Argentina’s National Securities Commission (CNV) is advancing regulatory development for Labor Assistance Funds (FAL), a new investment product designed to expand the country’s capital markets. Roberto E. Silva, president of the CNV, presented the initiative at the Spanish Chamber of Commerce of the Argentine Republic (CECRA), outlining the strategic value of FAL for organizations and long-term investors.
- Regulatory Instrument: Resolution General (RG) N° 1161 submitted to public consultation
- Legal Basis: Law N° 27.802, Decree N° 408/2026, and Ministry of Economy Resolution N° 1276/2026
- Eligible Structures: Collective Investment Products (PIC FAL) as Common Investment Funds (FCI) or Financial Trusts (FF)
- Focus Area: Long-term savings and real economy financing mechanisms
The panel discussion included Daniela Castaldo, CEO of Santander Asset Management, and legal representatives from Marval O’Farrell Mairal. Silva emphasized that FAL represents an innovative tool capable of generating value for both organizations and capital markets while addressing the opportunities and challenges inherent in launching new investment products.
Labor Assistance Funds are an innovative tool that can generate value both for organizations and for the capital market. At this moment we are advancing with its regulatory framework, and we submitted the proposal to public consultation to hear from the different actors and build solid and efficient regulation.
Silva highlighted the international context for long-term savings instruments and real economy financing, positioning Argentina to incorporate global best practices. The CNV is adapting these experiences to Argentina’s market conditions while creating new instruments that broaden investment and financing alternatives. The public consultation phase represents a critical step in building stakeholder consensus before final regulatory implementation.
Roberto E. Silva, President of the CNV. Source: LinkedIn
Daniela Castaldo, CEO of Santander Asset Management. Source: LinkedIn
