The CNV regulates labor savings funds and their investment policies

The National Securities Commission (CNV) regulated the Collective Investment Products intended for Labor Assistance Funds (PIC FAL) through General Resolution 1167/2026, published in the Official Gazette on September 17, 2026. The measure incorporates a new Chapter X to Title V of the RULES (N.T. 2013 and mod.) and establishes how the vehicles that will receive employer contributions for the payment of severance pay are constituted, administered, and supervised. The resolution bears the reference RESGC-2026-1167-APN-DIR#CNV and was issued on September 16, 2026.

The regime derives from Title II of the Labor Modernization Law No. 27,802, which created the FALs as specific purpose assets integrated with employer contributions, and from Decree No. 408/2026, which tasked the CNV with issuing the complementary regulations. Investments are also delimited by Resolution MECON FAL RESOL-2026-1276-APN-MEC of the Ministry of Economy. The preliminary draft was submitted to Participatory Rulemaking through RG No. 1161 and was revised with market contributions; the process is recorded in File EX-2026-75285353-APN-GFF#CNV. The regulation is effective from the day following its publication.

Authorized Entities and Individual Accounts

Agents meeting these requirements may act as an Authorized FAL Entity (EH):

• Financial Trustees registered upon the entry into force of RG No. 1167 with at least one financial trust with a current public offering; otherwise, they must prove five FTs with public offerings and an aggregate outstanding amount of 10,000,000 UVA.
• Mutual Fund Management Companies registered with at least one current fund; otherwise, five Mutual Funds under administration with a minimum aggregate equity of 10,000,000 UVA.
• Trustees that are financial entities, or are controlled by the National State, provincial state, or the CABA, are exempt.

The Employer’s Individual Account consists of the chosen PIC FAL plus a unit-holder account, participation certificates, or a brokerage account, and constitutes a separate, inalienable, and non-attachable asset. Each account will receive a FAL ID containing the employer’s CUIT, the vehicle’s CBU, and the FAL registration number; CUITs must be reported by 5:00 PM on the 10th day of each month. The CNV will officially assign a vehicle to employers without a valid FAL ID, with account opening within a maximum period of five business days.

Investments, Redemptions, and Costs

FAL CICs may only invest in the instruments listed in Article 2 of the MECON FAL Resolution, subject to its limits and diversification and liquidity rules. No pledges or liens may be established over the assets, and the acquisition of securities issued by unit-holder employers or trustors is limited unless their participation does not exceed 10% of the assets and the investment does not exceed 10% of the net equity.

Accumulated resources do not allow for redemptions or payments of units or certificates: they may only be used for the total or partial payment of the obligations provided for in Article 58 of Law No. 27,802. The annual cap on fees, commissions, and expenses is global, includes VAT, and cannot exceed 1% of the assets under management.

Portability and Transparency

Investors may request reallocation to another FAL CIC, with the transfer of assets and records within a maximum period of ten business days. Between different entities, the transfer may not be repeated before six months, shall be limited to June and December, and will allow for a notice period of up to thirty calendar days; if the EH liquidates the vehicle, it must notify three months in advance.

Each vehicle must publish a FAL Fact Sheet on the EH website within the first ten business days of each month, including the investment policy, equity, portfolio, and net returns after fees. FAL Mutual Funds will only issue participation certificates, will not require a prospectus or a maximum issuance amount, and will have automatic public offering, as will FAL Investment Funds.

The regulation organizes the segment that will channel employer contributions from the new labor regime and sets the rules by which companies will choose where those funds are invested. For employers, the text specifies deadlines, maximum costs, and exit mechanisms; for the market, it enables a vehicle with automatic public offering and CNV supervision.

Source: Official Gazette of the Argentine Republic, September 17, 2026, First Section (official reference: 347592).