On April 10th, 2025, through the General Resolution No. 1059/2025 (the “Resolution”), the National Securities Commission (“CNV”) incorporated modifications to the regime applicable to open-ended mutual funds for qualified investors.
The Resolution eliminates the restriction for those open-ended mutual funds denominated in foreign currency, intended for qualified investors, that invest exclusively in financial instruments and/or negotiable securities issued and traded in the country. In this sense, it is established that the equity of these funds (when denominated in foreign currency) will not be considered within the maximum limit of 25% of the total net worth of all open-ended mutual funds, allowed by the current regulations for the administration of this type of funds by the management companies.
Consequently, through the Resolution, the CNV eliminates a restriction for open-ended mutual funds aimed at qualified investors, allowing those denominated in foreign currency to invest exclusively in financial instruments and/or marketable securities issued and traded within the country, allowing management companies to administer a larger volume of funds in foreign currency without affecting the 25% limit, provided that such funds are exclusively invested in local instruments.
