On September 3, 2025, the General Resolution No. 1082/2025 (the “Resolution”) of the National Securities Commission (“CNV”) was published in the Official Gazette. The Resolution approves the final regulation of the Automatic Authorization Procedure for the Public Offering of Open-End Mutual Funds (hereinafter, “Mutual Funds” or “FCI,” per its Spanish acronym).
The Resolution formalizes the regulatory framework aimed at streamlining the issuance process for Mutual Funds, which had previously been submitted to public consultation through General Resolution No. 1078/2025.
The procedure established by the Resolution shall apply to Mutual Funds to be constituted that share the same name, objectives, and investment policies—or, where applicable, fall under the same special regime-as other Mutual Funds already authorized by the CNV and managed by the same Management Company.
The new Mutual Fund to be constituted must differ from previously approved ones in its currency denomination, eligible assets, classes of shares to be issued, markets in which investments will be made, and, in general, in any other element that does not imply a modification of the aforementioned characteristics.
To differentiate the various Mutual Funds, a sequential ascending numerical denomination shall be used.
The establishment of a new Mutual Fund must be notified to the CNV through the Remote Procedures Platform (“TAD”). Once notified, the CNV will assign the corresponding registration number to the Mutual Fund. Upon notification of such registration number, the Management Company must, within ninety (90) business days, publish through the Financial Information Highway (“AIF”) the following documents:
1. the management regulations;
2. the corporate resolutions of the governing bodies approving the respective issuance; and
3. the material event notice reporting its launch, as applicable.
The management regulations shall be automatically authorized, without prejudice to the CNV’s supervisory powers. However, their publication through the AIF prior to the start of operations is mandatory.
When amendments are made to the management regulations that do not involve a change in the objectives and investment policy, in the special regime, in the denomination of the Mutual Fund, or in the replacement of either or both of its governing bodies, the addenda texts, together with the consolidated text, must be submitted directly through the corresponding access on the AIF platform.
The Resolution shall enter into force on September 15, 2025.
