The Argentina Securities Commission (CNV) approved a new framework for public offerings with automatic authorisation for open-ended mutual funds (Fondos Comunes de Inversión Abiertos, FCI), following a public consultation launched under General Resolution No. 1078. Under the regime, the CNV will review and approve only the first FCI in a given fund family. Subsequent FCIs may be authorised automatically provided they are established by the same management company, relate to previously authorised funds through the same name and investment policy or are set up under a special regime, and do not involve substantial changes, although the depositary may change. Funds approved under this pathway may still differ from previously authorised funds in areas including denomination currency, eligible assets, unit classes and other issuance terms, and each new FCI must use a sequential ascending numeric designation to distinguish it. The CNV also introduced an automatic addendum process for open-ended FCIs where amendments to the Management Regulations do not change the fund’s objectives and investment policy or special regime, its name, or replace one or more of its governing bodies, with the addendum and consolidated text to be submitted via the relevant AIF access. The rules enter into force on 15 September 2025.
Argentina Securities Commission (CNV) 2025-09-02
Argentina Securities Commission introduces automatic public offering authorisation for new open-ended mutual funds
The Argentina Securities Commission (CNV) has approved a new framework for public offerings, allowing automatic authorisation for open-ended mutual funds (FCI) after initial approval. Subsequent FCIs can be automatically authorised if they meet criteria, including being established by the same management company and maintaining the same name and investment policy. Effective 15 September 2025, the framework also introduces an automatic addendum process for amendments that do not alter key fund characteristics.