The National Securities Commission (Comisión Nacional de Valores: “CNV”) published in the Official Gazette, on April 6 and 7, 2026, General Resolutions No. 1123 and 1124, through which it calls for a public consultation process to regulate the framework for local Exchange-Traded Funds (“ETFs”), which may be structured through Securities Certificates (Certificados de Valores: “CEVAs”) or Open-Ended Mutual Funds (Fondos Comunes de Inversión Abiertos: “FCIAs”), as well as to introduce amendments to the public offering regime applicable to such instruments.
The initiative aims to incorporate ETFs into the Argentine capital markets as local instruments that replicate the performance of underlying assets or benchmark indices, offering investors new diversification alternatives through trading in the domestic market.
The proposed regulatory framework establishes conditions aimed at ensuring adequate custody and segregation of underlying assets, transparency in price formation, and access to relevant information, in order to promote market development without compromising investor protection.
Likewise, specific rules are envisaged depending on the vehicle used (CEVA or FCIA), particularly regarding the mechanisms for creation and redemption of units or subscription and redemption of shares.
Once issued, these instruments may be traded in the secondary market, thereby expanding investment options.
Finally, it is proposed to update the current regulatory framework applicable to Argentine Depositary Certificates (Certificados de Depósito Argentinos: “CEDEARs”) and CEVAs, introducing operational clarifications and establishing a specific regime for their structuring, issuance, and trading, with the aim of strengthening transparency and investor protection.
The resolutions will remain in force for a period of fifteen business days, during which interested parties may submit comments and proposals through the CNV website.
