Requirements for Financial Trusts Now Eased

On October 30, 2024, the Argentine Securities Commission (CNV) issued General Resolution 1027, which simplifies the requirements for financial trusts. This Resolution establishes that the submission of quarterly financial statements will no longer be mandatory for financial trusts incorporated as of November 1, 2024.

Therefore, the CNV will only require submitting annual financial statements. However, the submission of quarterly financial statements will continue to be mandatory for financial trusts incorporated as “Direct Investment Funds,” due to the structuring particularities of such trusts.

Finally, the Resolution eliminates the obligation to appoint a controlling agent and allows the financial trustee—or an independent public accountant with at least five years of seniority in the registry—to control and verify the underlying assets and their cash flows. In this regard, the CNV stated that, since the financial trustee is a company specifically registered before the CNV, with the obligations and responsibilities intrinsic to such categorization, it is reasonable to allow it to carry out the controlling and verification duties, with the responsibilities inherent to such acts.