Argentina Securities Commission simplifies authorisation and reporting rules for open and closed mutual investment funds

The Argentina Securities Commission (CNV) issued reforms to simplify and speed up the authorisation, registration and ongoing reporting framework for open and closed Fondos Comunes de Inversión (FCI) and the agents involved in their operation, removing formal requirements that it considers non-essential for legal certainty and information quality. The changes streamline registration, operating and disclosure requirements for participating agents, introduce new net worth requirements for agents involved in FCI placement and distribution, and move FCI information submissions to the CNV-CAFCI system with an implementation period. They also replace quarterly accounting information for agents with an accounting certification, allow a “no assets” certification for funds with zero net assets, permit digital fund registers on a one-off basis for successive issuances, simplify authorisation and governance-change processes for open funds, update the liquidation process for open funds, and eliminate the procedure to cancel unplaced amounts under the closed-fund regime. Separately, CNV made permanent a transitional option allowing companies without a MiPyME certificate that are not classified as “Large Companies” in ARCA’s published list to access the SME-financing regime for FCIs and financial trusts up to a maximum of 40%. CNV presented the package as a regulatory reordering that repeals obsolete provisions, cutting the FCI rulebook by 64 articles (from 257) and 34 pages (from 97).