Summary
Details
- Argentina
Applies to products that seek classification/marketing under the regime; once the label is used, compliance with structuring, listing, and disclosure conditions is mandatory.
Managers may choose not to use the regime, but cannot credibly market under it without meeting conditions.
Deep dive
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What’s Required
Correct product classification and entry into the special regime
A core compliance step is determining whether a product is marketed or structured as sustainable under the regime. If yes, the fiduciary or management company must request the appropriate authorisations and apply the regime’s conditions, rather than relying on generic marketing claims.Use-of-proceeds / destination-of-funds discipline
The regime requires that funds obtained and/or underlying assets be destined to financing or refinancing projects or activities with environmental and/or social benefits, as defined in the regime. This is a compliance-grade “use-of-proceeds” concept:
define eligible categories in the product documentation.
implement controls to ensure allocations match the stated categories.
maintain traceability evidence (investment committee minutes, allocation files, asset eligibility assessments).
Listing and market segment requirements
The Boletín Oficial text indicates products under the regime must be listed in a market segment/panel for green, social and sustainable securities (or similar segments) with market conformity. This creates a market-access control: without the segment listing and conformity, the product cannot claim the regime status.Eligibility screening and excluded activities governance
CNV’s sustainable finance page references a “Listado de actividades excluidas” tied to RG 885/21, reinforcing that eligibility is not purely narrative. Compliance programs should implement:
pre-investment screening rules
post-trade monitoring
documented exception handling (only where rules allow)
remediation procedures for breaches (divestment timelines, investor communication)
Disclosure controls and consistency across documents
ESG-labelled products face high misrepresentation risk. A compliance-grade disclosure system should ensure:
prospectus/regulations, filings, and marketing materials state the same ESG strategy.
methodologies, data sources, and limitations are described clearly.
external review references are accurate and not overstated.
periodic reporting aligns with portfolio reality and eligibility rules.
Operational readiness with service providers
Administrators, custodians, and distributors must handle ESG-specific evidence (eligibility files, excluded activity checks, listing conformity, use-of-proceeds tracking). Contracts should allocate responsibilities for data, monitoring, and incident response.
Important Deadlines
Date of adoption: 22 April 2021.
Publication: 23 April 2021 (Boletín Oficial record).
Entry into force: From publication (as per the norm’s operational effect through CNV rules and publication).
Current Status
In force and actively referenced by CNV sustainable finance resources and the official legal repositories that publish the resolution text.
Penalties for Non-Compliance
Potential consequences include:
CNV supervisory actions requiring correction of disclosures, naming, or documentation
restrictions on marketing or distribution
investor protection enforcement for misleading information
contractual and reputational impacts, including platform delisting and redemptions
Examples of Known Violations
ESG-labelled products without enforceable eligibility policies or screening controls.
use-of-proceeds claims not traceable to portfolio allocations.
holdings inconsistent with stated exclusions without documented remediation.
marketing overstating the external review scope or certainty.
inconsistent ESG strategy descriptions across documents and channels.
Resources
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