Automatic Authorization Regime for Open Mutual Funds

On July 25, 2025, the Argentine Securities Commission (CNV) issued General Resolution 1078, by which it submits to consultation a draft regulation aimed at implementing the automatic authorization of public offerings for certain Open Mutual Funds (FCI). This new regime is part of the CNV’s broader policy of regulatory simplification and modernization, introduced through a series of measures designed to streamline issuance and registration processes.

Scope of the regime

The automatic authorization procedure will apply exclusively for creating FCI whose denomination and investment policy are identical to those of other funds already authorized by the CNV and established by the same management company. They will be distinguished by using a sequential ascending numbering. Differences will only be allowed regarding aspects such as currency of denomination and other issuance conditions.

Management regulations and addenda

The management regulations will be automatically authorized without the CNV’s prior review, but they will have to be published on the Financial Information Highway (AIF) before the fund begins operating. The document must include a disclaimer explicitly stating that the CNV has not reviewed the text.

Applicants may also submit amendments that do not involve a change in the investment policy, the fund’s denomination, or the replacement of its governing bodies. These will also be automatically authorized, if they include a disclaimer stating that the CNV has not reviewed them.

Reporting regime and transparency

Management companies and other participating agents will remain subject to the reporting obligations applicable to open funds, as well as the transparency requirements in article 117 of Law 26831 (and related provisions). Being admitted to the automatic authorization regime does not exempt the fund’s governing bodies from complying with investor protection rules or securities secrecy obligations, and the CNV retains full supervisory and enforcement powers in the event of non-compliance.