02 Sep 25 Automatic authorization regime for the Public Offering of Open-End Mutual Funds

By Martín Chindamo, Valentina Circolone and Tomás Mingrone

By means of Resolution No. 1,082 (hereinafter, the «Resolution«), the National Securities Commission (hereinafter, the «CNV«, by its acronym in Spanish) approves the final regulation of the regime for the public offering with automatic authorization of Open-End Mutual Funds (hereinafter, the “FCIs” for its acronym in Spanish).

This scheme, which had been subject to public consultation through General Resolution No. 1,078, is now formalized with guidelines aimed at streamlining the issuance of FCIs.

The Resolution establishes that the new regime shall apply when the new FCI to be incorporated has the same denomination, investment objectives and policy, or, where applicable, is classified under the same special regime as other FCIs already authorized by the CNV, and is incorporated by the same Management Company, although the Depositary Company may be different.

In order to differentiate the funds from each other, a sequential ascending numerical denomination shall be used for each new FCI.

Consequently, the new FCIs incorporated under this regime may differ from those previously approved, among other aspects, in their currency of denomination, eligible assets, classes of shares, markets in which investments will be made, and other issuance conditions that do not entail a modification with respect to the aforementioned elements.

The management regulations shall be automatically authorized without the need for prior review or approval by the CNV, without prejudice to its supervisory powers. Nevertheless, their publication shall be mandatory and must be carried out through the Financial Information Highway (hereinafter, the “AIF” for its acronym in Spanish) prior to the commencement of operations.

Finally, it is established that when amendments are made to the management regulations of an FCI that do not involve a change in the investment objectives and policies, the special regime, the denomination of the FCI, or the replacement of both or any of its governing bodies, the texts of the corresponding addenda, together with the consolidated version, must be submitted directly through the AIF.

This Resolution shall enter into force on September 15, 2025.