Investment Rules for Labor Assistance Funds

Resolution 1276/2026 of the Ministry of Economy, issued on August 11, 2026, establishes the investment guidelines applicable to the assets of the Labor Assistance Funds (FAL), created under Law 27802. The Resolution provides that investments must seek to preserve the value of employer contributions and ensure the availability of funds to meet the benefits and obligations contemplated by the regime.

Accordingly, FAL assets may be invested only in debt securities issued by the Federal Government, the provinces, or the City of Buenos Aires; deposits with financial institutions authorized by the Argentine Central Bank; and corporate bonds issued in Argentina by private issuers. Such assets must be denominated and payable in ARS. Securities must be issued and traded on authorized Argentine markets.

Debt securities issued by provinces or the City of Buenos Aires, as well as corporate bonds, must be authorized for public offering, traded on CNV-authorized markets, and carry a national scale AAA credit rating assigned by at least two credit rating agencies registered before the CNV.
 

The Resolution also establishes investment and diversification limits based on asset class and issuer and requires that at least 10% of the assets of a FAL are held in highly liquid assets with low market risk. In addition, it imposes restrictions on investments in deposits and securities issued by authorized entities or their parent companies, subsidiaries, or affiliates.

The Resolution entered into force on August 13, 2026. Within 45 days of that date, the CNV must issue the supplementary and interpretative regulations necessary to implement it.