Securities Market Regulation in Argentina
On February 11, 2026, the National Securities Commission (Comisión Nacional de Valores, the “CNV”) issued General Resolution No. 1106/2026 (the “Resolution”), whereby it submitted for public consultation, through the Participatory Rulemaking Procedure, the implementation of a single standardized fact sheet (the “Single Fact Sheet”) for Open-Ended Mutual Funds (Fondos Comunes de Inversión Abiertos, “FCIs”).
The Resolution aligns with international standards and with the Objectives and Principles of Securities Regulation issued by the International Organization of Securities Commissions (“IOSCO”), with the purpose of ensuring full, fair, and adequate disclosure so that investors are provided with the necessary information to make informed investment decisions.
In establishing the requirement that each management company prepare a Single Fact Sheet for every FCI under its management, the CNV considered the regulatory frameworks of other jurisdictions, such as Brazil, Chile, Peru, Colombia, and Mexico, as well as the Key Investor Document (“KID”) in force in Spain and other European countries.
Annex I to the Resolution sets forth a model and the minimum required content of the Single Fact Sheet, which must include, among other items: the investment objective and policy; investor profile; basic fund information; risk indicators; portfolio composition and main holdings; historical performance; fees/expenses/commissions; tax treatment; and, in the case of money market funds, a public link to the FCI comparator maintained by the Argentine Chamber of Mutual Funds (Cámara Argentina de Fondos Comunes de Inversión, the “CAFCI”).
Interested parties must complete the form attached as Annex II to the Resolution in order to submit comments and/or proposals through the CNV’s website (www.argentina.gob.ar/cnv ).
The Resolution entered into force on February 18, 2026, and the deadline for submitting comments and/or proposals regarding the proposed regimes will remain open until March 9, 2026.
