Open-End Mutual Funds Offering: New Automatic Authorization

On September 1, 2025, the Argentine Securities Commission (CNV) issued General Resolution 1082, which incorporates into the regulatory framework a new automatic authorization procedure for the public offering of Open-End Mutual Funds (FCI). The measure seeks to reduce processing times, simplify the constitution of funds, boost the industry, and promote the depth and liquidity of the Argentine capital market.

 

General Resolution 1082 introduces a set of provisions that substantially modify the operation of FCIs. The most relevant aspects are:

 

Automatic authorization for new FCIs

 

The core change is that funds that share the same denomination, objectives, and investment policy as other funds already CNV-authorized and constituted by the same management company may be established without undergoing a prior review process.

 

Flexibility in the structure of funds

 

Although identity must be maintained in terms of denomination and investment policy, the Resolution acknowledges that funds may differ in other secondary aspects without losing their “identical” character. The differences allowed include:

 

• currency,
• eligible assets,
• share classes,
• markets in which investments will be made,
• any element that does not alter the core of the original fund.

 

Digitalization of notification and registration

 

The Resolution provides that the management company must notify the CNV, through the Remote Procedures Platform (TAD) that the fund has been constituted. Once the notification is submitted, the CNV will automatically assign the registration number and notify the submitter.

 

Publishing management regulations on Financial Information Highway

 

The FCIs management regulations will have automatic authorization, without needing the CNV’s review or formal approval. However, publication in the Financial Information Highway (AIF) is mandatory before starting operations.

 

Regime for addenda and amendments

 

The procedure will also be automatic when minor amendments are introduced to the management regulations, such as adjustments that do not alter objectives, investment policy, denomination, or governing bodies of the fund. The management company must submit the addenda and the consolidated text through the AIF, and this will not require the CNV’s express authorization.

 

Reinforcement of transparency and disclosure obligations

 

The Resolution confirms that management companies and other intervening agents must comply with the reporting regime applicable to FCIs and especially with the transparency obligations established in article 117 of Law 26831.

 

With this Resolution, the CNV seeks to consolidate a more agile, modern, and competitive regulatory framework. The new regime will allow management companies to significantly reduce the time required to launch new funds, improve responsiveness to investor demand, and offer more diversified products adapted to different market conditions.