On May 9, 2025, through General Resolution 1066/2025 (the “Resolution”), the National Securities Commission (CNV after its spanish acronym) established the implementation of the “participatory rulemaking” procedure (Decree 1172/2003), inviting citizens to submit proposals and opinions regarding the adoption of the regime for “collective investment products for employment termination.”
The objective is to adopt a specific regulatory framework for Open-End Labor Termination Mutual Funds and Labor Termination Financial Trusts.
The Resolution includes the following provisions:
– The shares or trust securities may be established on an individual, company, or sectoral basis;
– The parties may freely determine the percentage of the salary or fixed amount to be contributed by the employer to such individual or collective account, as well as the frequency of said contribution;
– The Labor Termination Fund will be exempt from seizure; and
– The instruments created under this regime may only accept subscriptions in the context of contributions and/or payments made by employers and/or workers, with the requirement of periodically informing workers about their holdings.
Opinions and/or proposals may be submitted until June 3, 2025, through the CNV’s website.
The Resolution came into effect on May 13, 2025.
