The Argentina Securities Commission has launched a public consultation on a draft General Resolution to introduce an automatic authorisation regime for open mutual funds, intended to streamline approvals for frequently issued, repetitive products. Under the proposal, once the first fund in a “family” is reviewed and approved, subsequent funds in the same family and non-substantive amendments could be authorised automatically. The automatic regime would apply where the new fund has the same name and investment policy as other funds already authorised by the Commission, and is established by the same management company, although it may use a different depositary. The fund may also differ from previously approved funds in its denomination currency and other issuance conditions, and would be distinguished through an ascending sequential numeric denomination. The draft also proposes a simplified filing route for amendments to existing funds’ management regulations where there is no change to investment policy, the fund name, or any replacement of the fund’s governing bodies, allowing addenda and a consolidated text to be submitted via the Financial Information Highway without prior Commission review; the Commission notes that the simplification affects the fund authorisation process rather than fund operations. The consultation is open for 15 business days.

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