Executive Branch Sets New Guidelines for Mutual Funds, Modifying Access to the Foreign Exchange Market
Argentina
13 septiembre 2019

On September 11, the National Securities Commission (CNV) established new guidelines for Mutual Funds operators (FCI). Enshrined in General Resolution 807/2019, the new rules require additional information to be provided on FCI quota holders. Furthermore, on September 12, the Argentine Central Bank introduced modifications to its September 1 regulations governing exports of goods, services and exchange transactions.

The resolution, which was adopted through Communication A6780, applies to those FCI including short-term public debt bonds as established by Decree  596/2019 and open as of August 28. It should be noted that this measure also modifies Resolution 806/2019, of August 30, which had exempted physical persons as share-participants from the debt “re-profiling” established in the September 1 Decree.

On the other hand, Communication A6780 establishes that “entities authorized to operate in foreign exchange” do not need the Central Bank’s authorization to access the foreign exchange market, and states that foreign currency holdings will be governed by specific rules. Additionally, all debts pending as of August 31 will be considered past due.

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