Mutual Funds Regime Reorganized and Streamlined

On October 29, 2025, the Argentine Securities Commission (CNV) issued General Resolution 1089/2025, which fully replaces Chapters I, II, and III of Title V of the CNV Rules, as part of a simplification and harmonization process. The measure reorganizes registration, operation, and reporting requirements for agents and mutual funds, and adjusts authorization, management, and liquidation procedures.

Reorganization of Title V

The new framework restructures Title V: Chapter I consolidates registration, operating and reporting requirements for management companies, depositary companies, placement and distribution agents (ACyD), and comprehensive placement and distribution agents (ACyDI). 

Chapter II simplifies the operation of open-end mutual funds (initial authorization, investment policies, amendments to the management regulations, and replacement of governing bodies). 

Chapter III introduces targeted adjustments for closed-end mutual funds.

Minimum capital requirements

The Resolution updates minimum net worth thresholds, as is their calculation when the same entity is registered in multiple categories. Management companies must evidence a minimum of acquisition value units (UVA) 150,000, increased by UVA 20,000 for each additional mutual fund managed, with at least 50% of the minimum invested as liquid counterpart in eligible assets.

The ACyD for mutual funds must have a minimum of UVA 17,000, with an accumulation rule and a 50% requirement for additional categories.

The ACyDI for mutual funds (where the registrant is a management company, financial institution, or ALyC) must evidence UVA 170,000 and maintain 50% subject to liquid-counterpart rules, with the same accumulation rule applying in cases of multiple registrations.

The Resolution also establishes a transitional regime for ACyD/ACyDI to evidence capital sufficiency.

Registration, proficiency, and digital books

The Resolution details the documentation required for registration (bylaws, officers, sworn statements, financial statements, auditor and UIF matters, among others). Customer-facing personnel must be registered in the Registry of Qualified Persons.

Mutual fund books may be replaced by digital registration with the CNV’s prior authorization, with a professional report and guarantees of immutability. Once authorized, such authorization also applies to successive funds.

Reporting Regime

Management companies and depositaries must submit information via the AIF and the CNV-CAFCI System (with an implementation timeline). They may replace an agent’s quarterly information with an accountant’s certification. Mutual funds with zero assets may replace financial statements by a certification of absence of assets.

Placement and distribution: modalities and third parties

The Resolution standardizes placement modalities (directly by the management company/depositary and through ACyD/ACyDI). Agreements and framework arrangements must be made available to the CNV.

Advertising and promotion

The Resolution also organizes guidelines for voluntary promotional advertising and subjects them to disclosure rules (fees, commissions, and expenses), with the management company’s involvement where advertising is carried out by ACyD/ACyDI.
 

Placement abroad

Placement of fund units abroad is permitted through intermediaries regulated and supervised in cooperating jurisdictions (tax transparency and AML/CFT), with agreements to be reported via AIF and the possibility of arranging custody and settlement through the Central Securities Depository (ADCVN) and international platforms.