Update BRP – Country Manual Asset Management
Argentina
BRP has published its latest Country Manuals Asset Management for Argentina
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | Yes |
| New Position of the Authorities | Yes |
| Evolution of Expert’s interpretation | No |
Definitions & Concepts, Regulatory Overview and Behaviour Template
The Country Manual has been reviewed to ensure that the content of all the documents remains accurate and up to date.
Regulatory changes
On 18 September 2024, the Argentine National Securities Commission (CNV), through General Resolution CNV 1016/2024 on the private offering of marketable securities under the Capital Markets Law (Resolution), established the parameters for “safe harbours” regarding the private offering of securities (“private offering”) and the offering of securities without sufficient nexus with Argentina (“extraterritorial offering”) (see BRP Alert Argentina 1/2024) for further information).
Material changes
The changes/modifications are as follows:
The concept of “reverse solicitation” is now formally recognized by the Resolution. As a result, transactions and services requested on the client’s own initiative are considered “private offers” and are therefore generally not subject to licensing or product registration requirements in all scenarios.
The marketing of products (and investment strategies) is now permitted onshore in Argentina (at target) as well as on a cross-border basis into Argentina (remote) if it qualifies as a “private offering”.
Non-material changes
Some comments/conditions have been reworded and further non-material changes have been made throughout the documents.
For more information, please contact us: info@brpsa.com
Geneva, September 11th, 2024