Mutual Funds Regulatory Changes Aimed at Qualified Investors

Through General Resolution 1059, issued on April 10, 2025, the Argentine Securities Commission (CNV) introduced an exception to the limitation that provides that the sum of the net assets of all open-end mutual funds aimed at qualified investors and denominated in foreign currency that each fund management manages may  not exceed 25% of the sum of the net assets under its management.

Seeking to expand funding sources through the local capital market, the CNV removed a restriction for open-end funds aimed at qualified investors which, although denominated in foreign currency, invest exclusively in financial instruments and/or securities issued and traded in Argentina.

The Resolution provides that the net assets of such funds will not be included when calculating the maximum percentage limit mentioned above, provided that the exclusive investment condition in locally issued and traded instruments is met.