---
title: "Fideicomiso financiero (Argentine financial trust): CNV and tokenization"
url: "https://www.unknowngravity.com/en/glosario/fideicomiso-financiero"
site: Unknown Gravity
published: "2026-10-13T19:46:18+00:00"
modified: "2026-10-13T19:46:19+00:00"
language: en-US
description: "A fideicomiso financiero (financial trust) is a trust in which the trustee is a financial institution or a company authorized by the National Securities Commission (CNV) to act as financial trustee…"
section: "Home > Fideicomiso financiero (Argentine financial trust): CNV and tokenization"
---

# Fideicomiso financiero (Argentine financial trust): CNV and tokenization

**A fideicomiso financiero (financial trust) is a trust in which the trustee is a financial institution or a company authorized by the National Securities Commission (CNV) to act as financial trustee, and the beneficiaries are the holders of the securities backed by the transferred assets (art. 1690 of Argentina's Civil and Commercial Code, CCyC).** It is used to turn assets or cash flows, such as a loan portfolio, into securities that can be offered to investors. It is subject to the general rules of the [fideicomiso](/en/glosario/fideicomiso) (arts. 1666 and following) and to its own rules in arts. 1690 to 1696.

**How it works.**

- **Securities it issues:** participation certificates, always issued by the trustee, and debt securities backed by the trust assets, which the trustee, the settlor or a third party may issue (art. 1693). They can be issued in classes with different rights and in series (art. 1694).
- **Contract:** in addition to the general content, it sets the terms of issue of the securities, the rules for beneficiaries' decisions, including the case where the estate falls short, and the name of the trust (art. 1692).
- **Prospectus:** certificates are issued on the basis of a prospectus setting out the terms of the issue and the rights they confer (art. 1693).
- **Investor decisions:** in a publicly offered trust, unless the contract or the CNV provide otherwise, they are made at a meeting of holders; decisions on a shortfall in the estate or a restructuring of payments require three quarters of the outstanding securities (arts. 1695 and 1696).
- **If the estate cannot meet its obligations**, there is no bankruptcy: absent other resources provided for in the contract, it is wound up by a court (art. 1687).

**How it differs from an ordinary trust.**

|  | Ordinary trust | Financial trust |
| --- | --- | --- |
| Trustee | Any individual or legal entity (art. 1673) | A financial institution or a company authorized by the CNV (art. 1690); if publicly offered, financial institutions or companies on the CNV registry of financial trustees (art. 1673) |
| Beneficiaries | Those named in the contract (art. 1671) | The holders of the participation certificates and debt securities (arts. 1690 and 1693) |
| Registration | In the relevant Public Registry (art. 1669) | If publicly offered, CNV authorization satisfies that requirement (art. 1692) |
| Maximum term | 30 years (art. 1668) | The same, except publicly offered trusts that securitize mortgage loans or similar instruments, under CNV rules (art. 1692) |
| Revocation by the settlor | Possible if reserved (art. 1697) | Ineffective once the public offering of the securities has begun (art. 1697) |
| CNV | Has no jurisdiction (art. 2 of Law 26,831) | Is the enforcement authority if there is a public offering (CCyC art. 1691) |

**Public offering before the CNV.** The securities of a financial trust can be offered to the public under the public offering rules. In that case, the CNV is the enforcement authority and can set the requirements to act as trustee (CCyC art. 1691). The Capital Markets Law gives it jurisdiction exclusively over financial trusts authorized for public offering and the financial trustees involved in them (art. 2 of Law 26,831). The CNV keeps a Registry of Financial Trustees (CNV Rules, Title V, Chapter IV, art. 6; General Resolution 1084/2025).

**Tokenized financial trusts.** CNV General Resolution 1069/2025, published in the Official Gazette on June 13, 2025, created Title XXII of its Rules, «Tokenization». In its first stage it allowed the digital representation of debt securities and participation certificates of publicly offered financial trusts whose underlying assets were mainly [real-world assets](/en/glosario/real-world-assets-rwa), as well as units of closed-end mutual funds. The current text, with art. 1 replaced by General Resolution 1150/2026 (Official Gazette, June 11, 2026), provides that:

- Digital representation does not create a new security: it is an additional form of representing the existing one (art. 7), which remains deposited in its traditional form with a central securities depository (art. 5(b)).
- The tokens are subscribed, traded and held on the platforms of the [virtual asset service providers (PSAVs)](/en/glosario/psav-proveedor-servicios-activos-virtuales) named in the issue documents, which may not exceed five (art. 5(e)) and must be registered with the CNV in all categories (art. 14). They cannot be transferred outside those PSAVs or to decentralized protocols (art. 5(f)).
- A firm that only provides technology services for the digital representation does not necessarily need to register as a PSAV, unless it carries out PSAV activities (art. 14).
- Financial trusts issued under the automatic-authorization public offering regimes can also be tokenized; under the low-impact regimes, only if the issuer voluntarily prepares a medium-impact prospectus (art. 1).
- Financial trusts whose underlying assets are virtual assets are excluded from the low, medium and expanded medium impact automatic regimes (General Resolution 1146/2026).
- The regime runs as a sandbox until December 31, 2027 (art. 38).

We cover more in [asset tokenization in Argentina](/en/articulos/asset-tokenization-in-argentina) and in [PSAV registration in Argentina](/en/articulos/vasp-registration-argentina-cnv). For real estate projects, since General Resolution 1146/2026, collective investment products for real estate development set up as financial trusts can be issued under the automatic expanded medium impact regime: we explain it in [real estate trusts and tokenization](/en/articulos/real-estate-trust-tokenization-latin-america).

**Official sources:** [Civil and Commercial Code, arts. 1666 to 1707 (InfoLEG)](https://servicios.infoleg.gob.ar/infolegInternet/anexos/235000-239999/235975/texact.htm); [Capital Markets Law 26,831 (InfoLEG)](https://servicios.infoleg.gob.ar/infolegInternet/anexos/205000-209999/206592/texact.htm); [CNV General Resolution 1069/2025 (argentina.gob.ar)](https://www.argentina.gob.ar/normativa/nacional/resoluci%C3%B3n-1069-2025-414017/texto); [CNV General Resolution 1150/2026 (argentina.gob.ar)](https://www.argentina.gob.ar/normativa/nacional/norma-426586/texto); [CNV General Resolution 1146/2026 (argentina.gob.ar)](https://www.argentina.gob.ar/normativa/nacional/norma-426582/texto); [CNV Rules, Title XXII, updated text (InfoLEG)](https://servicios.infoleg.gob.ar/infolegInternet/anexos/215000-219999/219405/texact-TituloXXII-CapI.htm); [CNV General Resolution 1084/2025 (Official Gazette)](https://www.boletinoficial.gob.ar/detalleAviso/primera/330875/20250905).

*Framework verified as of October 13, 2026.* At Unknown Gravity we build the digital representation technology and the smart contracts, and we work with the financial trustee, the PSAVs and the client's local legal counsel. We are not a financial trustee or a PSAV. [Talk to us](/en/meeting).