With the aim of promoting instruments that encourage the issuance of green and social impact bonds, Argentina’s National Securities Commission (CNV) organized a webinar that brought together industry representatives and experts to discuss the new sustainable finance regime. The recent General Resolution RG 885/21 provides a specific regulation for open and closed Mutual Funds (FCI) and Financial Trusts (FF). The regulation creates a special regime for FCI to promote marketable securities with Environmental, Social and Governance impact (ESG FCI), and the possible cases of application and practice from the regulator’s, market and expert’s point of view.
The CNV launched a comprehensive program that includes guidance for issuers, certifiers and investors committed to generating positive impact in their investment projects.
“The paradigm shifts with environmental, social and governance factors, added to the to the generations of responsible consumption, as well as the investor profile that looks at a sustainability objective and the elements that would allow the creation of a sustainable portfolio, were the motivation to elaborate RG 885/21,” explained Florencia Puch, head of Sustainability at the CNV. The sustainable guidelines launched by the CNV are complementary because “we provide technical knowledge of responsible investment”, she added.
As regulators, “what remains is to work on increasing transparency; it is crucial that we can maintain a standard of certifications and products that generate social impact,” emphasised Matías Isasa, Director and Leader of the New Collective Investment Products Roundtable.
To conclude, by way of reflection, Isasa expressed that this is the first RG to implement a specific vehicle to invest in these activities, but still “there is not a very wide range of products, so we are all working to keep growing because we believe that Argentina has to regain that regional position and be at the forefront of these issues”.
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