Overview
- This week the Comisión Nacional de Valores published Resolución General 1167/2026 to create PIC FAL vehicles and the Unidad de Información Financiera issued Resolución 109/2026 to apply a simplified AML regime for FAL contributions.
- The rules allow two fund types — mutual funds (FCIA FAL) and financial trusts (FF FAL) — that can be single‑employer or multi‑employer and must keep each employer’s assets as a separate, inalienable patrimony.
- Employers will fund FALs with mandatory payroll contributions of 2.5% for MiPyMEs and 1% for large firms, with ARCA instructed to channel monthly transfers once its systems are ready.
- The CNV sets specific permitted assets and caps, including unlimited national debt, AAA provincial/CABA debt limits, peso deposits and negotiable notes with issuer and aggregate ceilings, allows UVA‑linked instruments, and caps annual fees at 1%.
- The regime is slated to enter into force on November 1, 2026, and the CNV will assign employers who do not choose a vehicle by deadline on an automatic basis with first assignments expected in January 2027, but full rollout hinges on pending ARCA and Secretaría de Trabajo procedures.