CNV Regulates Closed-End Mutual Funds

On September 18, 2018, General Resolution 763-E/2018 (the "Resolution"), issued by the Comisión Nacional de Valores ("CNV"), was published in the Official Gazette, which regulates the creation and performance of Closed-end Mutual Funds (the "Closed-end Funds"), according to the amendments introduced by the Productive Financing Law No. 27,440 to Law No. 24,083.

The Resolution regulates following matters:

(a) Investment Regime

Closed-end Funds may only invest in assets located, established, created, issued and/or based in Argentina, except for, inter alia, Closed-end Funds aimed at investing in technological innovation projects with the possibility of regional or global expansion.