The national government has relaxed the regulations for real estate sector trusts to grant them greater operational flexibility, aiming to stimulate investment and increase supply. The measure seeks to facilitate the channeling of savings into financing for this sector by eliminating regulatory requirements that the government deemed unnecessary for the risks assumed. The main change is allowing Global Financial Trust Programs not to identify the trust settlor at the time of their establishment, as reported by the Argentine News Agency. This exemption applies when the programs are specifically intended for real estate development or when their underlying assets are mortgages, mortgage loans, mortgage bonds, or similar instruments. The measure was officially established through General Resolution 1105/2026 of the National Securities Commission (CNV), published this Thursday in the Official Gazette. According to the reasoning of the norm, this modification aims to reduce structuring timeframes and costs, allowing for smoother and more frequent issuances in the capital market. Under this new scheme, the purpose of the trusts and the nature of their assets must be expressly delimited in the prospectus. Individual settlors will be identified later, at the time each specific trust within the program is created. Additionally, the resolution updated the definition of 'CNV SME' to precisely include entities linked to Collective Investment Products (PIC) that hold a valid MiPyME certificate. This adjustment seeks to provide coherence to the regime without altering the existing restrictions for these subjects. The regulation maintains the standards of transparency and investor protection.
