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4w ago

Economy Ministry Sets Strict Investment Rules for Employer FAL Accounts

The resolution narrows eligible peso assets while preserving liquidity and leaves national Treasury debt without a quantitative cap, a choice that could steer growing employer flows toward the State.

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El ministro de Economía Luis Caputo firmó la resolución de los activos del FAL.
La medida publicada este miércoles en el Boletín Oficial establece dónde podrán colocarse los recursos del FAL, los rendimientos admitidos y los límites por emisor y tipo de activo.

Overview

  • The Ministry of Economy published Resolución 1276/2026 and the rule took effect the day after publication, with the CNV given 45 days to issue implementing regulations and the FAL regime due to begin operating on November 1.
  • The resolution limits FAL investments to four peso‑denominated categories: national Treasury debt, provincial/CABA debt, BCRA‑authorized bank deposits, and domestic obligaciones negociables.
  • Provincial bonds and corporate obligations must have public offering approval, trade on CNV‑authorized markets, and hold a national AAA rating from at least two registered agencies, a filter that sharply narrows eligible subnational and corporate paper.
  • The rule imposes concentration caps and a liquidity floor: 15% max per bank deposit, 15% aggregate provincial/CABA debt with 5% per jurisdiction, 20% aggregate ONs with 10% per issuer, 10% cap on exchange‑rate‑linked instruments, and a mandatory 10% in high‑liquidity short‑term peso instruments with 90 days to restore if breached.
  • Only CNV‑authorized administrators may manage employer‑level FAL balances through local fondos comunes de inversión or fideicomisos; contributions are inembargable, payable in pesos, and are financed by a reallocation of employer social contributions (2.5% for SMEs, 1% for large firms).