On February 19, 2026, the Argentine Securities Commission (CNV) issued General Resolution No. 1108, introducing a new section to its regulatory framework to govern capital markets operations related to the Simplified Income Tax Return regime (Law 27,799, Decree 93/2026 and ARCA General Resolution 5820).
The regulation forms part of the broader regulatory alignment process initiated by ARCA and followed by the recent joint communication from the UIF and the Central Bank (BCRA), aiming to provide an operational framework for capital markets participants under the new ?fiscal innocence? regime.
? Key takeaways
- CNV regulatory alignment: The resolution introduces a specific framework for handling funds and assets of clients enrolled in the simplified tax regime, aligning CNV rules with the new tax architecture.
- Access to financial and capital markets: Clients adhering to the regime are expressly allowed to channel funds and assets through regulated entities (broker-dealers/ALyCs, mutual fund placement agents, and registered VASPs), consistent with Decree 93/2026.
- Operational flexibility: Certain CNV limitations on cash deposits may not apply, provided specific regulatory conditions tied to the regime are met.
- Permitted transaction channels: Three main operational routes are recognized:
1?? Cash deposits
2?? Transfers of securities between brokerage sub-accounts
3?? Transfers of virtual assets from accounts held with registered VASPs
- Source-of-funds safeguards: Transfers must not originate from non-cooperative or high-risk jurisdictions under FATF standards.
- Customer traceability requirements: Clients must be enrolled in the regime and be account holders or co-holders of the relevant bank, brokerage, or VASP accounts, reinforcing identification and traceability standards.
- Coexistence with AML/CFT/CPF rules: The resolution expressly confirms that UIF AML/CFT/CPF regulations remain fully applicable, along with CNV rules on asset segregation and mutual fund operations.
? In practical terms, RG 1108 aims to enhance operational certainty in capital markets, align the tax reform with the financial regulatory infrastructure, and confirm that increased operational flexibility coexists with the continued enforcement of AML/CFT/CPF obligations.
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