agreements, or conventions concerning competition policy and free competition;
z) any other functions assigned by this and other laws.

ARTICLE 93- The secretary of the Markets and Competition Agency must recuse themselves for the reasons provided in articles 1), 2), 3), 4), 5), 7), 8), 9), and 10) of article 17 of the National Civil and Commercial Procedural Code, and in cases where they have or have had an economic interest or employment relationship with a legal entity over which they must rule within the last three (3) years. In such cases, the obligations will fall on the officials of the Markets and Competition Agency.

ARTICLE 94.- The secretary will cease to perform their functions automatically under the following circumstances:
a) resignation;
b) end of the term;
c) death;
d) removal under the terms of article 95.

ARTICLE 95.- The secretary may be removed from office during their functions due to:
a) inadequate performance;
b) repeated negligence causing delays in the progress of processes;
c) supervening incapacity;
d) conviction for willful crimes;
e) violations of incompatibility rules;
f) failure to recuse themselves in the cases listed in article 93. By initiative of the National Executive Branch or resolution of the Honorable Chamber of Deputies of the Nation, the removal procedure of the secretary of the Markets and Competition Agency will be carried out, with prior binding opinion from a bicameral committee of the Honorable National Congress, composed of the presidents of the Committees on Consumer Protection, User Rights, and Competition of the Honorable Chamber of Deputies and of Industry and Commerce of the Honorable Senate of the Nation, and the presidents of the Honorable Chamber of Deputies and the Honorable Senate of the Nation. In case of a tie within this committee, the vote of the President of the Honorable Chamber of Deputies of the Nation will be decisive. Once the vacancy occurs, the procedure established in article 90 of this law must be carried out within a period not exceeding thirty (30) days.

Chapter V.

Competition Defense Tribunal

ARTICLE 96.- The Competition Defense Tribunal is created as a decentralized and autonomous body within the scope of the national Executive Branch.

The Competition Defense Tribunal will have full legal capacity to act in the fields of public and private law, and its assets will consist of properties transferred to it and those it acquires in the future by any means.

It will be headquartered in the Autonomous City of Buenos Aires, but may act, convene, and hold sessions anywhere in the country.

ARTICLE 97.- The President of the Competition Defense Tribunal will exercise the legal representation and administrative function of the body. The labor contract law will govern the relationship with the permanent staff.

ARTICLE 98.- The Competition Defense Tribunal will be composed of five (5) members, of which at least two (2) will be lawyers and two (2) will be graduates in economics, master's in economics, or doctorates in economics. The members will be appointed by the National Executive Branch through a public, open, and transparent selection process that allows for the assessment of the candidates' suitability.

ARTICLE 99

The Competition Defense Tribunal may establish an Academic Advisory Council composed of a maximum of fifteen (15) external members, nationally and internationally renowned academics, Argentine or foreign, to assist in the tasks of the Tribunal. Council members will not receive compensation for being part of the body.

Furthermore, in the case of innovative and/or significant cases in the field, the Tribunal may request the opinion of one of these associated members for the actions stipulated in paragraphs b, f, and g of article 103. Council members may receive remuneration determined by the Tribunal for each intervention.

ARTICLE 100

Members of the Competition Defense Tribunal must meet the following requirements:

• Have sufficient background and expertise in competition defense matters and enjoy recognized moral integrity, all with more than five (5) years in the practice of the profession.
• Have exclusive dedication during their term, except for teaching activities, and will be subject to the incompatibilities and obligations established by Law No. 25,188 on Public Ethics.
• They may not hold positions or be associated in any way with professional firms involved in the field of competition defense during their term.

ARTICLE 101

The five (5) members of the Tribunal shall be appointed by the National Executive Power with the agreement of the National Senate, following the procedure provided in this article.

The Executive Power will propose the candidate for each appointment, both for the President of the Tribunal and the other four (4) members, which will be published in the Official Gazette with their backgrounds and an opinion regarding potential conflicts of interest, prepared by the Anticorruption Office. With the publication, a period of fifteen (15) days will begin for the reception of citizen observations and challenges to each candidate. The qualifications, backgrounds, challenges, and observations received will be evaluated by a jury composed and chaired by the Attorney General of the Nation, and by an official appointed by the President of the Nation, a representative of the National Academy of Law, and a representative of the Argentine Association of Political Economy.

The jury's opinion regarding each candidate will be forwarded with the backgrounds to the Honorable National Senate for approval of each appointment.

The National Executive Power may make interim appointments during the time it takes to obtain the approval of the National Senate.

The appointed individuals must have proven expertise in the subject matter.

ARTICLE 102

Each member of the Competition Defense Tribunal will serve for a term of five (5) years. According to the regulations, the renewal of members will be staggered, one each year. Among the members of the first appointment, the duration of the first term will be drawn.

Any member of the Competition Defense Tribunal may be removed from office by impulse of the National Executive Power or by resolution of the Honorable Chamber of Deputies of the Nation, when the causes provided for in article 106 of this law exist, requiring the prior binding opinion of a bicameral commission composed of the chairmen of the Consumer Defense, User and Competition committees of the Honorable Chamber of Deputies and of Industry and Commerce of the Honorable National Senate, and the presidents of the Honorable Chamber of Deputies of the Nation.

In case of a tie within this commission, the vote of the president of the Honorable Chamber of Deputies of the Nation will be decisive.

ARTICLE 103.- The powers, functions, and faculties of the Competition Defense Tribunal are:

a) impose sanctions established in this law, as well as definitively grant the exemption and/or reduction of such sanctions, in accordance with Chapter IX of Title VII of this law;
b) decide on the charges that may arise as a result of the summary, and the actions indicated in article 115 of this law;
c) admit or deny the evidence offered by the Markets and Competition Agency and the parties at the appropriate procedural time;
d) declare the end of the evidence period in the terms of article 117 of this law and order the submission of final arguments;
e) approve the agreements to terminate the sanctioning procedure provided for in article 119 of this law;
f) at the exclusive request of the Markets and Competition Agency, decide on the appeal of an economic concentration operation in which the Agency had conditioned or prohibited, in accordance with article 84 of this law;
g) at the exclusive request of the interested company, decide on the review when the Markets and Competition Agency, within one of the procedures established in article 83 of this law, had determined that an economic concentration operation is subject to the notification obligation provided for in article 78 of this law;
h) decide on the incidental issues that may arise in the context of the instruction of proceedings.

ARTICLE 104.- Members of the Competition Defense Tribunal must recuse themselves for the reasons provided in paragraphs 1), 2), 3), 4), 5), 7), 8), 9), and 10) of article 17 of the National Civil and Commercial Procedure Code and in cases where they have had an economic interest or employment relationship in any of the legal entities over which they must decide in the last three (3) years.

ARTICLE 105.- Any member of the Competition Defense Tribunal shall cease to hold office automatically in any of the following circumstances:
a) resignation;
b) end of term;
c) death;
d) removal under the terms of article 106.
Upon the occurrence of a vacancy, the National Executive Power must initiate the procedure provided for in article 101 of this law within a maximum period of thirty (30) days. With the exception of the case contemplated in subsection b of this article, the replacement will serve until the completion of the replaced member's term.

ARTICLE 106.- Causes for the removal of any member of the Competition Defense Tribunal:
a) failure to perform duties properly;
b) repeated negligence that delays the processing of proceedings;
c) subsequent incapacity;
d) conviction for an intentional crime;
e) violations of incompatibility rules;
f) failure to recuse under the parameters set forth in article 104.

A member of the Competition Defense Tribunal on whom a firm indictment for an intentional crime rests will be immediately and preventatively suspended from exercising their duties. This suspension will be maintained until their legal situation is resolved.

Chapter VI

Budget

ARTICLE 107.- The Markets and Competition Agency will annually formulate its budget, estimating reasonably the expenses for the next financial year, and will submit it to the National Executive Power. The Markets and Competition Agency will manage its budget autonomously, in accordance with the autonomy granted to it by this law.
Interested parties who, under Chapter III of Title VII of this law, initiate proceedings before the Markets and Competition Agency must pay a fee that shall not be less than five thousand (5,000) nor exceed twenty thousand (20,000) mobile units established in article 144 of this law. The fee will be set by the National Executive Power upon proposal by the Markets and Competition Agency.

The resources of the Markets and Competition Agency will consist of the following income:

a) resources that may be allocated to it under applicable laws and regulations;
b) subsidies, inheritances, legacies, donations, or transfers received under any title;
c) revenue from the control and analysis fee for economic concentration operations and advisory opinions created by this article;
d) costs and other amounts that it may receive in the processes in which it participates;
e) interest and profits resulting from the management of its own funds.

ARTICLE 108

The Competition Defense Tribunal will annually draft the budget proposal for subsequent submission to the National Executive Power. The Competition Defense Tribunal will manage its budget autonomously, according to the autonomy granted to it by this law.

Chapter VII. Sanctioning Procedure

ARTICLE 109

The procedure may be initiated ex officio or by a complaint filed by any natural or legal person, public or private.

ARTICLE 110

The procedures under this law will be open to the investigated parties and their representatives, who may participate in the process from its inception. The Markets and Competition Agency may publicize the opening of a summary. Regarding third parties, the contents of the file will be confidential in terms of article 8, section c) of Law No. 27,275 and its amendments, and constitute an exception to provide the information required within that law, its regulations, or any future replacement or amendment to the law. The Markets and Competition Agency and the Competition Defense Tribunal will establish mechanisms for all procedures, submissions, and stages of the process to be carried out electronically. They will also provide means for the public to access the main milestones in ongoing and resolved procedures. The Markets and Competition Agency may order the confidentiality of proceedings by reasoned resolution, whenever publicity may jeopardize the discovery of the truth. This confidentiality may be decreed until the notification provided for in Article 112 of this law. Subsequently, the Competition Defense Tribunal may exceptionally order the confidentiality of the proceedings, which may not last more than thirty (30) days, unless the gravity of the fact or the difficulty of the investigation require it to be extended for an equal period.

The regulations will establish the form and content of a complaint. Once the complaint is filed, the Markets and Competition Agency will summon the complainant to confirm it, or rectify and adjust it to the provisions of this law and its regulations, under penalty, in case of non-appearance, of proceeding with the filing of the proceedings. After receiving the complaint, or initiating an investigation ex officio, the Markets and Competition Agency may take preliminary procedural measures it deems appropriate to decide on the admissibility of the notification provided for in Article 112 of this law, with the proceedings being confidential.

ARTICLE 111

All deadlines set forth in this law will be counted in business days.

ARTICLE 112

If the Markets and Competition Agency considers, at its sound discretion, that the complaint is relevant, it will notify the alleged responsible party for twenty-five (25) days to provide any explanations they consider relevant. In case the procedure is initiated ex officio, the facts and the grounds that led to it will be communicated.

An equivalent period will be granted for the response to the submitted evidence.

ARTICLE 113: Once the response is received, or the deadline is expired, the Markets and Competition Agency will determine the closure of the proceedings or initiate the investigation of the summary. The decision to open an investigation is unappealable.

In this procedural stage, the Markets and Competition Agency may undertake the procedural measures it deems appropriate, taking into account the following:

a) all requests for information, letters, and others will have a ten (10) day period for response;

b) in the case of witness hearings, witnesses may attend with legal representation. Both the complainant and the defendants may attend through their representatives, who must be duly presented in the file;

c) audits or expert opinions will be carried out by qualified personnel designated by the Competition Defense Tribunal upon request of the Markets and Competition Agency.

ARTICLE 114: If, at the Markets and Competition Agency's request, the Competition Defense Tribunal considers the explanations satisfactory, or if, upon conclusion of the investigation, there is not sufficient merit to proceed with the procedure, it will order the closure.

ARTICLE 115: Upon conclusion of the summary's investigation or after one hundred eighty (180) days since its initiation, the Competition Defense Tribunal, at the request of the Markets and Competition Agency, will formalize the charges against the alleged responsible parties, who must respond and present any relevant evidence within a period of twenty-five (25) days.

ARTICLE 116: The Competition Defense Tribunal will decide on the admissibility of evidence, considering and granting the relevant evidence, in line with the subject matter under review, rejecting any that may be redundant or improper. A timeframe will be set for the completion of the granted evidence. Decisions of the Competition Defense Tribunal regarding evidence are final.

ARTICLE 117: Upon completion of the ninety (90) day evidence period, extendable for an equal period, the parties and the Markets and Competition Agency may present their arguments within fifteen (15) days regarding the evidence. The Competition Defense Tribunal will issue a decision within a maximum of sixty (60) days.

ARTICLE 118: At any stage of the procedure, the Competition Defense Tribunal may, ex officio or at the request of the Markets and Competition Agency, impose compliance with conditions it deems appropriate, or order the cessation or abstention of conduct as provided in Chapters I and II of Title VII of this law to prevent harm, mitigate its extent, continuation, or aggravation.

When there is a risk of serious harm to the competition framework, the Competition Defense Tribunal may order measures that are most suitable to prevent such harm, and, if necessary, remove its effects. An appeal may be lodged against this decision following the terms and procedure set forth in Article 136 of this law.

The Competition Defense Tribunal may ex officio, at the request of the Markets and Competition Agency, or upon request of a party, suspend, modify, or revoke a measure ordered under this article if new circumstances or information that were not known at the time of its adoption make it advisable.

ARTICLE 119: The Competition Defense Tribunal will approve agreements for the termination of the sanctioning procedure reached between the Markets and Competition Agency and the investigated parties when they propose them.

To ensure compliance with the commitments that address the competition effects resulting from the practices subject to investigation.

The agreement may include behavioral and structural commitments. Likewise, the investigated parties may undertake economic commitments in favor of third parties and the General Treasury of the Nation.

The decision of the Competition Defense Tribunal to approve the agreement, definitively close the investigation, and archive the records shall not be equivalent to the final resolution referred to in Article 133 of this law, nor shall it have the effects granted by Chapter X of Title VII.

Non-compliance with any commitments made in an approved agreement may be sanctioned under the terms of Article 124, section e of this law, without prejudice to any other sanctions that may apply.

The termination of the procedure under the terms of this article may not be agreed upon once the resolution of Article 117 in fine of this law has been issued.

Article 120

The Competition Defense Tribunal may, on its own initiative or at the request of a party within three (3) days of notification and without substantiation, clarify obscure concepts or remedy any omissions contained in its resolutions.

Article 121

The Competition Defense Tribunal may involve affected parties of the investigated facts, consumer associations, legally recognized business associations, public authorities, provinces, and any other person who may have a legitimate interest in the investigated facts as coadjutant parties.

Article 122

The Competition Defense Tribunal may request non-binding opinions on the investigated facts from natural or legal persons, whether public or private entities of recognized expertise.

Article 123

Any individual who makes a false report shall be subject to the sanctions provided in Article 124(b) of this law. For the purposes of this law, a false report is understood to be one made with false data or documents knowingly as such by the complainant, with the purpose of causing harm to competition, without prejudice to further civil and criminal actions as appropriate.

Chapter VIII: Sanctions

Article 124

The Competition Defense Tribunal may impose sanctions on those who fail to comply with the provisions of this law as outlined below:

• Termination of agreements and/or cessation of acts, behaviors, or practices specified in Chapter I of Title VII and, where applicable, the removal of their effects;
• Those engaging in prohibited acts in Chapter I of Title VII shall be sanctioned with a fine of:
  • Up to thirty percent (30%) of the turnover associated with the products or services involved in the illicit act committed during the last fiscal year multiplied by the number of years of the duration of said act, not exceeding thirty percent (30%) of the consolidated turnover at a national level recorded by the economic group to which the offenders belong during the last fiscal year; or
  • Up to twice the economic benefit obtained from the illicit act committed. If the fine can be calculated according to the two criteria outlined above, the higher value will be applied. In cases where the fine cannot be determined by the mentioned criteria, the fine may amount to up to an equivalent of two hundred million (200,000,000) mobile units;
• In cases of acts constituting an abuse of dominant position or the acquisition or consolidation of a monopolistic or oligopolistic position in violation of this law, the Competition Defense Tribunal may impose, at the request of the Market and Competition Agency...

Competence, compliance with conditions aimed at neutralizing distortions on competition;

authorize the Market and Competition Agency to request from the competent judge the dissolution or liquidation of infringing companies;

those who fail to comply with the provisions in articles 79, 118, 119, and 124(a) of this law shall be subject to a fine of a daily amount of up to 0.1% of the consolidated turnover at a national level recorded by the economic group to which they belong during the last fiscal year. In cases where the above criterion cannot be applied, the fine may amount to up to an equivalent of seven hundred fifty thousand (750,000) daily mobile units;

the Competition Defense Tribunal may include the suspension of the National Registry of State Suppliers for the responsible parties for up to five (5) years. In cases provided for in article 72(b) of this law, the exclusion may be up to eight (8) years. This is without prejudice to other sanctions that may apply.

Article 125

The Competition Defense Tribunal shall set fines based on:

• The gravity of the infringement;
• The harm caused to individuals affected by the prohibited activity;
• The benefit obtained by the individuals involved in the prohibited activity;
• The deterrent effect;
• The value of the assets involved at the time the violation took place;
• The intentionality, duration, and participation of the infractor in the market;
• The size of the affected market;
• The duration of the practice or concentration and the record of the offender, as well as their economic capacity.

Collaboration with the Market and Competition Agency in knowing about or investigating the conduct may be considered a mitigating factor in determining the penalty.

The Market and Competition Agency shall be responsible for enforcing the fines provided for in this Chapter, including that stipulated in Article 127 of this law.

Article 126

When the infringements specified in this Title are committed by a legal entity, the fine shall also apply jointly to the directors, managers, administrators, trustees, or members of the Supervisory Board, agents or legal representatives of such legal entity who, through their actions or through culpable omission of their duties of control, supervision, or oversight, have contributed, encouraged, or allowed the infringement to occur.

The joint responsibility may extend to controlling persons or entities when, through their actions or the omission of their duties of control, supervision, or oversight, they have contributed, encouraged, or allowed the infringement to occur.

Article 127

Those who obstruct or hinder any investigation or fail to comply with the requirements of the Competition Defense Tribunal and/or the Market and Competition Agency within the specified deadlines and forms, whether they are third parties unrelated to the investigation or those to whom the investigated facts are attributed, may be subject to fines equivalent to five hundred (500) daily mobile units.

Failure to comply with requirements from the Competition Defense Tribunal and/or the Market and Competition Agency and obstruction or difficulty created during the investigation include, among others:

• Failure to provide the requested information or providing incomplete, incorrect, misleading, or false information;
• Refusal to undergo an inspection ordered under the powers granted by this Title;
• Failure to appear without a duly justified and prior cause at hearings and/or other notifications to which they were summoned by formal notice;
• Failure to present the requested books or documents, or doing so incompletely, incorrectly, or misleadingly, during the inspection.

Chapter IX

Clemency program

Article 128

Any natural or legal person who has committed or is committing an act listed in Article 72 of this law may report it to the Markets and Competition Agency, thereby seeking the exemption or reduction benefit under Article 124(b) of this law, as applicable.

To be eligible for this provision, the request must be made to the Markets and Competition Agency before receiving the notification as provided for in Article 115 of this law. The Markets and Competition Agency will establish a system to determine the chronological order of received applications.

Article 129

The requirements to apply for one of the benefits established by the leniency program are as follows, as applicable:

a) Exemption:

The applicant shall qualify for exemption if the Markets and Competition Agency lacks information or has not previously initiated an investigation, and the applicant is the first among those involved in the conduct to report it and provide evidence that, in the opinion of the Markets and Competition Agency, leads to the confirmation of such conduct and the identification of other responsible parties. The applicant shall also qualify for exemption if, even though the Markets and Competition Agency had previously initiated an investigation, at the time of application, there is insufficient available evidence, and the applicant is the first among those involved in the conduct to report it and provide evidence as deemed by the Markets and Competition Agency to lead to the confirmation of such conduct and the identification of other responsible parties.

The applicant must immediately cease their involvement in the reported conduct. The Markets and Competition Agency may request the applicant to continue the reported actions or conduct in cases where they consider it necessary to preserve the investigation.

From the submission of the request until the conclusion of the proceedings, the applicant must fully, continuously, and diligently cooperate with the Markets and Competition Agency.

The applicant must not have destroyed, falsified, or hidden evidence related to the reported conduct.

The applicant must not have disclosed their intention to apply for this benefit except to other competition authorities.

b) Reduction:

An applicant who does not meet the requirements in point a may still receive a reduction ranging from fifty percent (50%) to twenty percent (20%) of the maximum sanction that would have otherwise been imposed according to Article 124(b) when providing additional evidence to the investigation beyond what the Markets and Competition Agency already possesses and meeting the remaining requirements as outlined in this article. To determine the amount of the reduction, the Markets and Competition Agency, and the Competition Defense Tribunal will consider the chronological order of the request and the quality of the evidence provided.

c) Additional benefit:

A natural or legal person unable to meet the requirements set out in points a and b for the reported conduct but who reports a second and different anticompetitive conduct listed in Article 72 of this law during the investigation thereof and meets the requirements concerning this new conduct as outlined in point a above, shall be granted - besides the exemption from sanctions established in this law regarding this second conduct - a reduction of one-third (1/3) of the sanction or fine that would have otherwise been imposed for that conduct.

Their participation in the first conduct.

Article 130

The regulations will establish the procedure by which the Markets and Competition Agency shall analyze and grant, subject to the Competition Defense Tribunal's approval, requests for one of the benefits provided in this Chapter.

If the Competition Defense Tribunal finds the reported conduct based on the evidence provided by an applicant, it cannot impose any of the sanctions provided in Article 124 on the beneficiary of an exemption identified by the Markets and Competition Agency, nor impose a fine greater than that requested by the Markets and Competition Agency on the beneficiary of a reduction.

Article 131

The Markets and Competition Agency and the Competition Defense Tribunal shall keep confidential the identity of those seeking benefits under this Chapter.

The competent judges in judicial proceedings that may arise from non-compliance with the rules of this Title cannot order the display of statements, acknowledgments, information, or other means of evidence provided to the Market and Competition Agency by natural or legal persons who have formally applied for benefits under this article.

In cases where the Markets and Competition Agency or the Competition Defense Tribunal rejects an application for a benefit provided in this chapter, the application cannot be construed as an admission or confession by the applicant of the illegality of the reported conduct or the factual issues described.

The information and evidence provided in the context of a rejected application cannot be used by the Markets and Competition Agency or the Competition Defense Tribunal, nor can rejected applications be disclosed.

Article 132

The application for an exemption or reduction of sanctions or fines cannot be jointly made by two (2) or more participants in the reported conduct.

Those who benefit from the leniency program established under this law, following a resolution by the Competition Defense Tribunal confirming their compliance with the terms set out in the provisions of this Chapter, shall be exempt from the sanctions provided for in Articles 300 and 309 of the National Criminal Code and any imprisonment sanctions that may apply for engaging in anticompetitive conduct.

Chapter X.

About compensation for damages

Article 133

Individuals or legal entities harmed by acts prohibited by this law may file a claim for damages in accordance with the common law rules before the competent court in that matter.

The Competition Defense Tribunal's decision on the violation of this law, once final, shall have res judicata on this matter. The action for damages that arises from the final decision issued by the Competition Defense Tribunal under the application of this law shall be processed according to the summary procedure established in Chapter II of Title III of the Second Book of the Civil and Commercial Procedure Code of the Nation. The competent judge, when ruling on the compensation for damages, shall base their decision on the behaviors, facts, and legal qualification thereof established in the Competition Defense Tribunal's decision issued under the application of this law.

Individuals who fail to comply with the rules of this Title, at the request of the aggrieved party, may be subject to civil fines payable to the aggrieved party to be determined by the competent judge and shall be graduated based on the seriousness of the act and other circumstances of the case, irrespective of other sanctions.

Corresponding indemnities

Article 134

If more than one person is responsible for non-compliance, they shall jointly respond to the aggrieved party, without prejudice to any recourse actions to which they may be entitled. Depending on the situation, those natural or legal persons who benefit from the leniency program established under Chapter IX of Title VII of this law, following a resolution by the Competition Defense Tribunal confirming their compliance with the terms established in said Chapter IX, may be excused or have their responsibility to compensate for damages specified in this Chapter reduced.

Chapter XI - Appeals

Article 135

Resolutions issued by the Competition Defense Tribunal may be subject to an appeal if they:
a) impose sanctions;
b) require the cessation or abstention of conduct under Article 124 of this law;
c) establish opposition or conditioning regarding acts provided in Chapter IV of Title VII of this law;
d) dismiss a report;
e) reject an application for the Leniency Regime established under Chapter IX of Title VII of this law;
f) are issued under Article 118 of this law;
g) cause irreparable harm to the appellant.

Article 136

The Markets and Competition Agency may appeal against resolutions of the Competition Defense Tribunal absolving the application of the sanctions contemplated in Article 124.

Article 137

The appeal must be filed and substantiated before the Competition Defense Tribunal within thirty (30) business days of the notification of the resolution. The Competition Defense Tribunal will send the respective appeal to the Markets and Competition Agency, or to the investigated parties in the case provided for in the preceding paragraph, for the same period, after which it must submit the appeal with its response to the competent court within five (5) days, accompanied by the file in which the contested resolution was issued. Under no circumstances shall the Competition Defense Tribunal rule on the admissibility of the appeal. The appeal shall be processed before the National Chamber of Appeals in Civil and Commercial Matters Federal located in the Autonomous City of Buenos Aires, or before the corresponding Federal Chamber in the interior of the country. Appeals filed against pecuniary sanctions shall be granted with suspensive effect, and the rest shall be granted with devolutive effect. In cases where the Markets and Competition Agency considers that the enforcement of the sanction may be at risk due to the possible insolvency of the sanctioned party, it may request a precautionary measure in court, in the terms of Article 16 of Law No. 26.854.

Chapter XII - Prescription

Article 138

Actions arising from the infringements provided for in this Title prescribe within five (5) years from the commission of the infringement. In cases of continuous conduct, the period shall begin to run from the moment when the anticompetitive conduct under analysis ceased. For the action for damages provided for in Article 132 of this law, the prescription period, as appropriate, shall be:
a) three (3) years from (i) the commission or cessation of the infringement or (ii) when the aggrieved party becomes aware or could reasonably be aware of the act or conduct constituting an infringement of this Title, which caused them harm; or
b) two (2) years from when the sanctioning decision of the Competition Defense Tribunal became final.

Article 139

The prescription periods for the action shall be interrupted by:
a) the complaint;
b) the commission of another act sanctioned by this law.

c) the submission of the application for the benefit of exemption or reduction of the fine provided for in Article 128;

d) the transfer of Article 112; and

e) the charge set forth in Article 115.

The penalty prescribes after five (5) years from the firm imposition of the sanction.
For the action for damages and losses set forth in Article 133 of this law, the prescription periods shall be suspended when the Markets and Competition Agency initiates the investigation or procedure related to an infringement that may be related to the claim for damages. The suspension of the periods shall end when the resolution of the Competition Defense Tribunal becomes final or when the procedure is otherwise concluded.

Chapter XIII.

Final Provisions

ARTICLE 140.- The provisions of the National Criminal Code and the National Criminal Procedure Code shall apply subsidiarily to cases not provided for in this Title, to the extent that they are compatible with the provisions hereof. The provisions of Law No. 19.549 shall not apply to matters governed by this Title.

ARTICLE 141.- Laws No. 22.262, 25.156, and 27.442 shall be repealed, as well as Articles 65 to 69 of Title IV of Law No. 26.993. The references to Law No. 25.156 provided for under Articles 45 and 51 of Law No. 26.993 shall be eliminated. Notwithstanding, the enforcing authority of those laws shall remain in force, with all the powers and attributions, including the sanctioning ones, granted by this law to the Markets and Competition Agency and the Competition Defense Tribunal, and shall continue to process the cases and proceedings that were open on the date of entry into force of this law until the establishment and operation of the Markets and Competition Agency and the Competition Defense Tribunal. Once the Markets and Competition Agency and the Competition Defense Tribunal are established and in operation, the cases shall continue their process before them.

ARTICLE 142.- The regulation shall establish the conditions under which the processing of the files initiated under the terms of Chapter II of Law No. 25.156 shall continue.

ARTICLE 143.- Any competence related to the subject matter of this Title granted to other state bodies or entities is repealed, with the exception of what is provided for in Article 141 of this law.

ARTICLE 144.- For the purposes of this Title, the mobile unit shall be defined as a unit of account. The initial value of the mobile unit is set at eight hundred and fifty (850) pesos and shall be automatically updated every year using the variation of the Consumer Price Index (CPI) published by the National Institute of Statistics and Censuses (INDEC) or the official inflation indicator that replaces it in the future. The update shall take place on the last business day of each year, entering into force from the moment of its publication. The Markets and Competition Agency shall publish the updated value of the mobile unit on its website.

For all purposes, this Mobile Unit shall follow on from Law No. 27.442 and therefore be applicable to Decree No. 274/2019 and any other rule that refers to it.

ARTICLE 145.- The first and second paragraphs of Article 78 of this law shall enter into force after ninety (90) days have passed since the appointment of the first secretary of the Markets and Competition Agency.

TITLE VIII

Energy

Chapter I.

Hydrocarbons. Amendments to Law No. 17.319

ARTICLE 146.- Article 2 of Law No. 17.319 is replaced by the following:

"ARTICLE 2. Activities related to the exploitation, processing, transportation, storage, industrialization, and commercialization of hydrocarbons shall be the responsibility of state, private, or mixed companies, in accordance with the provisions of this law and the regulations issued by the National Executive Branch."

ARTICLE 147: Article 3 of Law No. 17.319 is replaced by the following:

"ARTICLE 3: The national Executive Branch shall establish the national policy regarding the activities mentioned in Article 2, having as main objectives, in addition to those provided for in Article 3 of Law 26.741, to maximize the income obtained from the exploitation of resources and meet the country's hydrocarbon needs."

ARTICLE 148: Article 4 of Law No. 17.319 is replaced by the following:

"ARTICLE 4: The national or provincial Executive Branch, as appropriate, may grant exploration permits and exploitation concessions, transportation and storage authorizations, and hydrocarbon processing permits, with the requirements and conditions determined by this law."

ARTICLE 149: Article 5 of Law No. 17.319 is replaced by the following:

"ARTICLE 5: Holders of permits, concessions, and authorizations, without prejudice to compliance with other applicable provisions, shall establish domiciles in the Republic and must have adequate financial solvency and technical capacity to carry out the tasks inherent to the right granted. Additionally, they shall bear exclusively the risks inherent to the mining activity."

ARTICLE 150: Article 6 of Law No. 17.319 is replaced by the following:

"ARTICLE 6: Permit holders and concessionaires shall have ownership of the hydrocarbons they extract and, consequently, may transport, market, industrialize, and commercialize their derivatives freely, in accordance with the regulations issued by the national Executive Branch. The national Executive Branch may not intervene or set market internal selling prices for any of the activities mentioned in the preceding paragraph. Permit holders, concessionaires, refiners, and/or marketers may export hydrocarbons and/or their derivatives freely, subject to the non-objection of the Ministry of Energy. The effective exercise of this right shall be subject to the regulations issued by the national Executive Branch, which, among other aspects, shall consider: (i) the usual requirements related to access to technically proven resources; and (ii) that the eventual objection of the Ministry of Energy may only be made within thirty (30) days after being informed of the exports to be made, and must be based on technical or economic reasons related to supply security. After this period, the Ministry of Energy may not raise any objections."

ARTICLE 151: Article 7 of Law 17.319 is replaced by the following:

"ARTICLE 7: International trade of hydrocarbons shall be free. The national Executive Branch shall establish the regime for the import and export of hydrocarbons and their derivatives, ensuring compliance with the objective set forth in Article 3 and that established in Article 6."

ARTICLE 152: Article 12 of Law No. 17.319 is replaced by the following:

"ARTICLE 12: The national and provincial states have the right to receive a share of the proceeds from the exploitation of hydrocarbon fields within their jurisdiction by state, private, or mixed companies, in accordance with Articles 59, 61, and 93."

ARTICLE 153: Article 14 of Law No. 17.319 is replaced by the following:

"ARTICLE 14: Any legally capable person may conduct surface surveys in search of hydrocarbons in the territory of the Republic, including its continental shelf, with the exception of areas covered by exploration permits or exploitation concessions, and those in which the national or provincial Executive Branch, as appropriate, expressly prohibits such activity. The surface survey does not entail any rights regarding the...

Activities referred to in Article 2 and the recourse against the national or provincial State for sums invested in said survey.

Interested parties must obtain prior authorization from the surface owner to carry out such activities and shall be responsible for any damages caused.

Article 154

Article 19 of Law No. 17.319 is replaced by the following:

"ARTICLE 19.- The exploration permit authorizes the conduct of works with the limitations established by the Mining Code in its Articles 32 and following regarding the places where such works shall be conducted.

The permit also authorizes the construction and use of transportation and communication routes and buildings or facilities required, all in accordance with the provisions set forth in Title III and other applicable provisions."

Article 155

Article 21 of Law No. 17.319 is replaced by the following:

"ARTICLE 21. — The permit holder who discovers hydrocarbons must, within thirty (30) days, under penalty of incurring the sanctions established in Title VII, report the find to the enforcing authority. They may dispose of the products extracted during exploratory works, but until they comply with what is required in Article 22, they shall not be authorized to proceed with the exploitation of the field.

Hydrocarbons extracted during exploration shall be subject to the payment of the royalty committed in the award process, with the exception provided for in Article 63."

Article 156

Article 27 bis of Law No. 17.319 is replaced by the following:

"ARTICLE 27 bis.- Unconventional Exploitation of Hydrocarbons is understood as the extraction of liquid and/or gaseous hydrocarbons using unconventional stimulation techniques applied in deposits located in geological formations of shale or slate rocks (shale gas or shale oil), compact sandstones (tight sands, tight gas, tight oil), coal beds (coal bed methane), and/or characterized, in general, by the presence of low-permeability rocks.

The exploitation concessionaire, within the concession area, may request the subdivision of the area and its conversion from conventional to unconventional. Such request must be based on the development of a pilot plan that, in accordance with acceptable technical-economic criteria, aims at the commercial exploitation of the discovered deposit, with said request being the subject of the concession to be granted; and may only be made until December 31, 2028. After this deadline, no further conversion requests shall be accepted.

The national or provincial Implementing Authority, as appropriate, shall decide within sixty (60) days. Once the conversion request is approved, the term of the converted concession shall be a one-time period of thirty-five (35) years counted from the date of the request.

It is established that the new Unconventional Hydrocarbons Exploitation Concession shall aim at the Unconventional Exploitation of Hydrocarbons. Nevertheless, the holder may carry out complementary activities of conventional hydrocarbons exploitation, within the framework of Article 30 and related provisions of this law.

Holders of an Unconventional Hydrocarbons Exploitation Concession, who are also holders of an adjacent and pre-existing exploitation concession, may request the unification of both areas as a single unconventional exploitation concession, provided that they can demonstrate the geological continuity of said areas. Such request must be based on the pilot plan development in the preceding paragraph and shall entail payments to the National or Provincial State, as appropriate, corresponding to the area with the highest number of requirements and the shorter concession period.

The concession corresponding to the area previously concessioned and not affected by the new Unconventional Hydrocarbons Exploitation Concession shall remain in force for the terms and conditions existing at the time of the concession, in accordance with the provisions of the last paragraph of Article 35 of this law, and the Granting Authority shall adjust the respective title to the resulting extension from the subdivision.

ARTICLE 157: Article 28 of Law No. 17.319 is replaced by the following:

"ARTICLE 28 - The holder of an exploitation concession shall have the right to a transportation authorization for their hydrocarbons, subject to what is determined in Section 4a. of this Title."

ARTICLE 158: Article 29 of Law No. 17.319 is replaced by the following:

"ARTICLE 29 - Exploitation concessions shall be granted, as appropriate, by the national or provincial Executive Branch to individuals exercising the right granted by Article 17, complying with the formalities set forth in Article 22 of this Law. The national or provincial Executive Branch may also grant exploitation concessions over proven areas whose concessions have expired or those that have been left without a concessionaire for any reason, to those who meet the requirements and follow the procedures specified by Section 5 of this Title. To do so, they must follow the guidelines set forth in this law. This concession modality does not guarantee the existence of commercially exploitable hydrocarbons in such areas. The national or provincial Executive Branch, as appropriate, shall also grant Unconventional Hydrocarbons Exploitation Concessions in accordance with the requirements set forth in Articles 27 and 27 bis of this Law."

ARTICLE 159: Article 31 of Law No. 17.319 is replaced by the following:

Article 31 - Every exploitation concessionaire is obliged to make, within reasonable timeframes, the necessary investments for the execution of the work required by the development of every area covered by the concession, according to the most rational and efficient techniques and in correspondence with the characteristic and magnitude of the proven reserves.

Article 160: Replace article 35 of Law No. 17,319 with the following:
"Article 35 - According to the following classification, exploitation concessions will have the following established terms, which will be counted from the date of the granting resolution, plus any additional terms resulting from the application of article 23 of this Law:

• Conventional hydrocarbon exploitation concession: twenty-five (25) years.
• Unconventional Hydrocarbon Exploitation concession: thirty-five (35) years.
• Continental shelf and territorial sea exploitation concession: thirty (30) years.
  In new concessions, the national or provincial Executive Branch, as appropriate, when defining the bidding terms and conditions in accordance with article 47, may establish other terms of up to ten (10) years as a maximum of the terms provided in paragraphs a), b), and c) of this article, in a reasoned and motivated manner justifying their deviation. In no case can the terms be set in perpetuity. Exploitation concessions and transportation concessions granted prior to the enactment of this law will continue to be governed until their expiration by the terms established by the existing legal framework as of the approval date of this law."

Article 161: Replace the title of Section 4 of Law No. 17,319 with the following: "Section 4: Authorizations for transportation and underground processing and storage permits."

Article 162: Replace article 39 of Law No. 17,319 with the following:
"Article 39 - Transport authorizations grant the right to transport hydrocarbons and their derivatives by means requiring permanent installations, being able to construct and operate for this purpose pipelines, gas pipelines, fuel pipelines, storage and pumping or compression plants; port, road and rail works; aviation infrastructures and other necessary facilities and accessories for the proper functioning of the system in compliance with applicable general legislation and technical standards."

Article 163: Replace article 40 of Law No. 17,319 with the following:
"Article 40: Transportation authorizations will be granted by the national or provincial Executive Branch, as appropriate, to individuals who meet the requirements set forth in article 5 of this law. The national Enforcement Authority will maintain a register of those authorized to transport and those authorized to process hydrocarbons.

Exploitation concessionaires who, exercising the right granted by article 28, carry out the construction of permanent works for the transportation of hydrocarbons beyond the limits of any of the granted lots, will be required to obtain a transportation authorization, subject to the respective conditions and requirements, compliance with which will be verified by the enforcement authority.

If the aforementioned permanent facilities do not exceed the limits of any of the lots of the concession, such authorization will be optional and will be granted under the same conditions as the exploitation concession."

The holders of projects and/or facilities for conditioning, separation, fractionation, liquefaction, and/or any other industrialization process of hydrocarbons may request a hydrocarbon transportation authorization to their industrialization facilities and from them to further industrialization or commercialization centers and/or facilities. These authorizations will not be subject to terms.

Article 164: Replace article 41 of Law No. 17,319 with the following:
"Article 41: The authorizations referred to in this section granted to exploitation concessionaires who have exercised the right conferred by article 28 will be granted and renewed for periods equivalent to those granted for the exploitation concessions related to the transportation authorizations. Upon expiration of these periods, the facilities will become the property of the national or provincial State, as appropriate, without charge or encumbrance and as a matter of right.

Regarding the assignment of a transportation authorization granted in accordance with the preceding paragraph, the authorized individuals may request extensions for a duration of ten (10) years each, provided that they have fulfilled their obligations and are transporting hydrocarbons at the time of requesting the extension.

Transport concessions granted prior to the approval of this law will be governed by the terms and conditions of their granting.

The permits referred to in this section granted to the holders of projects and/or facilities for conditioning, separation, fractionation, liquefaction, and/or any other industrialization process of hydrocarbons will not be subject to terms.

Article 165: Replace article 42 of Law No. 17,319 with the following:
"Article 42: The transportation authorizations and processing permits in no case imply an exclusive right for the activity performer."

Article 166: Replace article 43 of Law No. 17,319 with the following:
"Article 43: As long as the facilities have available capacity and there are no technical reasons preventing it, authorized individuals are obliged to transport the hydrocarbons of third parties without discrimination of persons and at the same price as...
-In similar circumstances, if a person holds transport capacity but does not use it, it must be made available to third parties for use, but always subject to the needs of the authorized transport entity. Transport authorized individuals may not carry out acts implying unfair competition or abuse of their dominant position in the market.

Individuals authorized to process hydrocarbons must process the hydrocarbons of third parties up to a maximum of five percent (5%) of the capacity of their facilities provided that it does not compromise the process safety, that the parties agree on the service to be provided, and that the requester bears the costs associated with connecting to the plant. This percentage may be increased (i) by mutual agreement at any time; (ii) by the Enforcement Authority after four (4) years from the commercial habilitation of the plant, and in case the plant's remaining or idle capacity persists. In the case of liquid fuel processing plants, the processing service will include the storage service.

The provisions of this article will not apply to process units within refining complexes and their related storage facilities, to natural gas liquefaction plants, or to hydrocarbon transportation authorizations granted to the holders of such liquefaction plants as provided in the last paragraph of article 40. The national or provincial Enforcement Authority, as appropriate, will establish coordination and complementation rules for the transportation systems."

**Article 167: Replaces article 44 of Law No. 17,319 with the following:
"Article 44: In all matters not expressly provided for in this Law and its regulations, or in the authorization acts, regarding the transportation of hydrocarbon fluids on behalf of third parties, the rules governing transportation will apply."

**Article 168: Insert, after article 44 of Law No. 17,319, Section 4 bis "Underground Storage."
Insert as Article 44 bis of Law No. 17,319, the following text:
"Article 44 bis: Authorizations for underground storage of natural gas confer the right to store natural gas in depleted hydrocarbon natural reservoirs, including the process of gas injection, deposition, and withdrawal. They may be granted in:
a) Areas subject to exploration permits and/or own exploitation concessions.
b) Areas subject to exploration permits and/or exploitation concessions of third parties, with their authorization before the Enforcement Authority.
c) Areas that, having been productive, are no longer subject to exploration permits and/or exploitation concessions.
Any other project for underground storage of natural gas not falling under the aforementioned cases will not require authorization under this law.

The Executive Branch may grant authorization for underground natural gas storage to any individual who: (i) meets the requirements of technical experience and financial capacity, (ii) has the consent of the holder of the exploration permit and/or the exploitation concession in whose area the natural reservoir to be used for storage is located; and (iii) undertakes to build at their own cost and risk the necessary facilities to carry out the storage activity.

Storage authorizations will not be subject to terms. Holders of an authorization for underground natural gas storage may request a hydrocarbon transportation authorization to their storage facilities and from there to the transportation system, which will also not be subject to terms.

Authorized individuals are not required to store third-party natural gas and have the freedom to carry out the activity for their benefit or for third parties, and to freely agree on prices for the sale of stored natural gas and for the storage service, including reserving their capacity.
The authorization for underground natural gas storage will not be subject to the payment of exploitation fees and similar charges for the granting of these authorizations through provincial regulations. Natural gas used in underground storage will only pay royalties upon its first commercialization in the terms of article 59 of Law No. 17,319 and its amendments. In the case of own natural gas storage, royalties will be paid at basin entry prices (PIST) average at the time of its production before storage."

**Article 169: Replace article 45 of Law No. 17,319 with the following:
"Article 45: Without prejudice to the provisions of articles 17, 22, and 27 bis of this Law, exploration permits and exploitation concessions regulated by this law will be awarded through tenders in which any individual meeting the conditions established in article 5 of this Law and fulfilling the requirements set forth in this section may submit offers."

**Article 170: Replace article 47 of Law No. 17,319 with the following:
"Article 47: Once the call for tender is made in any of the procedures considered by article 46, the national or provincial Enforcement Authority, as appropriate, will draft the respective specifications based on the model specification prepared among the Enforcement Authorities of the provinces and the Secretary of Energy of the Nation, which will include illustrative conditions and guarantees to which the offers must comply, as well as the minimum investments necessary to be committed by the awardee, and other conditions and guarantees to be met by the offers. Likewise, the model specifications will establish adjustment mechanisms for royalties that are considered convenient, which may consider for their formulation all investments made, income earned and operational expenses incurred, among other variables.

The evaluation of offers will take into account the total value of the project, including the offered royalties, committed investments, and associated production as established in the respective specification.

Bidders will compete on the royalty value on a base value of fifteen percent (15%), which will govern the project at any stage. The royalty to be offered will be identified as fifteen percent (15%) + "X." This term "X" will be set at a percentage (%) at the exclusive choice of the bidder, which may be negative.

The tender must be publicized for no less than ten (10) days in locations and through national and international media deemed suitable to ensure its widest possible knowledge, seeking the broadest participation possible, and must necessarily include the Official Gazette. Publications will be made at least sixty (60) days in advance of the deadline for the submission of offers."

**Article 171: Insert article 47 bis of Law No. 17,319 as follows:
"Article 47 bis: Existing exploitation concessions, upon their expiration, may not be awarded without a new bidding process. The corresponding tender may be carried out with a minimum lead time of one (1) year before their expiration.

If the tender to be carried out will aim at the granting of exploitation concessions of production areas, the bidding terms and conditions may establish the value.

ARTICLE 58: The exploitation concessionaire shall pay annually and in advance to the national or provincial Executive branch, as applicable, the equivalent amount in pesos of ten (10) barrels of oil per square kilometer or fraction covered by the area.

ARTICLE 176: Article 58 bis of Law No. 17,319 is hereby replaced by the following:

"ARTICLE 58 bis: The fees to be paid, as established in articles 57 and 58 of this law, shall be adjusted based on the average price of a barrel of oil, using the 'ICE Brent Primera Línea' quotation. This average price shall correspond to that observed during the first half of the previous year to the one being settled.

The exchange rate to be used for fee settlement shall be the U.S. dollar selling rate of Banco de la Nación Argentina in effect on the business day prior to effective payment."

ARTICLE 177: Article 59 of Law No. 17,319 is hereby replaced by the following:

"ARTICLE 59: The exploitation concessionaire shall pay monthly to the Grantor, as royalty on the produced and effectively utilized liquid and gaseous hydrocarbons, a percentage equivalent to that determined in the bidding process.

For contracts in force as of the date of this law, the royalty shall be the one agreed upon with the national or provincial Executive branch, as applicable.

Payment in kind of this royalty shall only proceed when the concessionaire is assured of a reasonable permanence of reception.

In both cases, the national or provincial Executive branch, as applicable, may reduce it up to five percent (5%) taking into account productivity, conditions, and location of the wells.

The royalty rates provided in this article shall be the only income mechanism on hydrocarbon production to be received by the jurisdictions holding ownership of hydrocarbons as Grantors."

ARTICLE 178: Article 61 of Law No. 17,319 is hereby replaced by the following:

"ARTICLE 61: The cash payment of the royalty shall be made in accordance with the value of the hydrocarbons at the wellhead, which shall be declared monthly by the permit holder and/or concessionaire, subtracting from the value established according to the rules set out in section c), subsection I of article 56°, the product's freight to the place chosen as the basis for determining its commercial value. When the national or provincial Implementation Authority, as applicable, considers that the sale price reported by the permit holder and/or concessionaire does not reflect the real market price, they shall raise relevant objections."

ARTICLE 179: Article 66 of Law No. 17,319 is hereby replaced by the following:

"ARTICLE 66: Permit holders, concessionaires, and authorized parties established based on Sections 2a, 3a, 4a, 4a Bis of Title II of this law shall have the rights granted by the Mining Code in articles 42° and following, 48° and following, and related, to the state or private properties located within or outside the boundaries of the area affected by their activities.

The relevant procedures shall be carried out through the implementing authority, and the resolutions adopted shall be communicated to the jurisdictional mining authorities, as applicable.

The owner's opposition to or disagreement with the occupation itself or the indemnities set shall, in no case, be sufficient cause to suspend or prevent the authorized works, provided that the permit holder, authorized party, or concessionaire adequately guarantees potential damages."

ARTICLE 180: Article 67 of Law No. 17,319 is hereby replaced by the following:

"ARTICLE 67: The same rights shall be granted to permit holders, concessionaires, and authorized parties whose areas are covered by waters of seas, rivers, lakes, or lagoons, regarding coastal lands adjacent to those areas or to the nearest coast, for the establishment of docks, warehouses, offices, communication and transport routes, and other installations necessary for the successful execution of the works."

ARTICLE 181: Article 69 of Law No. 17,319 is hereby replaced by the following:

"ARTICLE 69: The obligations of permit holders, concessionaires, and authorized parties, notwithstanding those established in Title II:

a) carry out all works assigned to them by this law, observing the most modern, rational, and efficient techniques;
b) take all necessary measures to prevent damages to the oil fields due to drilling, operation, conservation, or abandonment of wells, immediately reporting any relevant developments to the national or provincial Implementation Authority, as applicable;
c) avoid any waste of hydrocarbons; if the loss is due to fault or negligence, the permit holder or concessionaire shall be liable for damages to the state or third parties;
d) implement the security measures recommended by accepted practices in order to prevent accidents of all kinds, immediately reporting to the national or provincial Implementation Authority, as applicable, any that may occur; take necessary measures to prevent or reduce damages to agricultural, fishing, and communication activities, as well as to water tables encountered during drilling; comply with the applicable national, provincial, and municipal legal and regulatory standards."

ARTICLE 182: Article 70 of Law No. 17,319 is hereby replaced by the following:

"ARTICLE 70: Permit holders, concessionaires, and authorized parties shall provide the national or provincial Implementation Authority, as applicable, with the primary information regarding their works in the manner and time frame determined by the authority, as well as any other information necessary for it to fulfill the functions assigned by this law".

ARTICLE 183: Article 71 of Law No. 17,319 is hereby replaced by the following:

"ARTICLE 71: Those conducting works governed by this law shall preferentially consider the employment of Argentine citizens at all levels of activity, including managerial positions, especially residents in the region where such works are carried out. The proportion of national citizens relative to the total staff employed by each permit holder, concessionaire, or authorized party shall not be less than seventy-five percent (75%) in any case, to be reached within the time frames set forth in the regulations or provisions. They shall also train the personnel under their authority in the specific techniques of their respective activities."

This is a partial translation of the specified Spanish text. Let me know if you need more sections translated.

Article 195

Article 98 of Law No. 17,319 is hereby replaced with the following: "ARTICLE 98: It is within the power of the national or provincial Executive Branch, as appropriate, to decide on the following matters within its jurisdiction: a) determine the areas of the country in which it is of interest to promote activities governed by this law; b) grant permits, concessions, and authorizations; and authorize their transfers; c) establish arbitral solutions and appoint arbitrators; d) annul competitions; e) determine the areas prohibited from surface recognition; f) establish compensations recognized to surface owners; g) declare the expiry or nullity of permits, concessions, and authorizations. The national or provincial Executive Branch, as appropriate, may delegate to the enforcement authority the exercise of the powers listed in this article, to the extent indicated in the respective delegation."

Article 196

Article 100 of Law No. 17,319 is hereby replaced with the following: "ARTICLE 100: Permit holders, concessionaires, and authorized parties must compensate surface owners for damages caused to the affected lands by their activities. Interested parties may demand judicially the determination of the respective amounts or accept —by mutual agreement and in an optional and exclusive manner— those determined or to be determined by the Executive Branch on a zonal basis without the need for any evidence from said property owners."

Article 197

The following articles of Law No. 17,319 are hereby repealed: 11, 13, 15, 51, 91, 96, 101, 103, and 104.

Chapter II

Natural gas. Amendments to No. 24,076

Article 198

The following shall replace Article 3 of Law No. 24,076:
"Article 3: Imports of natural gas are authorized without the need for prior approval. The exports of natural gas shall be regulated by the national Executive Power in accordance with Article 6 of Law No. 17,319."

Article 199

The following shall be incorporated as Article 3 bis of Law No. 24,076:
"Article 3b: The exports of Liquefied Natural Gas (LNG) must be authorized by the Secretary of Energy of the Nation within a period of one hundred and twenty (120) days upon receipt of the application in accordance with the regulations issued by the national Executive Power, which will establish the conditions that applicants must meet as well as the investments and hydrocarbon development projects that allow the production of the required amounts of natural gas to supply the liquefaction projects of natural gas intended mainly for LNG export..."

(Continues with specific regulations and procedures regarding LNG exports)

Please let me know if you would like a translation of specific sections or have any other requests!

Chapter I

Vehicles of Unique Project (VPU) holders of one or more phases of a project that qualifies as a "Grand Investment" may request to join the RIGI. The VPU must have the sole purpose of carrying out one or more phases of a single investment project admitted in the RIGI. Therefore, VPUs should not engage in activities or own assets not related to that project, except for temporary investments for working capital that are necessary for prudent fund management. The following entities will be considered as VPUs: a) joint-stock companies, including single-member joint-stock companies and limited liability companies; b) branches established by companies incorporated abroad in accordance with Article 118 of the General Companies Law; c) Dedicated Branches as provided in Article 215 of this law; and d) temporary unions and other associative contracts.

The holders of concessions related to the execution and/or operation of infrastructure works and/or provision, operation, and/or administration of services, when competing with other dealerships, operators, or providers at the local or regional level, can join the RIGI if they present an investment plan qualifying as a Grand Investment under this regime and meet the remaining requirements and conditions for inclusion in the RIGI.

Article 215

In cases where a joint-stock company, a limited liability company, or a branch of a foreign company wishes to join the RIGI and carry out activities unrelated to the investment project or own assets unaffected by the project, it may choose to establish a branch solely for its accession. This branch must meet the following requirements:

a) be registered in the Public Register corresponding to its registered office;

b) obtain a Unique Tax Identification Code and independently register for taxes related to its activities, regardless of the parent company it belongs to;

c) have assigned capital;

d) designate the development of the investment project, for which inclusion in the RIGI will be requested, as its sole purpose;

e) assign only assets, liabilities, and personnel affected by said investment project;

f) maintain separate accounts from the parent company.

Joining the RIGI and the incentives included therein will only apply to this branch.

Article 216

Those forming and integrating a VPU at the time of accession and/or when the Application Authority must approve the investment plan, in accordance with Article 222 of this law, may not request inclusion in the RIGI if they meet one or more of the following requirements:

a) individuals convicted by final judgment of any crime under Law No. 27.401, or whose partners or shareholders are in this situation;

b) those declared bankrupt under Laws No. 19.551 and 24.522 and their amendments, as appropriate;

c) individuals convicted by final judgment under Laws No. 23.771 or 24.769 and their amendments or under the Tax Criminal Regime of Title IX of Law No. 27.430 and its amendments, or under Title I, Section XII of the Customs Code (Law 22.415 and its amendments), or under the Foreign Exchange Criminal Regime of Law No. 19.359 (cf. Decree 480/95 and its amendments), as appropriate;

d) entities with firm, due, and unpaid fiscal, customs, or social security debts;

e) legal entities in which, as appropriate, their partners, administrators, directors, legal representatives, syndics, members of the supervisory board, or those holding equivalent positions therein, have been convicted by final judgment under Laws No. 23.771 and 24.769 and their amendments or under the Tax Criminal Regime of Title IX of Law No. 27.430 and its amendments, or under Title I, Section XII of the Customs Code (Law 22.415 and its amendments), or under the Foreign Exchange Criminal Regime of Law No. 19.359 (cf. Decree 480/95 and its amendments), as appropriate;

f) those who are not holders or operators of a project corresponding to the RIGI; and

g) those who do not have a structure aligning with the VPU.

Chapter III

Requirements and Conditions for Inclusion in the RIGI. Investment Plan. Procedures and Effects

Article 217

For the purposes stated herein, "Grand Investments" refer to projects that involve the acquisition, production, construction, and/or development of assets for activities meeting the following conditions:

a) featuring an investment amount per project in countable assets equal to or greater than the minimum investment amount specified in the first paragraph of Article 218, with said minimum investment amount to be completed before the deadline indicated in the investment plan; and

b) anticipating, for the first and second year from the date of plan approval and accession request, the fulfillment of a minimum investment in countable assets equal to or greater than that provided in the second paragraph of Article 218.

Additionally, for the guarantees under this regime, investments must have a long-term nature. They will be considered long-term as long as they have a ratio not exceeding thirty percent (30%) between, on one hand, the present value of the expected net cash flow excluding investments over the first three years from the first capital disbursement and, on the other hand, the net present value of the planned capital investments during the same period.

The Application Authority may modify this ratio, simultaneously for all sectors involved, provided that with this modification, the regime maintains the purpose of providing stability guarantees only to long-maturity investments.

Projects that could result in positioning Argentina as a new long-term provider in global markets where it does not currently have a presence, according to the requirements established by the regulations and involving capital disbursements in successive stages with a minimum investment in countable assets per stage equal to or exceeding one billion US dollars (USD 1,000,000,000.-), may be qualified as Strategic Long-Term Exports by the Application Authority upon approval, and in such case, will enjoy the benefits and guarantees provided for in this regime for the specific periods and conditions set for this type of projects in this law and its regulatory provisions.

The regulation may set differential conditions regarding the requirements for projects qualified as Strategic Long-Term Exports based on their specific characteristics.

Meeting the conditions provided in this Title, as well as those established by regulation, is essential for qualification and permanence in the RIGI.

Article 218 - For the purposes of subsection a) of Article 217, the minimum investment amount in countable assets will be at least two hundred million US dollars (USD 200,000,000.-). The national Executive Branch may set different minimum investment amounts in countable assets by productive sector exceeding two hundred million US dollars (USD 200,000,000). In no case can the minimum amount set by the national Executive Branch exceed nine hundred million US dollars (USD 900,000,000.-), regardless of the sector involved.

For the purposes of subsection b) of Article 217, the national Executive Branch shall establish the percentage of the minimum investment amount referred to in the previous paragraph to be completed during the first and second years from the notification date of the administrative act approving the accession request and the investment plan submitted.

This percentage may differ for each of the first two years but must be sufficient to reach at least forty percent (40%) of the minimum investment amount as a condition for remaining in the RIGI.

Article 219 - For the purposes of Articles 217 and 218, investments in countable assets will be considered all those carried out from the entry into force of the RIGI and destined for the acquisition, production, construction, and/or development of assets related to activities included in the RIGI for the development of a Project owned by an adhered VPU, excluding financial assets and/or portfolio assets and inventory.

The acquisition of shares, stocks, and/or ownership interests may be considered countable assets as long as the following conditions are met:

a) the acquired companies have countable assets as provided in this article; and

b) the acquired company merges with the VPU within a period of 180 consecutive days. In these cases, the investment to be counted will be taken in a proportion equivalent to the percentage representing the countable assets existing in the acquired company concerning its total assets.

Investments made after the entry into force of the RIGI, and even before the VPU's accession to the RIGI, consisting of:

a) the acquisition by investors of shares, stocks, and/or ownership interests of a VPU, provided that said VPU includes countable assets as provided in this article. In these cases, the investment to be counted will be taken in a proportion equivalent to the percentage representing the countable assets existing in the acquired VPU concerning its total assets;

b) the allocation of assets described in this article to a Dedicated Branch for its establishment, registration, and accession to the RIGI, as provided in subparagraph a), point (iii) of Article 240.

For the fulfillment of the minimum investment amount provided in Article 218, investments in the acquisition or allocation of the assets indicated below can only be counted jointly, up to a maximum of fifteen percent (15%) of said minimum investment amount:

a) the assets mentioned in the second and third paragraphs of this article regarding the acquisition of shares, stocks, and/or ownership interests of a VPU or those assigned to Dedicated Branches;
b) real estate properties;
c) real usufruct rights over real estate properties; and
d) mining exploitation concessions, oil, and gas.

Regardless of the possibility of counting a percentage of the acquisition or allocation of the aforementioned assets as part of meeting the minimum investment amount before the VPU's accession to the RIGI, the right to effectively enjoy the RIGI and the counting of part of said acquisition for compliance with part of the minimum investment amount will be subject to the prior accession of the VPU to the RIGI.

The acquisition of a VPU before its accession to the RIGI, aiming to qualify or potentially count part of that acquisition as meeting the minimum investment amount from the entry into force of the RIGI, will not grant any rights before the effective accession of said VPU to the RIGI.

All assets incorporated into the investment project execution, regardless of being considered or not as countable assets under the terms of this article, and whatever the form of contracting in which they have been included, including but not limited to leasing contracts, maritime charters, leasing, or any other modality, are covered by the incentives, rights, and guarantees provided in this Regime.

Article 220

To adhere to the RIGI and acquire the rights and benefits established in said regime, the VPUs must:

a) submit the accession request and an investment plan as provided in Article 221; and
b) obtain the approval from the Application Authority of the accession request and the investment plan submitted.

Article 221

The accession request and the investment plan indicated in Article 220 must contain the following minimum requirements:

a) description of the project subject to the investment plan, the project's location, and the corresponding sector;
b) corporate details of the VPU;

c) Establishment of domicile for notifications and designation of the person or representative to address project issues with the Application Authority, including contact information. Any modifications must be informed and updated within thirty (30) business days following their occurrence.

d) Total investment amount of the project in countable assets, specifying the amounts involved in the project's initiation, construction, operation, and closure, detailing the projected investment categories and concepts, which must be equal to or greater than the minimum investment amount provided by sector. Additionally, it must specify, if applicable, the amount equivalent to fifteen percent (15%) of the acquisition or allocation of assets made since the entry into force of the RIGI but before the VPU's accession to the RIGI, to be counted as part of meeting the minimum investment amount, following the provisions of paragraphs two to five of Article 219.

e) Main investment categories for countable assets with capital and operation costs properly itemized, as well as distinguishing investments in the assets described in the fourth paragraph of Article 219.

f) Estimated timeline of the total investment in the project (including project construction period, estimated start-up date, and project's service life if applicable).

g) Amount of investment in countable assets to be made during the first and second years from the notification date of the administrative act approving the accession to the RIGI and the investment plan, which cannot be less than the percentage of the minimum investment amount defined per sector set by the national Executive Branch through regulation.

h) Deadline proposed by the VPU before which it commits to reach and have met the minimum investment amount in countable assets provided in Article 218 and defined by Sector.

i) Description of the source or mode of financing the investment amount. In all cases, financing will be on an exclusive account and risk of the VPU.

j) Estimated direct and indirect employment.

k) Production estimate and, if applicable, estimated export revenue with a projected schedule until the end of service life.

l) Commercial balance and currency flows of the project for the first three (3) years from the approval date of the investment plan.

m) Declaration regarding the technical, economic, and financial feasibility of the investment project showing reasonable evidence of its feasibility, including risk matrix, mitigation plan, and report from independent economic-financial evaluator.

n) Description of permits and authorizations obtained by the VPU necessary for the investment plan's development and those pending, following the applicable substantive law depending on the VPU's activity sector. It must indicate the type of authorization and/or permit, jurisdiction, competent authority in charge, and, in the case of pending authorizations and/or permits, the status of the process and approximate date of approval; and

o) Signature of the VPU's legal representative.

The information provided and presented by the VPU in compliance with this article will only be for the purpose of evaluating the request to adhere to the RIGI. Any changes to the information provided must be notified within thirty (30) business days of the VPU becoming aware of the modification. This is without prejudice to the obligation established in the last paragraph of article 225 herein.

ARTICLE 222: From the submission of the adherence request and investment plan by the VPU (or, as the case may be, from the submission of any additional or clarifying information requested by the Enforcement Authority).

• In order to carry out the procedure, the Enforcement Authority will have a maximum period of forty-five (45) consecutive days to approve or reject them. Compliance with the forty-five (45) day period mentioned above is crucial and indisputable. The approval or rejection resolution of the adherence request must be notified within a maximum period of five (5) business days after its issuance.

• Failure to comply with the deadlines established in the preceding paragraph may entail responsibilities for the administration. At any stage of the process, the Enforcement Authority must make a decision on the approval or rejection within the aforementioned period.

• The Enforcement Authority has the power to, once and within a period of fifteen (15) consecutive days from the submission of the adherence request and the investment plan, request the additional necessary information or fundamental clarifications to evaluate the viability and feasibility of the project according to its characteristics. Likewise, it can convene a meeting with the VPU representatives. The deadline established in the first paragraph will be suspended from the notification of the request for additional information until the delivery of the required information.

• The decision of the Enforcement Authority regarding the approval or rejection will be based on the information contained in the adherence request, the investment plan, and the evaluation carried out according to the current law. This decision will not be discretionary and will respect the principle of equality before the law for all applicants, maintaining uniformity and consistency in the approval criteria.

• In case of rejection, the administrative act must clearly and explicitly explain the fundamental reasons for such decision, which can only be the following: a) non-compliance with legal requirements; b) failure to reach the minimum required investment; c) excessive and unjustified deadline to meet the minimum investment; d) insufficient investment in the assets required during the first two years after approval notification; e) lack of crucial information in the investment plan; f) absence of essential permits or uncertainty in their acquisition that puts the project at risk; and g) evident impossibility of complying with the investment plan presented by the VPU in terms of technical, economic, or financial feasibility according to the Enforcement Authority.

• The rejection of the RIGI adherence request cannot be challenged. However, the VPU has the option to submit a new investment plan for the same project up to two additional times within the same calendar year for review by the Enforcement Authority. The administrative act approving the adherence and the investment plan must include: a) the date of adherence to the RIGI, retroactive to the date of submission of the request or supplemental information for approval; b) the amounts to be met in the first two (2) years from the notification of approval; and c) the deadline to meet the minimum investment in assets as established in the approved plan.

The administrative act approving the adherence request implies that the VPU is adhered to the RIGI, that the presented investment plan has been approved, and that the project subject to acquisition, construction, operation, and/or development by the VPU is a project adhered to the RIGI.

Upon issuance of the administrative act approving the adherence request, it will be considered that the date of adherence to the RIGI, and the acquisition of rights, is the date of the original submission of the adherence request by the VPU or the later date on which the VPU has satisfactorily completed, to the knowledge of the Enforcement Authority, its original adherence request with the requested supplemental and/or additional information.

The adherence date will be considered as the date of acquiring rights under the RIGI for both the Project and the VPU.

The notification date to the VPU of the administrative act approving the adherence to the RIGI and investment plan will be considered as the date from which the VPU assumes the commitments and essential compliance requirements provided for in the RIGI for remaining in the regime.

The administrative act approving the investment plan for a specific project will establish the rights arising from the RIGI.

After the issuance of the administrative act approving it, the Enforcement Authority will:

• issue, as evidence of adherence to the RIGI and for merely declarative purposes, the "Project Adherence Certificate to the RIGI" accrediting the right to enjoy the incentives under the RIGI. The approval of the adherence request and said Certificate will be notified to the VPU at the registered address provided when submitting the investment plan within five (5) business days following its issuance;
• inform the Federal Public Revenue Administration, so that within a non-extendable period of ten (10) business days, a special CUIT will be generated for the VPU for RIGI purposes, which will have the acronym "RIGI" added to the end of the number; and
• inform the Competent Authority in Foreign Exchange Matters (Central Bank of the Argentine Republic or its successor), so that the incentives provided in this regard in exchange matters are applied to the VPU.

In the case of the last paragraph of article 214, once the adherence request to the RIGI is approved by the Enforcement Authority, a contractual renegotiation procedure must be carried out to achieve the adaptation of the concession agreement to the specific requirements of each project and its financing. The contract term must be set considering the committed investments, the financing applied to the project, and a reasonable profit.

Adhering to the RIGI implies for the VPU:

• from the date of adherence to the RIGI, the acquisition of the rights provided for in the RIGI exclusively regarding the Project subject to the investment plan proposed by the VPU and approved by the Enforcement Authority;
• from the notification to the VPU of the administrative act approving the adherence request including the investment plan, the irrevocable assumption for remaining in the regime.

From the date of adherence to the RIGI onwards, the VPU will hold an acquired right akin to ownership over the incentives provided in Chapters IV, V, VI, and X of this Title, and other rights resulting from the RIGI, which cannot be violated or affected by subsequent regulations, and will have the stability provided for in this RIGI.

The VPU will enjoy the rights, guarantees, and incentives provided for in the RIGI during the term of stability provided for in this regime, as long as none of the termination causes under article 254 of this law are incurred. Additionally, it will benefit from

The stability guarantee provided for in Chapter VI of this Title for a period of thirty (30) years counted from the date of adherence.

The approval of the adherence request, including the investment plan, entails in all cases for the VPU the obligation to comply with the commitments provided in sections a) and b) of article 217 as a condition for remaining in the RIGI, subject to the sanctions that may apply in case of undue enjoyment of the RIGI benefits as provided for in Chapter VIII of this Title.

The incentives can only be used by the VPU exclusively regarding the adhered project. The VPU cannot own or develop other activities or projects different from the adhered project. However, VPUs can be merged and/or acquire already adhered projects for their integration with their own adhered project to form a single adhered project.

ARTICLE 224

The Enforcement Authority must monitor and control:
a) Compliance with the minimum investment amount before the Deadline;
b) Compliance with the investment made within the first two years counted from the date of notification of the act approving the adherence to the RIGI;
c) Compliance with the other obligations arising from the RIGI; and
d) The proper use of incentives by the VPUs regarding the adhered project.

The assets considered for meeting the minimum investment amount must remain allocated to the adhered project subject to the approved investment plan for the term of its useful life or until the end of the stability period or the end of the useful life of the adhered project, or until the date when the Enforcement Authority authorizes its disaffection, whichever occurs first.

The Enforcement Authority may authorize, at the request of the VPU, the disaffection of assets for duly justified sale and replacement operations planned in section b) of article 228, provided that the amount invested in the replacement is equal to or greater than the amount obtained from the sale.

ARTICLE 225

The investment plan approved at the time of approving the adherence request may be modified by the VPUs without prior approval from the Enforcement Authority, however, the modification must be notified to the Enforcement Authority within five (5) business days of being decided or known, and must also proceed to update the information provided as a sworn statement in accordance with article 221.

However, the following aspects of the investment plan can only be modified in cases where there is a prior request from the VPU and express written authorization issued by the Enforcement Authority:
a) Reduction of the amount to be invested during the first two years from the date of notification of the act approving the adherence to the RIGI and/or extension of those annual deadlines to meet the committed amount; and
b) Extension of the Deadline before which the minimum investment amount must be reached.

The rejection of the modification request will be unappealable.

The request for modification of the investment plan in these cases must be made by the VPU with a minimum notice of sixty (60) consecutive days before its expiration, and must provide well-founded reasons beyond the will and/or action of the VPU that, in the opinion of the Enforcement Authority, reasonably justify the granting of the request.

The modifications, extensions, and/or enlargements of the investment Plans reported or approved, as the case may be, will not alter the rights acquired under the RIGI, except in cases where termination causes are incurred, under the terms and conditions provided in article 254 of this law.

The VPU that becomes aware of the impossibility of meeting any

Of the essential conditions and/or requirements for permanence in the RIGI must inform the Enforcement Authority within ten (10) business days following the knowledge of such impossibility.

The Enforcement Authority must analyze the submission and determine the continued presence or termination of the VPU in the RIGI, being empowered to eventually order the modification of investment conditions to prevent and avoid undue enjoyment of the incentives granted to VPUs in the described conditions above. Failure to comply with this obligation will be cause for exacerbation of the penalties provided in this regime.

ARTICLE 226.- As a condition for remaining in the RIGI, the VPU undertakes to comply with all the essential conditions and requirements of this regime. However, it is recognized that the realization and continuity of said project depend on a variety of factors whose control is sometimes beyond the VPU's reach, and therefore the VPU may, at any time, in the event of force majeure or fortuitous event as defined in the Civil and Commercial Code of the Nation, decide to suspend it, restart it, and/or close it on a provisional or definitive basis, partially or totally, without incurring liability under this, and must reasonably justify its decision through notification to the Enforcement Authority, and suspending its obligations for the same duration as the suspension.

During the period of suspension, the VPU will refrain from using the incentives provided by the RIGI and may resume the exercise of its rights upon the cessation of the effects of force majeure or a fortuitous event.

To the extent that a case of force majeure or a fortuitous event occurs, the fulfillment of obligations that cannot be met during the impediment period will be suspended. The VPU affected by the case of force majeure or a fortuitous event must communicate this circumstance to the Enforcement Authority in writing within fifteen (15) days of becoming aware of its existence, explaining whether it is a case of suspension (with its estimated duration) or partial or final closure. This notification must indicate the nature of the force majeure or fortuitous event and its causes.

Once the impediment is resolved, the affected VPU must immediately resume compliance with its obligations, and the use and enjoyment of incentives will be resumed.

ARTICLE 227.- The regulations will establish the types of guarantees that must be required to preserve the tax credit related to the granting of tax and customs incentives to VPUs, specifically related to the undue use of incentives.

Whenever the amount and solvency of the guarantee are considered satisfactory by the Enforcement Authority, the VPUs may choose from the following forms:

a) cash deposit;
b) deposit of public debt securities, with their values computed as determined by the regulations;
c) bank guarantee;
d) guarantee insurance;
e) real guarantee, in the first degree of privilege, in which case the value of the real estate or movable property in question will be established as determined by the regulations; and
f) any other form authorized by the regulations for the cases and conditions established therein.

Chapter IV. Tax and Customs Incentives

ARTICLE 228.- For the purposes of this regime, any reference to the Income Tax Law will be understood as the Income Tax Law - text ordered in 2019 by Decree 824/2019 and its amendments - as well as any other law that in the future modifies or replaces it.

Regarding income tax, the VPUs adhered to the RIGI will be subject to the following regime:

a) The rate provided for in article 73 of the Income Tax Law will be twenty-five percent (25%), without the scale provided in section a) of article 73 of Law No. 20,628 of Income Tax, text ordered in 2019 and its modifications, being applicable to said profits.

b) The VPU may, for the investments they make, choose to amortize them from the fiscal period of allocation of the asset, following the rules set forth in articles 78, 87, and 88, as applicable, of the Income Tax Law, consolidated text in 2019 and its amendments, or according to the regime established below:

(i) on depreciable movable assets acquired, produced, manufactured, or imported: at least in two (2) equal and consecutive annual installments;
(ii) on mines, quarries, forests, and similar assets or on infrastructure works initiated in that period: at least in the number of equal and consecutive annual installments resulting from considering their estimated useful life reduced by sixty percent (60%).

The incentive mentioned in this paragraph will apply as long as the asset in question is enabled, understood as such when it is apt to be used in the respective project.

In the case of assets incorporated into the VPU through the assumptions provided for in the second and third paragraphs of article 219, in which such assets or works have been enabled in fiscal years prior to the approval of the accession request and the investment plan, the incentive provided in the first paragraph of this section may be enjoyed for the remaining unamortized value of the assets or works subject to benefit.

When dealing with operations entitling the option provided for in article 71 of the Income Tax Law, the special depreciation provided in the first paragraph of this section must be applied on the cost determined in accordance with the provisions of the said tax law. If the sale and replacement are carried out in different fiscal years, any excess depreciation computed must be repaid in the tax balance corresponding to that sale. The treatment provided in this paragraph is subject to the condition that the assets acquired in replacement remain allocated to the project's execution. Failure to meet this condition will require rectification of the filed tax declarations and payment of the resulting tax differences plus the compensatory interests established in article 37 of Law 11.683 (consolidated text in 1998 and its amendments), except in the case provided for in the following paragraph, without prejudice to the penalties that may apply under the provisions of Chapter VIII of this Title. The forfeiture of the treatment mentioned above will not occur in the case of replacement of assets that have enjoyed the franchise, provided that the amount invested in the replacement is equal to or greater than what was obtained from their sale. If the amount of the new acquisition is less than the amount obtained in the sale, the portion of depreciations computed based on the reinvested amount not covered by the regime will have the treatment indicated in the preceding paragraph.

c) The tax loss suffered by the VPU in a fiscal period that cannot be offset with taxed profits from the same period may be deducted from taxed profits obtained in the immediate following years, without a time limit. If five (5) years elapse without such losses being absorbed by taxed profits, they may be transferred to third parties. In the case of Dedicated Branches under article 215, if five (5) years pass without such losses being absorbed by taxed profits, they may be used to absorb

The taxed profits of the company to which they belong or be transferred to third parties. The losses, considering the general regime applicable to them, will be updated by the variation of the Internal Wholesale Price Index (IPIM), published by the National Institute of Statistics and Censuses, a decentralized body acting within the Ministry of Economy, occurring between the closing month of the fiscal year in which they originated and the closing month of the fiscal year being settled. For these purposes, it is clarified that article 93 of the Income Tax Law will not apply.

The updates provided in the Income Tax Law will be made based on the percentage variations of the general-level Consumer Price Index (IPC) supplied by the National Institute of Statistics and Censuses, a decentralized body acting within the Ministry of Economy, in accordance with the tables prepared for these purposes by the Federal Administration of Public Revenue, with article 93 of the Income Tax Law not being applicable.

ARTICLE 229: The net income of individuals and undivided estates derived from dividends and profits referred to in articles 49 and 50 of the Income Tax Law, and the remittances of profits referred to in the second paragraph of subsection b) of article 73 of said law, originating from VPU adherents to the RIGI, shall be subject to a rate of seven percent (7%). When dividends and profits mentioned in the preceding paragraph are paid to foreign beneficiaries, the payer must make the pertinent withholding and pay the corresponding percentage to the Federal Administration of Public Revenue as a single and definitive payment.

ARTICLE 230: When dividends and profits referred to in the preceding article are distributed or remitted three (3) years after the closing of the fiscal year in which the profits that originated them were made, such dividends and profits will be subject to a zero percent (0%) rate. The provisions of the preceding paragraph will apply only to profits made in fiscal years that close after four (4) years have elapsed from the date of accession to the RIGI. Payments made by VPU holders of Projects declared Strategic Long-Term Exports to foreign beneficiaries included in Title V of the Income Tax Law, consolidated text in 1997 and its amendments, for leases or maritime charters, international transport services destined for exports, and services included in engineering, procurement, and construction management contracts, will be exempt from Income Tax. When VPU holders with Projects declared Strategic Exports make payments not included in the previous paragraph to foreign beneficiaries included in Title V of the Income Tax Law, consolidated text in 1997 and its amendments, a net gain of THIRTY PERCENT (30%) of the amounts paid will be presumed, without admitting evidence to the contrary, unless there is a provision implying a more favorable treatment, in which case the latter will apply. For the purpose of withholding on foreign beneficiaries to be carried out by VPU holders of Strategic Export Projects, the gain enhancement contemplated in article 227 of the Regulatory Decree of the Income Tax Law will not apply under any circumstances.

ARTICLE 231: Operations or transactions that VPU engage in with their owners, members, or entities locally linked to them will be subject to the provisions of article 17 of the Income Tax Law, except for what is provided for in its eighth paragraph.

In order to determine whether the agreements for cost sharing or contributions entered into by the VPU – including special branches – with their owners, members, or with local or foreign entities linked to them are considered in line with market practices or normal prices among independent parties, the value of the contributions made by each participant must be adjusted to what an independent company would accept under comparable circumstances, taking into account the proportional part of the total benefits it reasonably expects to obtain from the agreement.

ARTICLE 232: For the purposes of this regime, any reference to the Value Added Tax Law will be understood as the Value Added Tax law - consolidated text in 1997 by Decree No. 280/1997 and its amendments - as well as any other future law that may modify or replace it.

Regarding the Value Added Tax (VAT), VPU adherents to the RIGI will be subject to the following regime:

• If VPU has been charged VAT (including respective withholdings) for the purchase, construction, manufacture, elaboration, or definitive import of asset usage or for investments in infrastructure works and/or services necessary for its development and construction, up to the limit of the amount resulting from applying the applicable rate on the total net amounts of those purchases or definitive imports, VPU may pay the VAT (including withholdings) to their suppliers or to the Federal Administration of Public Revenue in the case of imported goods, by delivering Credit Tax Certificates. Such asset usage or infrastructure works must comply with their allocation to the Project as provided in article 224 herein;

• The Credit Tax Certificates will have, for the suppliers, the treatment provided in the second paragraph of article 24 of the Value Added Tax law. In cases where the supplier requests the refund or transfer to third parties of balances originating from Credit Tax Certificates, and if the Federal Administration of Public Revenue does not proceed with the refund within a period of three (3) months, the beneficiary may transfer the remaining balances of such unused credits to third parties without the need for prior approval by the Federal Administration of Public Revenue. In this case, the Federal Administration of Public Revenue may verify the origin, accuracy, and existence of the remaining balances of such credits subsequent to their transfer and, if such remaining balances prove to be unfounded, inaccurate, or non-existent, claim from the VPU the refund of the amounts transferred by the supplier to third parties inappropriately. The Federal Administration of Public Revenue cannot challenge the computation of the remaining credits transferred by the suppliers or third parties, nor demand from such suppliers or third parties the payment of the taxes settled with such remaining balances of tax credits;

• In no case, VPU may credit the actual tax credits paid with Credit Tax Certificates.

The regulations will establish the requirements, procedures, and conditions for the issuance and delivery of Credit Tax Certificates and the transfer of remaining balances of tax credits. The Regulatory Authority will dictate the necessary rules to implement the regime, being able to even use computer means to issue and deliver said certificates, as well as the remaining balances of tax credits.

ARTICLE 233: VPU adherents to the RIGI that are formed by temporary unions or other associative contracts, in accordance with the provisions of subparagraph

Article 214

Las entidades mencionadas en el tercer párrafo del artículo 214 estarán sujetas al tratamiento impositivo previsto en este Capítulo bajo las siguientes disposiciones:

Impuesto a las Ganancias

(i) Las entidades adherentes al RIGI serán consideradas sujetos incluidos en el apartado 2 del artículo 73 de la Ley del Impuesto a las Ganancias desde la fecha de adhesión al RIGI, quedando así sujetas al tratamiento impositivo previsto en este Capítulo de forma separada de sus integrantes.

(ii) Las distribuciones de utilidades del VPU a sus integrantes tendrán el tratamiento previsto en el artículo 68 de la Ley del Impuesto a las Ganancias.

(iii) Las operaciones, actos o relaciones económicas entre el VPU y sus integrantes deberán ser caracterizadas únicamente a los fines de la Ley del Impuesto a las Ganancias y el RIGI, de acuerdo con la forma jurídica o estructura que habrían adoptado si el VPU y sus integrantes hubieran sido empresas distintas y separadas realizando las mismas o similares actividades en las mismas o similares condiciones, y tratándose completamente de manera independiente.

Otros impuestos provinciales, de la Ciudad de Buenos Aires y/o municipales:

Las operaciones, transferencias, ventas, arrendamientos, servicios u otra relación económica entre el VPU y sus integrantes no podrán estar sujetas a ningún impuesto local. Cualquier imposición al respecto será considerada una violación a lo dispuesto en el artículo 210 de esta ley.

Artículo 234

Los adherentes al RIGI podrán considerar el cien por ciento (100%) de los montos abonados y/o percibidos en concepto del impuesto sobre los débitos y créditos en cuentas bancarias, establecido por la Ley Nº 25.413 y sus reglamentaciones, como un crédito contra el impuesto a las ganancias.

Artículo 235

Las importaciones para consumo de bienes, así como las importaciones temporales realizadas por los adherentes al RIGI, consistentes en bienes de capital, repuestos y componentes para tales entidades, estarán exentas de derechos de importación, tasas estadísticas, tasas de verificación y cualquier régimen de percepción, pago anticipado o retención de impuestos nacional y/o local. Cualquier imposición al respecto será considerada una violación a lo dispuesto en el artículo 210 de esta ley.

La propiedad, posesión, tenencia o uso de bienes que se beneficien del tratamiento establecido en el párrafo anterior, salvo los insumos utilizados para la producción, no podrán ser transferidos a menos que dicha transferencia se realice a otro adherente al RIGI, debiendo notificarse a la Autoridad Regulatoria dentro de los quince (15) días consecutivos siguientes. El incumplimiento de las obligaciones establecidas en este párrafo resultará en la aplicación de sanciones previstas en este régimen.

La obligación impuesta en el párrafo anterior cesa en las mismas condiciones que las establecidas en el artículo 224.

Artículo 236

Las exportaciones para consumo de bienes obtenidos en el proyecto promovido, realizadas por los adherentes del VPU al RIGI, estarán exentas de derechos de exportación tres (3) años después de la fecha de adhesión al RIGI.

Las exportaciones mencionadas en el párrafo anterior realizadas por titulares del VPU de Proyectos declarados como Exportaciones Estratégicas de Largo Plazo estarán exentas de derechos de exportación dos (2) años después de la fecha de adhesión al RIGI.

Artículo 237

Para la aplicación del Artículo 94 inciso 5) y del Artículo 206 de la Ley General de Sociedades N° 19.550 (T.O. 1984) y sus modificaciones, los intereses y diferencias de cambio resultantes de la financiación del proyecto promovido por este régimen podrán deducirse de las utilidades y/o sumarse a las pérdidas de la compañía.

Los beneficiarios de este régimen podrán contabilizar, a título

Article 238: VPU adhered to the RIGI will be able to freely import and export goods for the construction, operation, and development of said Adhered Project, without being subject to direct prohibitions or restrictions, quantitative restrictions, quotas, or limitations of any kind, nor qualitative, economic restrictions. Official prices or any other official measures that alter the value of imported or exported goods, or priorities for domestic market supply, cannot be applied to them, even if they are provided for in the legislation in force at the time of adhesion, unless they are expressly and specifically included in the approval granted by the Application Authority of the adhesion request and the investment plan presented.

VPU adhered to the RIGI, including those projects classified as Long-Term Strategic Exports, shall not be affected by regulatory restrictions on the supply, transportation, and processing of inputs destined for such exports, including regulations that seek to subordinate or reassign VPU rights over such inputs or their transportation or processing based on internal supply priorities or other regulatory priorities or rights in favor of other demand sectors. In particular, all VPU adhered to the RIGI, including those projects declared as Long-Term Strategic Exports, are guaranteed the inapplicability of any rule or restriction that: (i) obliges them to acquire inputs from national suppliers on less favorable conditions or subordinated to any other segment of the demand for such inputs; (ii) prevents them from building and operating new transport and processing infrastructure for inputs of the adhered project with a dedicated and exclusive nature for the respective project and (iii) that affects the stability of long-term export authorizations for their products that have been previously granted. Declarations in advance, automatic and non-automatic licenses, import certificates, import or export monitoring systems and any other statement, intervention, administrative act, or presentation prior to the registration of import clearance or export shipping permit that require express, tacit, or systemic approval, authorization, validation, or enablement by the State will be considered as direct prohibitions or restrictions on economic imports or exports, in the terms of this article. Measures that require the submission of certificates of origin will also be considered direct restrictions, unless the origin of the goods whose import is requested gives rise to the application of tariff preferences or differential treatments, or when such merchandise is subject to anti-dumping, countervailing, or specific duties, or safeguard measures.

Any restriction and/or affectation in the terms of the foregoing paragraphs will be considered a violation of the provisions of Article 210 of this law.

Article 239: VPU adhered to the RIGI may choose to keep their accounting records and financial statements prepared in US dollars using International Financial Reporting Standards.

Article 240

Dedicated Branches shall be subject to the tax treatment provided for in this Chapter, in accordance with the following provisions:

a) Income Tax:

• (i) They shall be considered subjects covered in section 2 of item a) of Article 73 of the Income Tax Law, from the date of adherence to the RIGI, and shall be subject to the tax treatment provided for in this Chapter separately from the company to which they belong.

• (ii) Dividend distributions from the Dedicated Branch to the parent company shall be treated in accordance with Article 68 of the Income Tax Law.

• (iii) The allocation of assets made from the company to the Dedicated Branch for the purpose of its establishment, registration, and adherence to the RIGI shall be subject to the following treatment:

  The Dedicated Branch will benefit from the tax attributes that, according to the Income Tax Law and its regulations, the parent company possessed, in proportion to the allocated assets.

• (iv) Operations, acts, or economic relationships between the company and the Special Branch - except those provided in the previous subparagraph - must be characterized solely for the purposes of the Income Tax Law and the RIGI, according to the legal form or structure they would have adopted if the company and the Special Branch had been separate and distinct companies carrying out the same or similar activities under the same or similar conditions, and treating each other completely independently.

b) Value Added Tax:

• (i) They shall be considered subjects covered in the second paragraph of Article 4 of the Value Added Tax Law, from the date of adherence to the RIGI, and shall be subject to the tax treatment provided for in this Chapter separately from the company to which they belong.
• (ii) The assignments made due to the establishment of the Dedicated Branch for the purpose of its adherence to the RIGI shall not be considered sales. The tax balances existing in the company shall be attributable to the Special Branch in proportion to the assigned assets.
• (iii) Operations, acts, or economic relationships between the company and the Special Branch - except those provided in the previous subparagraph - must be characterized solely for the purposes of the Value Added Tax Law and the RIGI, according to the legal form or structure they would have adopted if the company and the Dedicated Branch had been separate and distinct companies carrying out the same or similar activities under the same or similar conditions, and treating each other completely independently.

c) Other national, provincial, Autonomous City of Buenos Aires, and municipal taxes: Operations, acts, or economic relationships between the company and the Special Branch may not be subject to any other national, provincial, Autonomous City of Buenos Aires, or municipal tax.

Any non-compliance with the provisions of this article shall be considered a violation of Article 210 of this law.

Article 241

Tax incentives granted under this regime shall not have effects to the extent that they could result in an income transfer to foreign tax authorities due to the application of a global minimum tax – whether through a rule on the inclusion of income, a rule on payments subject to low taxation, or any other analogous measure – that implements or is aimed at implementing, totally or partially, the second pillar of the Inclusive Framework on Base Erosion and Profit Shifting of the Organisation for Economic Co-operation and Development and the G-20 on the erosion of tax bases and profit shifting.

Article 242

Company reorganizations carried out to establish a VPU or make investments in qualifying assets

May be carried out in accordance with the provisions of Article 80 of the Income Tax Law, with the following modifications:

• It will not be a requirement for the continuing entity or entities to continue with the activity of the restructured company or companies;
• Prior approval of the Federal Administration of Public Revenue shall not be required when the type of reorganization does not involve the total transfer of the reorganized company or companies;
• The tax effects provided for in Article 80 of the Income Tax Law are not subject to compliance with the advertising and registration requirements established in the General Companies Law – Law 19,550, t.o. 1984 and its modifications; and
• The requirements set forth in the second paragraph of Article 172 of the Regulatory Decree of the Income Tax Law – Decree 862/2019, t.o. 2019, and its modifications shall not apply.

Chapter V: Exchange Incentives

Article 243: The export revenue of products from the Adhered Project to the RIGI made by the VPU are exempt from the obligation of entering and/or negotiating and settling in the foreign exchange market in the following percentages:

• Twenty percent (20%) after one (1) year from the date of adherence to the RIGI;
• Forty percent (40%) after two (2) years from the date of adherence to the RIGI;
• One hundred percent (100%) after three (3) years from the date of adherence to the RIGI.

These funds in the mentioned percentages shall be freely available. VPU will not be required to enter and/or settle in the foreign exchange market the currencies and/or any counterpart corresponding to other items or concepts (such as capital contributions, loans, or services) related to the investment plan approved for the project, having full availability of them.

The exempted currencies from the obligation of entry and settlement in the above-mentioned terms shall be freely available for VPU.
When it comes to the export revenue referred to in the first paragraph of this article made by VPU holding projects declared as Long-Term Strategic Exports, for the exemption of the obligation to enter and/or negotiate and settle in the foreign exchange market, the periods indicated in the previous clauses shall be computed as follows:

• Twenty percent (20%) from the date of adherence to the RIGI;
• Forty percent (40%) after one (1) year from the date of adherence to the RIGI;
• One hundred percent (100%) after two (2) years from the date of adherence to the RIGI.

Article 244: Foreign exchange stemming from local or external financing taken by VPU adhered to the RIGI, disbursed after the entry into force of this Law, shall not be subject to restrictions concerning their free availability abroad or in the country. These funds shall be freely available to the VPU and/or the Adhered Project, and their amounts may be used freely for any purpose.
VPU adhered to the RIGI shall not be subject to any limitations on the holding of liquid or non-liquid external assets imposed by exchange regulations.
Notwithstanding the provisions in the preceding paragraphs, the amount of external liquid assets that VPU hold abroad due to RIGI benefits may be taken into account by rules that establish, or may establish in the future, restrictions or prior authorizations for access to the foreign exchange market based on the holding of external liquid assets. However, these rules may only require the VPU to meet the payment of commercial and/or financial debts with the exterior, the payment of loan capital and interest, the distribution of dividends and profits, and/or the repatriation of direct investments by non-residents, preferably with such external liquid assets or they may not access the foreign exchange market for payment of the same as long as they have such external liquid assets.

Likewise, the exchange rules that establish, or may establish in the future, restrictions or prior authorizations for access to the foreign exchange market for the payment of loan capital, interests, accessories, and other financial debts with the exterior, and/or the repatriation of direct investments by non-residents shall not apply to VPU as long as the amount of foreign currencies entered and settled in the foreign exchange market as loans and other debts with the exterior and/or capital contributions or other direct investments by VPU is always greater than or equal to the amounts in foreign currencies that such accesses demand.

The exchange rules that establish, or may establish in the future, restrictions or prior authorizations for access to the foreign exchange market for the payment of profits, dividends, or interests to non-residents shall not apply to VPU provided that such profits, dividends, or interests have been generated by capital contributions or other direct investments, or by loans or other financial debts with the exterior, entered and settled in the foreign exchange market by VPU from the date of adherence to the RIGI, without the quantitative limit provided in the preceding paragraph applying in this case.

Public bodies and private entities involved in the administrative procedure regarding compliance with the formal and substantive requirements established in exchange regulations for VPU adhered to the RIGI to access the foreign exchange market to acquire currencies or foreign currency shall ensure that their processing does not disrupt the normal progress and execution of the project.

The Competent Authority in Exchange Matters, in exercise of the powers assigned in its organic charter, shall issue, within a maximum period of thirty (30) calendar days from the publication of this law, the necessary regulations to implement in the exchange market regulations the rights recognized in this article.

Article 245: The National State guarantees to VPU adhered to the RIGI:

a) full availability of the products resulting from the project, without the obligation to commercialize in the local market. The export of products from such project shall not be subject to any type of export restriction;

b) full availability of their assets and investments, which shall not be subject to de facto or de jure confiscatory or expropriatory actions by any Argentine authority. The State shall provide the VPU with all necessary collaboration to repel confiscatory or expropriatory actions de facto or de jure from any national authority, or from local or foreign jurisdictions;

c) the right to the continued operation of the project without interruptions, unless there is a judicial order and the VPU has the opportunity to exercise their right of defence, recognizing that the viability and continued operation of the project throughout its useful life are essential;

d) the right to pay profits, dividends, and interests through access to the foreign exchange market without any kind of restrictions and without the need for prior approval by the Competent Authority in Exchange Matters as long as the investment has entered through the Unique and Free Exchange Market;

e) unrestricted access to justice and other legal remedies available for the defense and protection of their rights related to the project subject to the approved investment plan.

Stability, Compatibility with Other Regimes, and Transfers

Article 246

VPU adhered to the RIGI shall enjoy, regarding their projects, normative stability in tax, customs, and foreign exchange matters. This stability implies that the incentives granted in Chapters IV and V of this Title cannot be affected either by the repeal of this Law or by the creation of more burdensome or restrictive tax, customs, or foreign exchange regulations than those provided for in the RIGI. Tax, customs, and foreign exchange stability, together with the regulatory stability established in this article, shall have a duration of thirty (30) years from the Date of Adhesion. After this period, the general regulatory, tax, customs, and foreign exchange regime shall apply.

The Enforcement Authority may decide that the tax, customs, exchange, and regulatory stability that the VPU adhering to the RIGI will have, whose projects are declared as Long-term Strategic Exports and which are carried out in successive stages, will be extended up to thirty (30) years after the estimated start date of each stage of the Project. This will be valid as long as the first stage meets the minimum investment commitments provided for in subsection a) of article 217. The estimated start and end dates for the tax, customs, exchange, and regulatory stability of each stage of the project must be included in the administrative act approving the application and investment plan. In no case will the stability of successive stages extend beyond thirty (30) years counted from the tenth year after the start of the first stage of the Project.

Article 247: The taxes applicable to the VPU adhered to the RIGI will be those in force at the time of adherence, with the modifications arising from Chapter IV of this Title. New taxes created after the date of adherence, different from those in force at the time of adherence or provided for in Chapter IV of this Title, will not apply to these VPU. Nor will increases in taxes existing at the time of adherence or provided for in Chapter IV of this Title apply.

However, this will not prevent the VPU from benefiting from the elimination of taxes or the reduction of rates that may be established in the general regime in the future and are more favorable than those in force at the time of adherence with the modifications from Chapter IV of this Title.

The benefit of tax stability gives the VPU adhered to the RIGI the right to reject any claim by the Federal Public Revenue Administration for amounts exceeding the tax corresponding to the previous paragraphs. If, despite this, the VPU pays an amount higher than that due according to the previous paragraphs, the benefit of tax stability will allow the VPU to use it as a tax credit and apply it immediately to the cancellation of any other national tax.

For the purposes of this article, there will be considered an increase in taxes stabilized under the RIGI and not applicable to the VPU when:

• Rates, fees, or amounts increase.
• Exemptions are total or partially repealed, or activities or goods previously untaxed on the date mentioned in the first paragraph of this article are taxed.
• Mechanisms or procedures for determining the tax base are modified, establishing guidelines or conditions different from those in force at the time of the VPU's adherence to the RIGI, resulting in an increase in said tax base.

d) Incorporation into a tax of situations that were exempt or not subject previously.

In payments made to foreign individuals covered in Title V of the Income Tax Law, fiscal stability also covers:
a) Increases in current rates, fees, or amounts; and
b) Alterations in the percentages and/or methods of determining the presumed net income of Argentine origin.

They are not covered by fiscal stability or deemed violative of the same:
a) The extension of the validity of rules enacted for a specific period of time that are in force at the time of obtaining fiscal stability;
b) The expiry of exemptions, exceptions, or other measures issued for a specific period, which occurs due to the expiration of said period;
c) The incorporation of any type of tax provision through which actions, facts, or acts are intended to be controlled, verified, or avoided, through which the VPU may improperly and/or deliberately decrease the tax base, regardless of its methodology or procedure;
d) Social security contributions and contributions; or
e) The increase in VAT rates.

The burden of proof of a violation of tax stability shall be borne by the VPU invoking it in the sense and to the extent arising from the provisions of this article. However, when the violation is a consequence of the creation or increase of a new tax or a legal or regulatory modification of any aspect related to the taxes in force at the time of adherence, it shall be the responsibility of the Federal Public Revenue Administration to justify and prove, in each case, that there has been no increase in the tax burden as a prerequisite for applying said tax or the higher rate to the VPU.

Article 248: For the purposes of the provisions of article 19 of the Tax Penal Regime - Law 27.430 and its modifications - and following the general criterion that applies, in cases foreseen in articles 1, 2, 3, 5, 6, and 8 of said regime, the Tax Authority shall be exempt from filing a criminal complaint when the VPU has disclosed the criteria used to determine the tax obligation, including aspects related to the tax base, rate, exemptions, taxable event, scope, and/or violation of tax stability, among others, through a written presentation made to said administration prior to the submission of the tax return.

Article 249: In the case of taxes governed by customs legislation, the tax regime, rate, and tax base in effect at the time of adherence will apply to imports and exports for consumption by the VPU adhered to the RIGI, with modifications resulting from the incentives provided in Chapter IV of this Title.

The Federal Public Revenue Administration must establish a procedure for free manual self-assessment that guarantees the VPU the possibility to submit the liquidation of duties and other taxes on imports or exports that it deems appropriate and to record the import or export destination incorporating said liquidation, without being required to make prior payment of the amounts applicable under the regulations in force at each time. Said procedure cannot be subject to prior authorization or any requirements or conditions.

Article 250: The VPU adhered to the RIGI will enjoy regulatory stability in exchange matters from the date of adherence to the RIGI and during the period mentioned in article 246. This stability consists of the exchange regime in force at the time of adherence to the RIGI, with the applicable modifications due to the incentives.

Exchange regulations granted hereunder shall not be affected by exchange regulations that are issued establishing more onerous conditions.

Regulations subject to exchange stability are all regulations related to exchange matters that are part of the exchange regime established in the RIGI, with the sole exclusion of the exchange rate.

The Competent Authority in Exchange Matters, exercising the powers assigned in its charter, shall issue within a maximum period of thirty (30) days from the date of publication of this law, the necessary regulations in order to guarantee the rights granted in this article.

The VPU adhered to the RIGI shall be subject in exchange matters to the following provisions:

• It shall be exempt from any exchange restriction derived from the general exchange regime in force that contradicts, restricts, or is more onerous than the rights provided in exchange matters in Chapter V of this Title, and the VPU may reject its application by merely displaying or presenting the acknowledgment of adherence to the RIGI.
• In the event a reduction or elimination of exchange restrictions implies an exchange treatment more favorable than that provided in Chapter V of this Title, the VPU may benefit from them by applying them immediately.

If a VPU adhered to the RIGI alleges a violation of exchange regulatory stability, said VPU may continue to comply with its exchange obligations by applying the regulatory provisions in force at the time of adherence in accordance with Article 250, by duly notifying the Competent Authority in Exchange Matters of this circumstance. If the Competent Authority in Exchange Matters considers that there has been no such violation, prior to initiating the summary process provided for in Article 8 of the Exchange Penal Regime Law, consolidated in 1995, it must require the VPU to, within a period of fifteen (15) business days, specify, in a concrete manner, the norm, act, conduct, or omission that it considers to be in violation of exchange stability and to substantiate said position. On that same occasion, the VPU must offer or provide the evidence that supports their right. Following the requirement, and in the case of requested evidence, the Competent Authority in Exchange Matters shall issue a reasoned resolution accepting or rejecting the existence of a violation of exchange stability within a period of 90 business days. Against the resolution issued by the Competent Authority in Exchange Matters, the VPU shall have the option to appeal, in accordance with Article 94 of the Regulation of Administrative Procedures - Decree No. 1759/72 consolidated in 2017 - or to take the appropriate legal action. The Competent Authority in Exchange Matters shall suspend the effects of the resolution, under the terms of Article 12 of the Administrative Procedures Law - Law No. 19,549 and its amendments - until the resources and/or judicial actions mentioned above are settled and become res judicata. Consequently, the summary process provided for in Article 8 of the Exchange Penal Regime Law, consolidated in 1995, will not commence until the resolution issued by the Competent Authority in Exchange Matters becomes final and res judicata.

The shares, quotas, or social participations of the VPU adhered to the RIGI may be transferred, directly or indirectly, without prior authorization from the Implementing Authority, provided that they inform the latter within fifteen (15) consecutive days after it occurs.

The shares, quotas, or social participations of the VPU adhered to the RIGI may not be subject to a pledge, assignment as collateral, trust, and/or any other type of legal guarantee transaction with financial entities or credit organizations.

Article 253: The benefits provided in the RIGI may not be accumulated with incentives of the same nature existing in other pre-existing promotional regimes. However, adherence to the RIGI does not imply a waiver or incompatibility with other existing and/or future promotional regimes that may be combined with incentives of a different nature that do not overlap, accumulate, or repeat with the incentives provided in this regulation.

For the purposes mentioned in the last part of the previous paragraph, the restrictions provided for in Article 32 of the Free Zone Law No. 24,331 will not apply.

Chapter VII: Termination of Incentives under the RIGI

Article 254: The incentives and rights of a VPU adhered to the RIGI will cease without retroactive effect, no longer having said character, for the following reasons:

a) Project completion due to the end of its useful life;
b) Bankruptcy of the VPU;
c) Voluntary withdrawal requested by the VPU, starting from the date of approval by the Implementing Authority; or
d) Cessation as a sanction for violation of the RIGI.

Article 255: The VPU may voluntarily withdraw from the RIGI in the following cases:
a) Once the obligations provided for in subsections a) and b) of Article 217 have been fulfilled; or
b) If they voluntarily offer to pay the minimum fine set in subsection e) of Article 258, and said payment is made within the timeframe established for that purpose by the regulations.

The withdrawal request must be submitted by the VPU under the terms and conditions established by the regulations and must be accepted by the Implementing Authority through the issuance of the corresponding administrative act. Once approved, the requesting party will be released from its obligations under the RIGI from the date of the withdrawal request. From that moment on, it will be considered to have lost all rights, guarantees, and incentives provided for in the RIGI, without retroactive effect and without affecting the rights used prior to the withdrawal.

Chapter VIII: Infringement and Appeal Regime Applicable to the VPU

Article 256: The following failures under this system and its implementing regulations shall be punishable:
a) Omitting or delaying the submission of information required by the Implementing Authority or other competent bodies under this law;
b) Submitting false or inaccurate information or declarations to the Implementing Authority or other competent bodies under this law;
c) Failing to obtain the prior express authorization of the Implementing Authority in cases where it is required in accordance with the provisions of the RIGI;
d) Disposing of (either by sale or re-export) goods introduced under franchises established by the RIGI or in compliance with the obligations provided for in subsections a) and b) of Article 217 prior to the expiration of the deadlines set forth in the second paragraph of Article 224 and the third paragraph of Article 235;
e) Carrying out activities that do not correspond to the sole purpose of the VPU in violation of the obligation provided for in the second paragraph of Article 214;
f) Unjustifiably failing to comply with the obligations provided for in subsections a) and b) of Article 217;
g) Improper enjoyment of the tax, customs, and exchange incentives provided for in this regulation.

Article 257: Upon verifying a case prescribed in the previous article, the Implementing Authority shall formally request the VPU, within a feasible term, to correct the failure within thirty (30) business days following the notification of said request, in cases where correction is materially possible.

If the Implementing Authority detects any of the cases described in Article 256 and it is not one that can be rectified or the deadline to rectify it has expired without action by the VPU, the appropriate enforcement procedure will commence, and any sanctions that may be applicable will be imposed, in accordance with the provisions outlined in the following article.

The enforcement procedure must ensure due process and the right of defense for the VPU.

Once the investigation is opened, the VPU should be notified of the allegation and given fifteen (15) business days to present their defense and offer all relevant evidence.

After the defense is presented, or the deadline has passed, the Implementing Authority will decide on the admissibility of the evidence provided, considering and allowing the production of pertinent evidence, while rejecting only unnecessary or improper evidence.

A period will be established for the production of the admitted evidence, which shall not be less than twenty (20) business days.

Upon completion of the evidence period, the Implementing Authority will notify the beneficiary to allow them to comment on the evidence produced within a period of five (5) business days.

After the comments are submitted or the deadline expires, the Implementing Authority must issue a resolution on the enforcement procedure within thirty (30) business days.

ARTICLE 258

When the Regulatory Authority, once the summary procedure regulated in the previous article has concluded, verifies the occurrence of any of the cases provided for in article 256, it shall apply one or more of the sanctions detailed below, without prejudicing those that may correspond by application of the current tax, customs, pension and/or criminal legislation:

• a) a warning, for the cases provided for in items a) and b) of article 256;
• b) a fine of ten million pesos ($10,000,000) to thirty million pesos ($30,000,000) for the events provided for in item a) of article 256;
• c) a fine of one hundred million pesos ($100,000,000) to four hundred million pesos ($400,000,000) for the events provided for in items b), c), and d) of article 256;
• d) a fine of one percent (1%) to three percent (3%) of the minimum investment amount of item a) of article 217 for the events provided for in item e) of article 256;
• e) a fine of five percent (5%) to fifteen percent (15%) of the minimum investment amount of item a) of article 217 that is pending compliance, for the events provided for in item f) of article 256;
• f) termination of the RIGI for the events provided for in item f) of article 256, which implies the total expiration of the RIGI incentives from the moment the noncompliance with such obligations has been definitively and conclusively resolved by the competent tribunal;
• g) disqualification from applying for the adherence of a new Project to the RIGI as a potentially additional and ancillary sanction to the one provided for in the previous item, depending on the severity of the conduct, which will come into effect from the moment the resolution imposing the sanction has been definitively and conclusively resolved by the competent tribunal, with said date being the effective termination date; and
• h) refunds of tax, customs, and exchange franchises for the events provided for in item g) of article 256, plus their compensatory interests.

In the event of one of the cases provided for in article 256, the Regulatory Authority shall apply, jointly or alternatively, the sanctions provided for in this article.

The amounts provided for in items b) and c) of this article shall be adjusted annually by the coefficient resulting from the annual variation of the consumer price index.

General level (IPC), published by the National Institute of Statistics and Census, a decentralized agency acting within the Ministry of Economy, corresponding to December 31 of the previous year to the adjustment regarding the same day of the previous year.

The failure to comply with the obligation provided for in the last paragraph of article 225 shall be a aggravating factor of the sanction in those cases where, upon the termination of the RIGI for a VPU as a consequence of noncompliance with the conditions for remaining in the RIGI, the Regulatory Authority determines, without reasonable doubt, that the VPU knew or should have known that it was unable to comply with the conditions and commitments for remaining in the regime.

ARTICLE 259: In the same resolution in which the Regulatory Authority orders the initiation of the enforcement investigation, it may instruct the initiation of the relevant actions so that the competent tribunal provisionally suspends, preventively and until a definitive and conclusive decision is reached, the enjoyment of the incentives under the current RIGI. Likewise, during said term, compliance with the other obligations under the RIGI shall be considered suspended.

ARTICLE 260: The criminal action in the infractions of article 256 punished with a fine penalty shall be extinguished by the voluntary payment of the minimum fine that may correspond to the relevant offense. The provisions of the previous paragraph shall only have an extinguishing effect on the criminal action if the voluntary payment is made before the deadline set forth in the fourth paragraph of article 257.

ARTICLE 261: The termination shall be ordered by the Regulatory Authority through an administrative act specifically issued for that purpose, specifying the incurred cause by the VPU, which must consist of the proven noncompliance with one of the essential compliance obligations as set forth in article 217. The termination of incentives shall not have retroactive effects, nor affect the incentives enjoyed and/or obtained prior to the termination. The definitive and conclusive resolution of the termination of incentives shall imply the automatic loss of the right to use all incentives subsequent to the effective date of termination. Once the incentives have been terminated, the VPU may not be re-included in the RIGI.

ARTICLE 262: The penalties imposed by the Regulatory Authority on the VPU in the terms of this regime may be administratively appealed through the means and procedures provided for in Law No. 19.549 on Administrative Procedures and its regulations, without prejudice to the VPU's option to submit the controversy to arbitration in the terms provided for in article 266 of this law. The appeals and/or alternative judicial and/or arbitration remedies filed by the VPU shall suspend the execution and effects of the acts dictated by the Regulatory Authority. In cases where the definitive and conclusive decision of the competent tribunal resolves to lift and/or revoke the termination, the VPU shall be entitled to the incentives that it should have received during the period of suspension in which the competent tribunal may have eventually imposed, in accordance with the provisions of article 259 of this law, the preventive suspension of the incentives established in this regime, resuming the enforceability of the obligations arising from the RIGI. It shall not be necessary for the VPU to previously file administrative claims or appeals of any kind, nor shall the exhaustion of any administrative instance be required in order to submit any controversy related to this regime to arbitration in the terms provided for in article 266 of this law. Likewise, no expiry period shall apply to the initiation of an arbitration claim, even in the face of an express resolution of an administrative appeal.

The filing of administrative appeals or impugnations shall not prevent their unilateral withdrawal at any time to promote arbitration.

The withdrawal shall not in any case be construed as a waiver of the rights that may assist the VPU, nor shall it prevent the arbitration claim from being articulated once those are definitively resolved, without being subject to any expiry period.

The initiation of the arbitration claim shall prevent the continuation or subsequent filing of administrative appeals against the same act.

Chapter IX

Regulatory Authority

ARTICLE 263: The national Executive Power shall appoint the Regulatory Authority of this Law, with the powers to:

• a) evaluate and approve or reject the adherence requests and the investment plans presented by the VPU;
• b) oversee and control the RIGI;
• c) verify compliance with the provisions of this law and its regulatory norms, as well as the obligations of the VPU derived from the RIGI;
• d) the expiration of the incentives provided in this; and
• e) issue the operational, explanatory, and complementary norms required to ensure the adequate compliance with the RIGI, which is considered operational from its validity.

ARTICLE 264: The Regulatory Authority may delegate to the government Secretariats the powers provided for in the preceding article based on the sector to which it pertains.

ARTICLE 265: Beneficiary subjects must submit to the Regulatory Authority the information requested regarding the status of the project and the VPU. The Federal Public Revenue Administration is instructed to create a specific area whose functions will be to create the Tax Identification Numbers (CUIT) assigned to the VPU and oversee compliance with tax and customs obligations by such subjects.

Chapter X

Jurisdiction and arbitration

ARTICLE 266: All disputes arising from this regime or related to it, between the National State and a VPU adhered to the RIGI, including, but not limited to, the execution, application, scope, or interpretation of this regime and related norms, or the use, enjoyment, cessation and/or exercise of the rights, benefits, and incentives obtained by the VPU (even, without limitation, regarding their validity, application, and scope) ("Dispute"), shall be resolved, in the first place, through friendly consultations and negotiations.

If the Dispute cannot be resolved amicably within a period of sixty (60) calendar days from when the VPU notified the National State of the existence of the Dispute, the VPU – or its foreign partners or shareholders in the cases of items b) and c) herein – shall submit the dispute to arbitration, in accordance with – at the VPU's choice -:

• a) the 2012 CPA Arbitration Rules;
• b) the International Chamber of Commerce Arbitration Rules (excluding Expedited Procedure Rules); or
• c) the Convention on the Settlement of Investment Disputes between States and Nationals of Other States of March 18, 1965, or, if applicable, the Arbitration (Additional Facility) Rules of ICSID.

Except when the VPU chooses arbitration in accordance with the Convention on the Settlement of Investment Disputes between States and Nationals of Other States of March 18, 1965, the arbitral tribunal or the administrative institution, as appropriate according to the applicable rules, shall define the seat of the arbitration, which must be established outside of Argentina and in a country party to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards of June 10, 1958.

The arbitral tribunal shall be composed of three arbitrators chosen in accordance with the applicable procedural rules. None of the arbitrators may be a national of Argentina or of the home country of the majority shareholder of the VPU.

The arbitration shall be conducted in Spanish, except in the cases of items (ii) and (iii) herein subject to arbitration by foreign partners or shareholders, where it may be conducted in Spanish or English.

The National Executive Power is authorized to establish dispute resolution mechanisms with the VPU, specific to each project, in the administrative act approving the adherence request and the investment plan.

ARTICLE 267: The rights and incentives acquired under the terms and conditions of this regime are considered protected investments in the sense provided for in treaties on the promotion and reciprocal protection of investments that may apply, and their affectation may give rise to the international responsibility of the National State in accordance with its provisions, and without prejudice to the remedies provided for in this regime.

ARTICLE 268: The existence of an arbitration process shall not suspend, delay, or affect in any way the obligations of the Argentine Republic or the rights of the VPU and its full use, enjoyment, and exercise.

Chapter XI

Local Jurisdictions. Declaration of National Interest

ARTICLE 269: Provinces, the Autonomous City of Buenos Aires, and municipalities are invited to adhere to the RIGI in all its terms and conditions.

ARTICLE 270: It is established that provinces, the Autonomous City of Buenos Aires, and municipalities adhering to the RIGI may not impose new local levies on the VPU, except for fees in consideration of services actually provided.

For the purposes of this regime, a new local levy shall be understood to exist when a new taxable event is created concerning existing ones as at December 31, 2023, or also when the taxable events, taxable base, tax rate, deductions, exemptions, and/or tax credits and/or any other aspect of the taxes existing as at said date are modified, which in practice implies a higher tax burden.

In the case of fees for services provided, existing or to be created in the future, they may not exceed the specific cost of the service effectively provided to the subjects individually considered. A fee shall be deemed to exceed the specific cost of the service actually provided when its tax base is determined based on sales, gross income, earnings, or similar parameters.

Any breach of the provisions of this article shall be considered a violation of the provisions set forth in article 210 of this law.

Chapter XII

Transitory provisions of the RIGI

ARTICLE 271: The national Executive Power must regulate this regime within thirty (30) days from its publication in the Official Gazette.

ARTICLE 272: The lack of regulation of this regime shall not hinder the full use of the incentives established in the RIGI on the provided conditions, as the provisions of this regime are fully operational from its entry into force, without prejudice to the responsibilities that may correspond to the officials for failing to comply with what is established there.

Any official who unjustifiably fails to comply with the deadlines or terms established in this Title X shall be subject to sanction, after an administrative summary.

ARTICLE 273: This regime shall enter into force on the day of its publication in the Official Gazette.

Title X

Pension

ARTICLE 274: Law No. 27,705 is repealed.

Title XI

Final Provisions

ARTICLE 275: Decrees issued in exercise of the faculties delegated by the National Congress in this law shall be subject to the control of the Permanent Bicameral Commission in accordance with the provisions of article 100, section 12 of the National Constitution.

ARTICLE 276: Provinces and the Autonomous City of Buenos Aires are invited.

Article 277: The national Executive Power shall issue the necessary norms for the establishment of procedures consistent with the purposes of this law, unless a specific deadline is established. The regulations of this law must be issued within a maximum period of ninety (90) days from its entry into force, and complementary, interpretative or explanatory norms that may be necessary for its application must be issued.

Article 278: The provisions of this law shall enter into force on the day following its publication in the Official Gazette of the Argentine Republic, unless otherwise indicated in the Chapters or Titles where provided.

Article 279: Communicate to the National Executive Power.

Annex I

Privatization

• AEROLÍNEAS ARGENTINAS S.A.
• ENERGÍA ARGENTINA S.A.
• RADIO Y TELEVISIÓN ARGENTINA S.E.
• INTERCARGO SAU

Privatization/Concession

• AGUA Y SANEAMIENTOS ARGENTINOS S.A.
• CORREO OFICIAL DE LA REPÚBLICA ARGENTINA S.A.
• BELGRANO CARGAS Y LOGÍSTICA S.A.
• SOCIEDAD OPERADORA FERROVIARIA S.E (SOFSE)
• CORREDORES VIALES S.A.

Annex II

• NUCLEOELÉCTRICA ARGENTINA S.A.
• BANCO DE LA NACION ARGENTINA
• NACIÓN SEGUROS S.A.
• NACIÓN REASEGUROS S.A.
• NACIÓN SEGUROS DE RETIRO S.A.
• NACIÓN SERVICIOS S.A.
• NACIÓN BURSÁTIL S.A.
• PELLEGRINI S.A.
• YCRT