New Eligible Investments Admitted in Mutual Funds for Small and Medium Companies
Deferred payment checks and promissory notes issued or discounted for trading in the direct segment are now included.
On April 9, 2024, the Argentine Securities Commission issued General Resolution 997, adding eligible investments for mutual funds whose investment purpose is made of instruments intended to finance Small and Medium Companies (SMEs).
The Resolution seeks to increase the amount of investors and companies financed through the capital markets, and to continue promoting their development by incorporating within the eligible assets the deferred payment checks and the promissory notes issued or discounted for trading in the direct segment by companies that are not considered “large companies,” under the terms established and the list published by the Argentine Tax Authority (AFIP).
The Resolution provides that SMEs Mutual Funds may invest in these assets for less than 20% of the assets of the corresponding fund.
This insight is a brief comment on legal news in Argentina; it does not purport to be an exhaustive analysis or to provide legal advice.