09 Ene 25 News for advertising channels, order routing, and client referral

By Agustín L. Cerolini, Martín Chindamo, Valentina Circolone, and Tomás Mingrone.

By means of General Resolution No. 1,048 (hereinafter, the “Resolution”), the Argentine Exchange Commission (hereinafter, the “CNV”) regulates client referral, the advertisement of services through third parties, and the routing of orders among agents registered with the CNV, the Argentine Central Bank (hereinafter, the «BCRA«), and Virtual Asset Service Providers (hereinafter, the «VASPs«).

This Resolution provides for the expansion of the functions of Settlement and Clearing Agents (hereinafter, the «ALyCs«), Negotiation Agents, and Global Investment Advisory Agents, along with client referral to the VASPs.

Additionally, it introduces the power to refer clients between ALyCs and from them to Payment Service Providers, Platforms for SME Financing, and Financial Entities registered with the BCRA, also enabling them to receive clients referred by the aforementioned entities.

Furthermore, the Resolution establishes the necessary conditions to ensure that advertising and/or promotional actions, whether conducted personally or through third parties, comply with minimum guidelines to prevent confusion among investors. It is stipulated that such advertising and/or promotional activities conducted through third parties must explicitly take place within the framework of entities that make up the financial system.

The purpose of this Resolution is to strengthen and facilitate access to the financial system, allowing users to operate more comprehensively and efficiently. Its objective is to foster connections among the various participants in the financial system, integrate new technological tools, simplify the user experience, enhance competitiveness, and promote the development of the Capital Market.