Changes to Payment Methods in the Capital Markets

The Argentine Securities Commission (CNV) issued General Resolution 1166, published in the Official Gazette on September 15, 2026, which amended the rules governing payment methods and control procedures for the receipt and transfer of funds from and to clients.

GR 1166 provides that regulated entities registered before the CNV may only receive funds from and transfer funds to their clients by means of transfers from or to bank accounts held or jointly held by the relevant client, or through the Uniform Virtual Key (CVU) corresponding to the client’s Tax Identification Number (CUIT).

Consequently, regulated entities registered before the CNV may no longer accept physical or electronic checks (ECHEQs) from their clients as a means of receiving funds, nor may they make payments or transfer funds to their clients through such instruments.

The amendment is part of the process the CNV undertook to adapt the anti-money laundering, counter-terrorist financing, and counter-proliferation financing (AML/CFT/CPF) framework, within which General Resolutions 1139 and 1141 were issued. These Resolutions eliminated the use of cash, expressly introduced ECHEQs, and later, established a limit of two payments by checks of any kind per day and per client.

The CNV expressly clarified that the amendment does not affect transactions involving the trading of deferred payment checks contemplated under the applicable regulations.

GR 1166 maintains that settlement and clearing agents and legal entities registered before the CNV that participate in the placement of mutual funds or other collective investment products may make transfers among themselves for the account and on behalf of their clients, provided that the funds are credited to the same client’s sub-account with the receiving entity.