The case “Afluenta S.A. and others v. BCRA” deals with the legality and regulation of crowdlending operations carried out by Afluenta S.A., a peer-to-peer lending platform. The Central Bank of Argentina (BCRA) imposed sanctions on Afluenta S.A. and several of its directors on the grounds that the company engaged in financial intermediation without authorization, in violation of the Financial Entities Law. Afluenta appealed and argued that its activity did not constitute financial intermediation but a mediation in the connection of lenders and borrowers and that it had set up a trust in accordance with the regulations in force.
The Federal Contentious Administrative Chamber, in its decision, considered the nature of Afluenta’s activity and the applicable regulations, and revoked the fine imposed by the BCRA. The case is important for crowdlending and fintech law because it establishes precedents on how financial regulations are interpreted and applied to peer-to-peer lending platforms. This decision helps to define the legal framework of fintech law and the responsibilities of crowdlending platforms in Argentina.
