New Criteria for Eligible Assets and Liquid Counterparties

The Argentine Securities Commission (CNV) issued General Resolution 1080 on August 20, 2025, amending several provisions regarding minimum net worth requirements and the composition of liquid counterpart assets. The new framework also introduces specific rules for agents registered in multiple categories and establishes transitional schedules for complying with the updated parameters.

 

Minimum net worth and liquid counterparties

 

The Resolution updates the minimum net worth thresholds required from management companies, placement and distribution agents, markets, clearing houses, custody, registration, and payment agents (ACRYP), and the Central Securities Depository Agent (ADCVN). It also requires investing a minimum percentage of such net worth in eligible assets under the concept of liquid counterpart.

For agents with multiple registrations with CNV, the Resolution introduces the concepts of “total minimum net worth” and “total minimum liquid counterpart,” which must be calculated by adding the highest category requirement plus 50% of the requirements corresponding to the other compatible categories.

 

Eligible assets and bank guarantee

 

The resolution updates the list of assets that may be part of the liquid counterpart. These include balances in local and foreign bank accounts (subject to certain conditions), early-redeemable term deposits, federal and provincial government securities, Argentine Central Bank instruments, Treasury bills, private debt instruments with percentage limits, mutual fund shares redeemable within 72 hours, repos, guaranteed checks, promissory notes, and CEDEARs up to a 20% cap.

The Resolution also allows up to 50% of the liquid counterpart to be replaced by a CNV-approved bank guarantee, subject to specific terms of validity and renewal.

 

Reporting regime and replenishment

 

Entities subject to these requirements must disclose in their financial statements the composition of their liquid counterpart and must periodically report such information to the CNV through the Financial Information Highway (AIF). If agents do not comply with liquid counterpart or minimum net worth requirements, they must disclose the situation as a material fact and implement a replenishment plan within short deadlines (3–5 business days for liquid counterpart and 10 business days for net worth).

 

Transitional schedules

 

The Resolution sets phased-in deadlines for complying with these changes. Markets and clearing houses must meet the updated minimum net worth requirements by December 31, 2025. Regarding eligible assets, the new list must be complied with as of September 30, 2025. Exceptionally, agents may continue to consider as eligible assets the “Shares of CNV-authorized Markets”—as admitted under the prior regime—until December 31, 2025.