The maximum outstanding amount for PyMES’ issues was raised

On March 4, 2008 Decree No 319/2008 (the “Decree”) amending Section 2 of Decree No 1087/1993 was published.

Decree No 1087/1993 set that corporations which qualify as “small and medium sized companies” (“PyMEs”) will be automatically authorized to publicly offer their debt securities previously registered with the Comisión Nacional de Valores (“CNV”) and set the maximum outstanding amount in AR$ 5,000,000.

The Decree raised such maximum amount to AR$ 15,000,000 and instructed the CNV to issue all the necessary regulations for the effectiveness of the Decree.

Decree No 1087/1993 had become outdated due to the growth of GDP and inflation in Argentina. Additionally, the CNV had been promoting the project aiming for PyMEs to obtain a higher level of funding in the capital markets.