Updates on the Reporting Regime for Mutual Funds

On September 16, 2025, the Argentine Securities Commission (CNV) issued General Resolution 1085, which replaces and updates provisions of the reporting regime applicable to mutual funds (FCI), both open-end and closed-end. The Resolution seeks to organize, modernize, and standardize the information that management companies and custodians must submit, thereby improving the quality of data available to investors and the market.

 

The Resolution replaces the reporting regimes established in the CNV Rules, creating a single and homogeneous reporting framework for open-end and closed-end mutual funds. It also standardizes formats for balance sheets, portfolio composition, net asset value, valuation of assets and liabilities, and movements of shares, among others.

 

1. Strengthening transparency

 

The minimum mandatory content to be published on the Financial Information Highway (AIF) is expanded to now include data on fees, total expenses, asset concentration risk, and the fund’s effective investment policy. The CNV aims to reduce information asymmetries and provide retail and institutional investors with better analytical tools.

 

2. Frequency and submission deadlines

 

The Resolution establishes clearer criteria regarding the frequency and deadlines for submitting information. Deadlines vary depending on the type of fund:

 

• Open-end mutual funds must submit information more frequently, given their daily liquidity.
• Closed-end mutual funds will have broader periodic obligations, but with lower frequency, consistent with their long-term investment structure.

 

3. Responsibility of management companies and custodians

 

The Resolution reinforces the duty of management companies and custodian entities to ensure the quality, integrity, and accuracy of the information disclosed. It also provides that non-compliance will be deemed a serious violation, subject to CNV sanctions.

 

4. Technological adaptation

 

The new reporting regime contemplates the use of standardized digital formats, compatible with automated processing systems. This is intended to streamline the CNV’s supervisory tasks and reduce errors or omissions in data submission.

 

With these amendments, the CNV seeks to improve the quality and comparability of information on mutual funds, strengthen investor confidence, and contribute to a more transparent and competitive market. The new framework places Argentina in line with international standards of governance and disclosure in the investment fund industry.