The Argentina Securities Commission finalized the regulatory framework for collective investment products serving Labor Assistance Funds, completing the regime required to manage these resources through Argentina’s capital markets. Following its public consultation, the commission approved two types of supervised vehicles: Labor Assistance open-ended mutual funds and financial trusts, each available in single-employer or multi-company form. The final rules refine operating conditions, requirements for authorized entities and allocation mechanisms. They establish the FAL ID to link employers with their chosen vehicle, provide for transparent default allocation when no choice is made and allow companies to transfer between vehicles and authorized entities. Ordinary management fees and expenses are capped at 1% of assets annually, while each vehicle must publish a monthly factsheet covering historical performance and portfolio composition. The products will enter the public offering regime through automatic authorization, with their investments subject to the framework established by the Economy Ministry.
2026-09-16Argentina Securities Commission (CNV)
Argentina Securities Commission finalizes Labor Assistance Fund investment regime with 1% annual cost cap
The Argentina Securities Commission finalized rules for Labor Assistance Fund collective investment products offered through mutual funds or financial trusts in single-employer and multi-company forms. The regime provides for automatic public offering authorization, portability and default allocation, while capping annual ordinary management costs at 1% of assets. Vehicles must publish monthly information on performance and portfolio composition.