The Argentina Securities Commission (CNV) approved General Resolution No. 1102 introducing the requirements for Trading Agents (Agentes de Negociación) to apply for registration as a Management Company (Sociedad Gerente) under the category of Agent for Administration of Collective Investment Products for Mutual Funds, aligned with the framework set out in General Resolution No. 1089. The changes also adjust the rules applicable to both Management Companies and Trading Agents to define the scope, conditions and requirements for entities registered in both categories. For Trading Agents holding the dual status, the new provisions set conduct and organisational requirements, functional segregation standards and accounting recordkeeping safeguards intended to allow supervision of each business unit on a standalone basis and to prioritise the interests of clients and fund unit holders. The resolution also introduces limits on authorised depositors before the Central Depositary Agent of Negotiable Securities (ADCVN): depositary status is permitted for CNV-registered collective investment product administration agents, except where the firm is also registered as a Trading Agent.
Argentina Securities Commission (CNV) 2025-12-30
Argentina Securities Commission establishes a dual-registration regime for Trading Agents to act as mutual fund management companies
The Argentina Securities Commission (CNV) issued General Resolution No. 1102, detailing registration requirements for Trading Agents to become Management Companies for mutual funds, aligning with General Resolution No. 1089. It outlines conduct, organisational, and recordkeeping standards for dual-status entities to ensure independent supervision and client prioritisation, and restricts depositary status with the Central Depositary Agent of Negotiable Securities for firms registered as both collective investment product administration agents and Trading Agents.