On August 13, 2026, General Resolution No. 1161/2026 (the “Resolution”) of the National Securities Commission (Comisión Nacional de Valores, the “CNV”) was published in the Official Gazette of the Argentine Republic. The Resolution submits the proposed regulations governing the Collective Investment Products for Labor Assistance Funds (Productos de Inversión Colectiva de Fondos de Asistencia Laboral, “PIC FAL”) to the Participatory Rulemaking Procedure, pursuant to Law No. 27,802, Decree No. 408/2026, and Ministry of Economy Resolution No. 1276/2026.
The Resolution establishes the regulatory framework for the establishment and operation of Labor Assistance Funds (Fondos de Asistencia Laboral, “FAL”), which are intended to address obligations arising from the termination of an employment relationship through the allocation of specific pools of assets funded by employer contributions.
The main provisions of the Resolution are summarized below:
- Requirements for eligible entities: It establishes the requirements to be met by entities interested in administering these products.
- Unique Identifier (FAL ID): It provides further details regarding the Unique Identifier (FAL ID) used to identify employers’ accounts and ensure the proper traceability of the funds.
- Portability right and ex officio allocation: It regulates the exercise of the portability right and establishes the procedure for ex officio allocation by the CNV in cases where employers have failed to report a valid FAL ID.
- Fees, commissions, and expenses: It establishes guidelines regarding the limits set forth by law for fees, commissions, and expenses applicable to these investment vehicles.
- Automatic authorization regime: It provides that PIC FALs shall be subject to the automatic authorization regime.
Interested parties may submit their comments and proposals within fifteen (15) business days from the effective date of the Resolution through the CNV’s website: www.argentina.gob.ar/cnv.
Effective Date of the Resolution
The Resolution entered into force on August 15, 2026.
