CNV opens consultation to regulate labor assistance funds

The National Securities Commission (CNV) resolved to open a participatory rule-making process to regulate the Collective Investment Products of Labor Assistance Funds (PIC FAL), the investment vehicles created by the Labor Modernization Law No. 27,802. The decision was formalized in General Resolution No. 1161/2026 (RESGC-2026-1161-APN-DIR#CNV), issued on August 12 in the City of Buenos Aires and published in the Official Gazette of the Argentine Republic (BORA) of August 14, 2026. For fifteen business days, citizens and interested sectors may send opinions and proposals through the website www.argentina.gob.ar/cnv.

The Labor Modernization Law No. 27,802 created the Labor Assistance Funds (FAL), a regime to address obligations arising from the termination of the employment relationship based on specifically allocated assets, made up of employer contributions. Its implementing decree, Decree No. 408/2026, entrusted the CNV with regulating the establishment, operation, and supervision of the mutual investment funds and financial trusts under the regime, which must be managed by an Authorized Entity approved by the agency.

The Ministry of Economy Resolution No. 1276/2026 (MECON FAL Resolution) defined the applicable investment policies. The new regulation is processed in file EX-2026-75285353-APN-GFF#CNV, labeled “Draft General Resolution on PIC FAL,” with the opinion of the Mutual Investment Funds Management, the Financial Trusts Management, the Deputy Management of Regulations, and the Legal Affairs Management.

The Vehicles and Permitted Investments

The draft regulation provides that PIC FALs may be implemented through open-ended mutual investment funds (FCIA) or financial trusts (FF), which must constitute functionally equivalent vehicles. Their resources must derive exclusively from contributions made under the terms of Article 61 of Law No. 27,802, and the Authorized Entities must observe the conditions and limits of Articles 3 through 9 and 11 of the MECON FAL Resolution.

Negotiable debt securities issued by the National State.
Negotiable debt securities issued by the provinces and the Autonomous City of Buenos Aires.
Deposits placed with financial entities authorized by the BCRA.
Negotiable obligations issued in the Argentine Republic by private issuers.

Individual Accounts and FAL ID Identifier

The regulation will establish the identification of employers’ individual accounts by means of a unique identifier (ID FAL) and the record of each employer’s participation in the vehicle’s estate, both in those constituted by a single employer and in those comprising a plurality of employers. These accounts have the nature of a separate, independent, inalienable and unattachable estate, pursuant to Articles 59 and 62 of Act No. 27,802 and Articles 3 and 8 of Decree No. 408/2026.

The ex officio assignment will also be defined: when an employer has not timely reported a valid ID FAL, the CNV, based on the information provided by the ARCA, shall assign a PIC FAL ex officio, in accordance with the procedure set out in subsection (d) of Article 9 of the regulatory decree.

Fees, commissions and expenses

The draft will specify the scope of the maximum limit on fees, commissions, expenses and other consideration provided for in Article 71 of Act No. 27,802 and in Article 20 of its regulatory decree. The cap shall apply on a global and comprehensive basis, encompassing all remuneration and expenditures inherent to the ordinary administration and operation of the vehicles, regardless of the entity receiving them.

For the purposes of calculation, accrual and collection, the rules of Articles 39, 40 and 42 of NORMAS (N.T. 2013 as amended) shall apply to FCIA FAL and FF FAL, in order to standardize the criteria for determining the maximum limit.

The participatory procedure

General Resolution 1161/2026 activates the Participatory Rule-Making approved by Decree No. 1172/2003, which provides for non-binding consultations with the interested sectors and the public. Opinions and proposals must be submitted within fifteen (15) business days through the form in Annex II, and the case file may be inspected on the agency’s website.

To direct the procedure, Doctors María Sofía Matorras, Franco Piacentini, Emanuel López Sena and Paula Gimena Rodríguez were appointed. The resolution will be published for two (2) days in the BORA and will enter into force on the day following its last publication; the annexes with the text of the draft are published in the web edition of the bulletin.

With this consultation, the CNV takes the first step toward a regulatory framework of its own for PIC FAL, with a direct impact on employers, workers and the capital market. The definition of investment vehicles, the ID FAL identifier and the cost caps seeks to provide legal certainty, transparency and efficiency to a system that will channel resources allocated to labor severance payments toward local investment.

Source: Official Gazette of the Argentine Republic (BORA), edition of August 14, 2026, first section (official reference: RESGC-2026-1161-APN-DIR#CNV).