On April 29 the National Securities Commission (CNV, in Spanish) adopted General Resolution 836/2020, establishing that Common Investment Funds (FCI, in Spanish) in pesos must invest a 75% minimum of their assets in financial assets and negotiable securities issued in the country, exclusively in pesos.

The CNV’s schedule applies to the Management Companies of open-ended FCIs regarding the provisions of these regulations as follows:

• As of May 4, 2020, they must reduce excessive investment by 30%.
• As of May 8, 2020, they must reduce excessive investment by an additional 30%.
• As of May 15, 2020, investments shall be in line with this resolution.

According to the resolution, due to the COVID-19 emergency, “it is necessary to review the handling of investments in the portfolio of the CRFs, so that they can be channelled into productive development throughout the national territory.”