CNV General Resolution 1108/2026: Channeling Funds into the Capital Markets under the Simplified Tax Declaration Regime

CNV General Resolution 1108/2026: Channeling Funds into the Capital Markets under the Simplified Tax Declaration Regime

The CNV regulated the framework for channeling cash, securities, and virtual assets through broker-dealers, mutual fund agents, and VASPs, under Law 27,799 and Decree 93/2026.

On February 19, 2026, Argentina's National Securities Commission (CNV) issued General Resolution No. 1108 (hereinafter "GR 1108"), published in the Official Gazette the following day and effective as of February 21. The regulation introduces a new Section VI to Title XI of the CNV Rules (as amended, N.T. 2013) and sets the conditions under which capital market agents and Virtual Asset Service Providers (VASPs) may receive funds and assets from individuals enrolled in the Simplified Tax Declaration Regime under the Income Tax.

This represents the final piece of the regulatory framework articulated by Law 27,799 (Fiscal Innocence Law), Decree 93/2026, and ARCA General Resolution 5820/2026. A combined reading of these regulations reveals a system designed to simplify the tax burden on certain taxpayers while simultaneously opening a formal channel for funds previously outside the regulated circuit to enter the capital markets.

Decree 93/2026 as a Necessary Precedent

GR 1108 cannot be understood without Decree 93/2026. Published on February 9, this decree regulated Chapter III of Title II of Law 27,799 and established the operational framework of the Simplified Tax Declaration Regime. Article 4 of its Annex (Chapter II) requires those opting into the regime to channel their transactions through means authorized by the BCRA and the CNV. This requirement is deemed satisfied when funds pass through the formal financial system, whether at the origin or destination of the transaction.

In parallel, ARCA General Resolution 5820/2026 (published on the same date) defined when a taxpayer's assets are considered incorporated into the formal financial system. GR 1108 completes this framework from the capital markets perspective: it specifies which entities may receive these funds, how, and under what conditions.

Content of GR 1108

Covered Parties

The regulation distinguishes two categories of parties. On one side, "Clients": individuals and undivided estates resident in Argentina, enrolled in the Simplified Tax Declaration Regime under Law 27,799, Decree 93/2026, and ARCA GR 5820. On the other, the obligated entities under Title XI of the CNV Rules, acting as receivers: Clearing and Settlement Agents (ALyC), agents involved in mutual fund (FCI) placement, and VASPs registered with the CNV.

Three Entry Channels

Article 16 of the new Section VI establishes three methods for funds and assets to enter:

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  Cash depositsClients may deposit cash into the bank accounts of obligated entities held at BCRA-authorized financial institutions. A noteworthy detail: GR 1108 waives, for these cases, the cash deposit limits set out in Article 3 of Section II of Title XI of the CNV Rules. The condition is that the Client meets the requirements of Article 17 of the new Section.

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  Transfer of securitiesTo and from securities sub-accounts opened in the Client's name (as holder or co-holder) at ALyC firms or mutual fund placement agents.

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  Transfer of virtual assetsTo and from Client accounts at CNV-registered VASPs.

The latter two channels carry a geographic restriction: the jurisdictions where the originating accounts or sub-accounts are located may not appear on the list of non-cooperative jurisdictions in tax transparency matters (pursuant to Article 24 of the Annex to Decree 862/2019), nor be classified as high-risk jurisdictions by FATF.

Requirements for Operating

Article 17 lists the conditions Clients must satisfy. First, enrollment in the Simplified Tax Declaration Regime. Second, being a holder or co-holder of at least one securities account or account at the receiving entity. In the case of securities, the holder or co-holder must have a securities account at the ALyC or FCI agent to which the securities are transferred. For virtual assets, the account must be opened at the registered receiving VASP.

The regulation closes with a caveat that should not be overlooked: all these transactions remain subject to FIU (Financial Intelligence Unit) regulations on anti-money laundering and counter-terrorism financing (AML/CTF), and must comply with CNV requirements for mutual fund share subscriptions and the segregation of proprietary and third-party accounts.

Incorporated Definitions

Article 1 of GR 1108 adds two definitions to the CNV Rules glossary (Article 2 of Section II, Chapter II, Title I): "Tax Criminal Regime Law" (Law 27,799) and "Tax Evasion Prevention Law" (Law 25,345). The CNV's incorporation of these terms into its regulatory body suggests it anticipates their frequent use in future regulations.

Practical Implications

GR 1108 opens the doors of the capital markets to funds that, until now, remained outside any regulated circuit. This creates opportunities for investors and intermediaries alike. ALyC firms and VASPs will be able to attract new clients who choose to channel their savings (including the popularly known "mattress dollars") into market instruments: CEDEARs, corporate bonds, mutual funds, and virtual assets.

The elimination of cash deposit limits for enrollees in the simplified regime is a concrete incentive. Without this flexibility, the entry of substantial sums into the regulated circuit would have encountered operational hurdles that could discourage formalization.

However, the regulation does not relax controls. AML/CTF requirements remain fully in force, and the exclusion of non-cooperative and FATF high-risk jurisdictions serves as a filter to prevent misuse of the regime. Entry is facilitated, but within control parameters consistent with Argentina's international commitments.

Outstanding Issues

Several questions remain open that market operators will need to monitor closely. The first is the interaction between GR 1108 and FIU regulations. Obligated entities will receive a volume of transactions that, by definition, involve previously undeclared or informal funds. How the FIU handles Suspicious Transaction Reports (STRs) in this context will have direct practical consequences.

Another issue is the role of VASPs. The regulation enables them as an entry channel, effectively placing them on equal footing with ALyC firms and mutual fund agents for these purposes. This means they will need to strengthen their compliance and KYC procedures to meet the responsibility the resolution assigns to them.

Finally, it remains to be resolved how, in practice, it will be verified that a Client is effectively enrolled in the Simplified Tax Declaration Regime. The regulation requires enrollment as a precondition, but does not detail the verification mechanism agents will use. ARCA may make an online validation system available, although GR 1108 is silent on the matter.

Summary

GR 1108 closes the regulatory circuit that began with Law 27,799, continued with Decree 93/2026, and ARCA GR 5820. The result is a regime that allows taxpayers enrolled in the simplified system to channel funds and assets into the capital markets and virtual asset ecosystem, with operational flexibility (elimination of cash deposit limits) but also defined controls (AML/CTF compliance, exclusion of high-risk jurisdictions, account ownership requirements).

For those advising investors, financial intermediaries, and VASPs, the immediate task is to review internal onboarding and compliance procedures in light of this regulation, and to confirm that their systems can verify a client's enrollment in the simplified regime before accepting funds under this framework.

This note is for informational purposes only and does not constitute legal advice. For a specific analysis, please contact our team at contact@jfcattorneys.com.