The Argentina Securities Commission (CNV) issued final General Resolution No. 1048, setting a framework for client referrals, third-party advertising of services and the channelling of orders among CNV-registered agents, entities registered with the Central Bank of the Argentine Republic (BCRA) and Virtual Asset Service Providers (PSAVs). The rules expand the permitted activities of Clearing and Settlement Agents (ALyC), Trading Agents (AN) and Global Investment Advisory Agents (AAGI) to include referring clients to PSAVs. They also regulate referrals between ALyCs and referrals from ALyCs to payment service providers (PSP), MiPyme financing platforms and BCRA-registered financial entities, while allowing ALyCs to accept clients referred by those entities. In addition, CNV permits agents to market their services through third parties and amends order-taking provisions to allow orders to be channelled via third parties.
Argentina Securities Commission (CNV) 2025-01-08
Argentina Securities Commission finalises rules on client referrals, third-party advertising and order routing involving capital markets agents and virtual asset service providers
The Argentina Securities Commission (CNV) issued General Resolution No. 1048, establishing a framework for client referrals, third-party advertising, and order channelling among CNV-registered agents, BCRA-registered entities, and Virtual Asset Service Providers (PSAVs). The resolution expands activities for Clearing and Settlement Agents (ALyC), Trading Agents (AN), and Global Investment Advisory Agents (AAGI) to include client referrals to PSAVs and regulates referrals between ALyCs and other financial entities. It also permits agents to market services through third parties and amends order-taking provisions.