Argentina Securities Commission launches consultation on a single key information sheet for each mutual fund

The Argentina Securities Commission (CNV) has launched a public consultation on introducing a “Ficha Única” for each Fondo Común de Inversión (FCI), aimed at strengthening investor disclosure and enabling easier comparison across funds, drawing on international practice such as the European Union’s Key Information Document. Under the proposed model set out in General Resolution No. 1106, management companies (Sociedades Gerentes) would prepare the Ficha Única using a CNV template and minimum content list. Required disclosures would include the fund’s objective and investment policy, investor profile, core fund information (including full name, CNV registration number and start date, governance bodies, risk rating and benchmark where applicable, net assets, currency, minimum subscription amount, redemption payment term, income type, investment horizon and report date), risk indicators, portfolio composition and main holdings, historical performance, fees and expenses, applicable tax treatment and, for money market funds, a public link to the CAFCI fund comparator. The sheet would be published monthly on the management company’s website, with open-end funds aimed at qualified investors exempt; placing agents would also need to promote access by linking to the management company’s webpage through their distribution channels. Market participants have fifteen business days to submit comments and proposals via the CNV website.