20 Ago 25 Update on minimum net worth and eligible assets as liquid counterpart

By Martín Chindamo and Tomás Mingrone

By means of Resolution No. 1,080 (hereinafter, the «Resolution«), the Argentine Securities Commission (hereinafter, the «CNV«, by its acronym in Spanish) updates the list of assets that may be used by entities under its supervision to comply with the requirements of liquid counterpart and Guarantee Fund III.

This Resolution updates the net worth requirements applicable to markets and Clearing Houses, thereby strengthening the solvency and liquidity standards required by the regulations. In this context, the list of eligible assets provided for in the current regulations has been updated, incorporating new instruments and consolidating those that had already been considered in interpretative criteria, with a focus on their liquidity condition.

In addition, specific solvency and liquidity guidelines are established for agents registered under multiple categories, providing greater clarity regarding their obligations. Provisions are also introduced for Global Investment Advisory Agents, aligning their treatment with that of other categories set forth in the current regulations.

Finally, the Resolution establishes different adjustment deadlines for the affected entities:

• Minimum net worth of markets and Clearing Houses: until December 31, 2025.
• Eligible assets as liquid counterpart and Guarantee Fund III: until September 30, 2025.
• Shares of CNV-authorized Markets as eligible assets: until December 31, 2025.