Argentine Securities Commission Amends Regulation on the Prevention of Money Laundering and Terrorist Financing

On April 5, 2024, the Argentine Securities Commission (CNV) issued General Resolution 996 incorporating to the CNV Regulations (NT 2013 and mod.) those subjects incorporated by Law 27739 to the list of reporting entities belonging to the capital market and virtual asset providers, whose registry has been created by CNV General Resolution 994.

The reporting entities (SO) will now include:

a) trading Agents, 

b) broker-dealers (ALyC) and other brokers with have similar functions,

c) Placement and Distribution Agents (ACDI) acting in the placement of mutual funds or other collective investment products, 

d) Global Investment Advisors (AAGI) and other legal entities responsible for opening the file and establishing clients’ risk profiles on prevention of money laundering, financing of terrorism, and the proliferation of weapons of mass destruction,

e) centralize securities custody agents or entities registered to receive collective deposits of securities, acting in the custody of instruments or transactions under Law 20643, 

f) custody, registration, and payment agents or those agents authorized to provide custody, transfer, registration, and/or payment of securities, 

g) financial trustees included in Chapter 30, Title IV of the 3rd Section of the Argentine Civil and Commercial Code, as amended, acting as such in financial trusts with public offering authorized by the CNV,

h) crowdfunding platforms and other legal entities authorized by the CNV to act within the framework of crowdfunding systems through web portals or similar, mainly to connect, in a professional manner, a plurality of individuals and/or legal entities acting as investors with individuals and/or legal entities requesting financing as crowdfunding entrepreneurs, 

i) Virtual Asset Service Providers. 

Finally, the Resolution defines the scope of application of the Information Regime and the Suitability, Integrity, and Solvency Requirements of such SO, whose regulations are included in Title XI of the CNV Regulations (NT 2013 and mod.).