The Argentina Securities Commission (CNV) issued Interpretative Criterion No. 96 clarifying the conditions under which legal entities operating as PSAVs must evidence compliance with the minimum net worth requirement (PNM) for registration and continued inclusion in the PSAV Register. To evidence PNM, PSAVs must have fully paid-in share capital at the time of registration and throughout their time on the register, and the share capital must be registered in the Public Registry of Commerce. Any irrevocable contributions must be capitalised before applying for registration; PSAVs already registered under General Resolution No. 994 must evidence that such contributions have been capitalised and that the resulting capital increase has been registered in the Public Registry of Commerce to maintain registration. Irrevocable contributions received while registered must be capitalised within a maximum of six months from acceptance by the management body. Legal-entity PSAVs registered under General Resolution No. 994 were granted additional time until 30 November 2025 to evidence PNM compliance under the clarified approach, while the remaining information and documentation must be submitted via the AIF by 1 August 2025 or 1 September 2025, as applicable.

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