The Argentina Securities Commission (CNV) issued a rule setting a maximum allocation for investments in cauciones within the portfolios of Money Market mutual funds, capping such placements at 20% of each fund’s net assets. The change follows monitoring by the Central Bank of the Argentine Republic (BCRA) and the CNV that identified a significant increase in Money Market funds’ participation in the cauciones market. The BCRA advised the CNV that limiting this participation is recommended for the proper functioning of monetary policy, and the CNV aligned the measure with those guidelines. The cap takes effect from 1 December 2025.
Argentina Securities Commission (CNV) 2025-11-27
Argentina Securities Commission sets 20% cap on Money Market funds’ investments in cauciones
The Argentina Securities Commission (CNV) has set a 20% cap on investments in cauciones for Money Market mutual funds, based on net assets. This decision follows recommendations from the Central Bank of the Argentine Republic (BCRA) to ensure proper monetary policy functioning. The rule will be effective from 1 December 2025.