Mutual Funds’ Reporting Requirements Were Amended

Through General Resolution No. 918, issued on December 29, 2021, the Argentine Securities and Exchange Commission ("CNV", after its acronym in Spanish) submitted to public consultation a draft regulation proposing amendments to the periodic information regime of Mutual Munds (the “Funds”) looking to define and clarify the information available, both for investors and for the CNV itself.

The draft resolution mainly proposes that:

•    The time to submit information related to the Funds’ weekly portfolios is reduced from three business days to one business day after the end of each week. 

•    Funds’ managers and Integral Placement and Distribution Agents must report the Funds’ investors that are individuals and legal entities and indicate whether they are located abroad.

•    The placement agents of open-end Funds’ shares must provide investors with access to a computer platform in which the information required by the regulations is available  (e.g., the notice of the modification of the Fund’s agreement or the quarterly account statement, among other circumstances that may arise during normal operations).

•    Mechanisms that allow Funds’ managers to anticipate the effects of simultaneous redemptions by investors for each Fund under their management are implemented, in accordance with the amendments already introduced by CNV General Resolution No. 757.

Finally, the draft resolution establishes a 180-day compliance period for Funds’ managers and other Agents involved in the placement of mutual funds, so that they may implement such modifications in their IT systems.