On September 10, 2018, General Resolution 761-E/2018, issued by the Comisión Nacional de Valores ("CNV"), was published in the Official Gazette, by means of which the CNV introduced amendments to persons that are deemed "Qualified Investors."

The Resolution broadened the existing definition by incorporating the following persons as "Qualified Investors:" (i) international organizations; (ii) public trust funds; (iii) pension funds; (iv) publicly offered financial trusts; (v) insurance and reinsurance companies, and labor risk insurance companies; (vi) mutual guarantee associations; (vii) agents registered with the CNV, provided that they act on their own behalf; (viii) individuals registered with the CNV; and (ix) individuals or legal entities, other than those mentioned above, that hold, at the time the investment is made, investments in securities and/or deposits in financial entities for an amount of at least three hundred fifty thousand purchasing power units (UVA 350,000), equivalent to AR$9,128,000 according to the value applicable as of the date of publication of the Resolution.

Agents involved in the transactions will be responsible of verifying that the relevant conditions are met. Individuals or legal entities are required to provide evidence of the investments held through annual affidavits to the relevant agents.

Please click here to have access to the Spanish version of General Resolution No. 761.

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