Overview
- The Comisión Nacional de Valores issued Resolución General 1167/2026 that creates PIC‑FAL vehicles and sets account, investment and disclosure rules for employer‑level FAL accounts, a step reported across outlets on Sept. 17.
- The Unidad de Información Financiera followed with Resolución 109/2026 to ease AML controls on FAL contributions, reducing compliance steps for those inflows while keeping other market AML duties intact.
- Employers must make payroll‑based monthly contributions — 1% for large firms and 2.5% for MiPyMEs unless the Executive raises rates — and each employer will hold an individual account inside a FCIA FAL or FF FAL with separated, inembargable patrimony.
- The regime is scheduled to take effect on November 1 but key technical pieces remain, including ARCA system updates, Secretaría de Trabajo procedures and employer‑choice processes, and the CNV plans automatic assignment of employers who do not choose a vehicle starting January 2027.
- Law 27.802 created the FAL to help fund certain indemnities for registered workers only, the framework preserves statutory indemnity rights, requires a six‑month waiting period from ARCA's first recorded contribution, and limits annual fees to 1% while mandating a monthly 'Ficha FAL' for transparency.