Country Manual Independent Portfolio Manager/Advisor (EAM)
Argentina Update 2024
BRP has updated its Country Manual Independent Portfolio Manager/Advisor (EAM) for Montenegro out of company’s country of establishment (Def, RS & BT).
| SOURCE OF CHANGES | ANSWERS |
| Law/Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | No |
Regulatory Summary and Behaviour Template
Material changes
The Country Manual has been reviewed to ensure that the content of all documents remains accurate and in line with the evolving interpretation of the current legal and regulatory framework.
Following the issue of CNV General Resolution No.1002/2024, the Country Manual presents the following material changes:
Providing a client with general macroeconomic information, financial analysis and research material in Argentina are activities that do not qualify as an investment advisory service and do not trigger licensing requirements.
Providing a client with (i) generic investment opinions or the mere dissemination of information or explanation of the characteristics and risks of a transaction or security, or (ii) the preparation of reports, studies or general analyses, even if they include a recommendation to buy or sell, will not be considered as an advice.
Consequently, providing macroeconomic information, financial analysis and research material, and providing generic recommendation lists are allowed (on an occasional and one-to-one basis) whilst the Company’s representative is in Argentina.
Note that providing personalised investment advice (including personalised recommendation list) onsite in Argentina remains prohibited without a proper license.
The manual also considers the newly issued CNV Resolution No. 1016/2024 that regulates private offering of securities and the offering of securities without sufficient contact with Argentina (extraterritorial offering). Although this resolution has not impacted the answers provided in the Country Manual, it has confirmed that the approach described in several sections of the previous version of the manual remain accurate (e.g. reporting activities, webpage, etc).
Non Material changes
Several comments have been slightly reworded (without introducing material changes) to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
BT Short Comparison
BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the EAM Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM EAM BT SHORT COMP” and “ARGENTINA” in the Target Country Field.
The BT Short Comparison should be read as follows:
The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Best regards,
Geneva, November 15th, 2024