The Government is preparing a reform that will completely change the industry of mutual funds in Argentina. The initiative enables the tokenization of shares, investment in virtual assets, and the creation of funds designed for retirement.
The change is framed within a draft law that modifies Law 24.083, the regulation governing this industry. It is a sector that manages the savingsof companies and millions of people in the country.
The change is part of a draft bill that amends Law 24.083
What changes with the reform of mutual funds
The proposal authorizes the issuance of digital shares, in addition to the existing paper and book-entry formats. This enables the tokenization of a fund's participations.
The universe of permitted investments for open-end funds will also expand. They will be able to include precious metals, currencies, derivatives, banking instruments, and portfolios that replicate indices or baskets of assets.
More options for closed-end funds
Closed-end funds will have an even broader investment menu. They will be able to invest in movable and immovable property, credit rights, and securities without public offering.
What changes with the reform of mutual funds
These vehicles must remain listed on authorized markets. Their shares will not be redeemable before maturity.
How investments in cryptocurrencies will be enabled
The project provides a legal framework for funds that replicate stock or financial indices. These vehicles will also be able to purchase virtual assets.
How cryptocurrency investments will be enabled
The text does not define which cryptocurrencies or tokenized assets can be included in the portfolios. It also does not establish maximum investment percentages in this type of assets.
Retirement funds: the new instrument that drives the project
Another novel point is the creation of funds intended for retirement, which would channel voluntary contributions. These instruments can be open or closed, depending on the design chosen by each manager.
The text does not detail when or how the shares of these funds can be redeemed. That definition will be left to the National Securities Commission (CNV).
Retirement funds: the new instrument driving the project
Fewer procedures for mutual funds
The reform also reduces the number of procedures and enables automatic authorizations for the sector. Closed-end funds will still need to publish a public offering prospectus.
In contrast, for open-end funds, this requirement will no longer be mandatory, unless the CNV specifically requires it.
