Automatic Authorization of Open-End Mutual Funds (FCI) – Barreiro

CNV General Resolution 1082/2025 – Automatic Authorization of Open-End Mutual Funds (FCI)

What did the CNV decide?

The National Securities Commission (CNV) approved a new system that allows certain Open-End Mutual Funds to be created automatically, without the need to wait for prior CNV review.

This applies only to funds that are “twins” of other existing funds from the same Management Company (i.e., they share the same strategy, objective, and investment rules, although details such as currency, markets, or share classes may vary).
Each new fund will have a sequential name (for example: “Fixed Income 1,” “Fixed Income 2,” etc.).

What changes in practice?

Faster fund launches: prior CNV approval is no longer required in these specific cases.
Less bureaucracy: the management rules of these funds are automatically considered approved.
Transparency requirement: the fund’s regulations and information must be published on the Financial Information Highway (AIF), with a note clarifying that they were not reviewed by the CNV.
Ex post control: although there is no prior review, the CNV retains the authority to supervise and sanction in case of non-compliance.

Benefits for the market

Speed: allows taking advantage of market opportunities and launching products much faster.
Flexibility: facilitates the creation of similar funds adapted to different currencies or investor profiles.
Greater supply: this is expected to increase the number of investment options available for savers and investors.

Limitations

Does not apply to completely new funds with different objectives.
Does not cover changes in the fund’s name or administrators (those follow a different procedure).
Issuers must continue to comply with all applicable transparency and disclosure rules.

What does it mean for you as an investor/client?

You will find more mutual fund investment options available in a shorter timeframe.
Products under this regime will include a disclaimer (“not previously reviewed by the CNV”), but will still be subject to oversight and sanctions by the regulator.
Market dynamics will increase, potentially leading to more competitive funds in terms of costs and better tailored to specific niches.

General Resolution 1082/2025 is a measure aimed at streamlining and deepening the Argentine capital markets. For investors, it means more products available, more quickly—without losing the safeguards of oversight and transparency that protect public savings.