CNV Adjusts Investment Limits for Classic Money Market Funds

On December 23, 2025, the Argentine Securities Commission (CNV) issued General Resolution 1096, which modifies the rules applicable to Classic Money Market Mutual Funds. The Resolution responds to a request from the Argentine Central Bank (BCRA) and organizes portfolio caps between non-prepayable time deposits (accrual-basis assets) and prepayable time deposits (valued at realization/market price), while preserving the aggregate 70% investment limit of the fund’s net assets for both types of deposits.
 

New caps by class of instrument

• Non-prepayable time deposits (accrual-basis): up to 50% of the fund’s net assets.
• Prepayable time deposits during the prepayment period (valued at realization/market price): up to 50% of the fund’s net assets.
• Aggregate limit: across both types of time deposits: 70% of the fund’s net assets.

Accrual-basis assets and liquidity buffer

• Accrual-basis assets other than time deposits: cap of 35% of net assets.
• Sum of accrual-basis assets (non-prepayable time deposits + other accrual-basis assets): no more than 50% of net assets.
• Accrued interest on demand accounts: It counts toward the 35% cap on accrual-basis assets. If capitalized, it is valued at realization/market price and does not require a liquidity buffer.

Additional short-term debt

Additionally, the acquisition of debt securities with a final maturity of no more than 1 year from the purchase date is permitted for up to 20% of the fund’s net assets.

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