The Argentina Securities Commission (CNV) approved General Resolutions No. 1123 and No. 1124 launching a public consultation on a proposed framework to introduce Exchange Traded Funds (ETFs) as a local instrument, structured either through CEVA or FCIA, and on related changes to the public offering regime. The proposal would allow locally regulated investment structures that replicate the performance of reference assets or indices and trade in the domestic market. It sets out conditions aimed at ensuring proper custody and accounting and operational segregation of underlying assets, transparent price formation, and availability of relevant information for investors. Instrument-specific rules would govern the roles of market participants, including creation and cancellation mechanisms for CEVA-based ETFs and subscription and redemption processes for FCIA-based ETFs, to support arbitrage between market prices and underlying asset values. The package also updates the existing framework for CEDEAR and CEVA by clarifying operational functioning and establishing a specific regime for structuring, issuance, and trading. The consultation will remain open for 15 business days, with submissions to be made via the CNV website.
Argentina Securities Commission (CNV) 2026-04-01
Argentina Securities Commission launches public consultation on a local ETF regime and updates to CEDEAR and CEVA public offering rules
The Argentina Securities Commission approved General Resolutions No. 1123 and No. 1124 to consult on a proposed framework for introducing Exchange Traded Funds as local instruments structured via CEVA or FCIA, alongside related changes to the public offering regime. The proposal sets conditions on custody, accounting, operational segregation, price formation, disclosure, and instrument-specific rules for creation, cancellation, subscription, and redemption, and updates the existing CEDEAR and CEVA framework with a specific regime for structuring, issuance, and trading.