Transferencias Buenos Aires, Abril de 2010

“…no member shall, without the approval of the Fund, impose restrictions on the making of payments and transfers for current international transactions.” Article VIII Section 2(a) Articles of Agreement of the International Monetary Fund

Payments for current transactions means payments which are not for the purpose of transferring capital, and includes, without limitation: (1) all payments due in connection with foreign trade, other current business, including services, and normal short-term banking and credit facilities; (2)payments due as interest on loans and as net income from other investments; (3) payments of moderate amount for amortization of loans or for depreciation of direct investments; and (4) moderate remittances for family living expenses. The Fund may, after consultation with the members concerned, determine whether certain specific transactions are to be considered current transactions or capital transactions. Article XXX (d) Articles of Agreement of the International Monetary Fund

 Los países quedan libres de imponer restriccionesa transacciones de capital, que normalmente se limitan en TBIs  Cuatro temas fundamentales: 1. vías de circulación 2. transferencias cubiertas (lista de conceptos) 3. convertibilidad y tipo de cambio 4. restricciones (específicas y generales)

 “Repatriación”: libertad de salida al país de origen  “Outward”: libertad de salida a cualquier país  “Inward”: libertad de entrada al país receptor  No hay obligación de repatriar (TLCAN)

 Las tranferencias serán en moneda convertible  Al tipo de cambio de mercado  Deberán permitirse sin demora

 Capital para iniciar la inversión, mantenerla y expandirla  Ganancias, pagos, intereses, regalías, etc  Liquidación de la inversión  Compensaciones e indemnizaciones bajo el TBI

Específicas:  Procedimientos contenciosos  Infracciones administrativas o penales  Protección de los derechos de acreedores  Quiebra o insolvencia  Reportes de transferencias  Emisión, adminisración y comercio de valores conforme a las leyes

Generales:  Balanza de pagos  Dificultades económicas  Integridad del sistema financiero

“We are concerned that current provisions on financial transfers would limit governments’ ability to use legitimate measures designed to restrict the flow of capital in order to protect themselves from financial instability. Without adequate measures to prevent and respond to such financial instability, broad sustainable development will remain out of reach for many developing countries. The increased frequency and severity of financial crises also hurts U.S. economic interests, as crisis-stricken countries devalue their currencies and flood the U.S. market with under-priced exports in order to recover.” Testimony of Thea Mei Lee, Policy Director AFL-CIO Before the Subcommittee on Trade of the House of Representatives Committee on Ways and Means “Investment Protections in U.S. Trade and Investment Agreements,” May 14, 2009

“The United States should ensure – for the sake of developing economies, international financial stability, and its own economic interests – that countries have the policy flexibility needed to impose capital controls in appropriate circumstances. Also, as the international community begins an important discussion on global financial regulation, it is crucial that these international investment agreements not provide an obstacle to needed regulatory reform.” Testimony of Thea Mei Lee, Policy Director AFL-CIO Before the Subcommittee on Trade of the House of Representatives Committee on Ways and Means “Investment Protections in U.S. Trade and Investment Agreements,” May 14, 2009

Alejandro Faya Rodríguez AF|r Consultoría Jurídica