Argentina opens the door to foreign funds

The National Securities Commission (CNV) in Argentina has now introduced a comprehensive framework for private offerings of all types of securities, through Resolution 1088/2025, effectively opening Argentina up as a country in which foreign funds can be distributed.

Via the new framework, issuers and intermediaries no longer need prior CNV authorization for private placements, provided that the offer complies with certain safe harbor requirements. The main ones are as follows:

• Restricted marketing: no mass media or public advertising; only private meetings, direct invitations and targeted materials
• In terms of investors:
  • Potential outreach: you may contact up to 50 qualified and 30 non-qualified investors.
  • Actual investors: a maximum of 35 investors per issuance or investment product, of which no more than 15 may be non-qualified.
• Mandatory disclosures and investor warnings: financial statements to be provided on request and clear notice of private offer status

The full text of Resolution 1088/2025 is available here (in Spanish).

Qualified investors are defined as follows: 

a) The National State, the Provinces and Municipalities, Autonomous Government Agencies, State Corporations and State Enterprises;

b) International Organizations and Legal Entities under Public Law;

c) Public Trust Funds;

f) The National Administration of Social Security (ANSeS) – Sustainability Guarantee Fund (FGS);

e) Pension Funds;

f) Banks and public and private financial entities;

g) Mutual Funds;

h) Financial Trusts with public offering;

i) Insurance Companies, Reinsurance Companies and Labor Risk Insurance Companies;

j) Mutual Guarantee Companies;

k) Legal Entities registered by the Argentine Securities Commission as agents, when acting on their own account;

l) Individuals who are definitively registered in the Registry of Suitable Persons in charge of the National Securities Commission;

m) Individuals or legal entities, other than those mentioned in the preceding paragraphs, which at the time of making the investment have investments in marketable securities and/or deposits in financial institutions for an amount equivalent to UVA 350.000;

n) Legal entities incorporated abroad and human persons with real domicile abroad.

Non-qualified investor is defined as any investor who is not a qualified investor.

If you require any type of support relating to cross-border distribution and fund registration, KPMG Luxembourg’s Fund Distribution Services team can assist you and provide a bespoke solution for your setup.