Argentina Securities Commission extends 40% non-large company participation threshold for SME financing financial trusts to 31 December 2025 and temporarily broadens eligible assets for SME mutual funds

The Argentina Securities Commission issued General Resolution No. 1070 extending until 31 December 2025 the 40% threshold for participation by entities not classified as “Large Companies” in the special regimes for establishing financial trusts aimed at financing SMEs, and it temporarily expanded the universe of eligible assets for SME mutual funds. The measure is intended to improve SMEs’ access to capital markets through mutual funds and financial trusts. The CNV linked the update to prior changes that modified the regime for open-end SME mutual funds, introduced for financial trusts a category of participant that lacks a MiPyME certificate but is not listed as a Large Company by the Agency for Collection and Customs Control, and aligned criteria across both instruments, including allowing rights or credits arising from transactions with such companies within up to 20% of the trust’s assets (at nominal value), later extended through June 2025. The temporary 40% provision is now extended through 31 December 2025.