[REVISION HISTORY]

Argentina CNV check regulation changes

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-09-16 00:09 UTC → 2026-09-23 19:16 UTC · added ~~removed~~

The Argentine National Securities Commission (CNV) has implemented new regulations to prohibit the use of checks, including electronic checks (eCheqs), for depositing or withdrawing funds from brokerage accounts (ALyCs). Under General Resolution 1166/2026, all operations must be conducted through bank transfers or other mechanisms to ensure fund traceability. The measure is designed to prevent tax avoidance regarding the tax on bank debits and credits, often referred to as the ‘check tax,’ which carries a 0.6% rate. Previously, companies could endorse checks directly to brokerage accounts to bypass this levy. The CNV and the Ministry of Economy cited a deterioration in fiscal accounts and declining tax revenue—with reported year-on-year decreases of 11% in June, 6% in July, and 9% in August—as primary drivers for the decision. Financial operators and productive sectors have expressed dissatisfaction, noting that the move restricts financial flexibility for small and medium-sized enterprises (SMEs) and contradicts principles of economic freedom by forcing cash flows through rigid bank transfers. The Confederaciones Rurales Argentinas (CRA) has formally challenged the regulation, with President Carlos Castagnani criticizing the shift toward increased banking activity due to the higher costs associated with the Tax on Bank Credits and Debits. Liquidation and compensation agencies (ALyCs) further argue that the mandate reduces the speed of the brokerage placement circuit.

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