On January 11, the National Securities Commission, through General Resolution 781/2019, modified the procedure for subscribing shares of common investment funds contained in its regulatory framework.

Those interested in becoming shareholders, that is, investors in a common investment fund who subscribe shares, must submit the documentation stipulated by the fund manager. At the time of applying for subscription, the subject shall accompany the total amount of his contribution in the currency of the fund or in other securities if accepted by the manager. as As an alternative, the Resolution allows for the delivery of sums of money in a currency other than that of the fund.

The Resolution also details the process to subscribe shares through foreign intermediaries and/or entities that are regulated by securities commissions or other control bodies and, in particular, that are supervised in matters of prevention of money laundering.

In addition, it specifies that the amount of shares placed in common investment funds abroad shall be determined by dividing the amount contributed by the value of the share of the date the administrator accepted the subscription.