Teenagers’ Access to Open-End Mutual Funds Expanded

On November 19, 2025, the Argentine Securities Commission (CNV) issued General Resolution 1091, which replaces provisions of CNV Rules, Title V, Chapter II, article IX. These changes are in line with the precedents set by GR 977 and 1023 regarding minors’ participation and the opening of sub-brokerage accounts. 

Subscription and title through legal representatives

From age 13 years old and on, minors may place subscription orders for units of open-end mutual funds via online onboarding, with prior authorization from their legal representatives, who will retain title on the register until the minor becomes a legal adult. The placement system must mandatorily link a CBU/CVU account held by the minor with the representative’s account, identify the orders placed by the minor, and route redemptions to the linked account. 

Once the minor becomes a legal adult, ownership must be transferred to them immediately, free of fees or charges. Under no circumstances may redemptions ordered by the minor exceed the invested balance originating from the minor’s linked account. 

The prohibition remains in place for minors (on their own or through representatives) to subscribe to closed-end mutual funds or open-end mutual funds intended exclusively for qualified investors.

Transparency and informational content

Advertisements for the promotion/marketing of mutual funds may not be directed specifically or exclusively to minors and must be disseminated with the same identical content aimed at the entire investing public. 

The placement system must provide detailed information on features and risks, with a mechanism for prior verification the minor must read. Before subscribing quotas of open-end mutual funds other than money market funds, there must be a clear warning that the investment may involve higher risks and longer redemption periods. The system must also offer a specific access point with financial education content on open-end mutual funds, tailored to the relevant age range, that does not include offers of securities or services of agents linked to the mutual fund.