Modernizing Finance: The End of Check-Based Funding in Brokerages
The National Securities Commission (CNV)—the government body that regulates the Argentine capital market—has introduced a decisive change in how investors move money into and out of their investment accounts. Under General Resolution No. 1166, bank transfers or CVU (Virtual Unique Account) payments linked strictly to the client's tax ID (CUIT) are now the only authorized means of funding.
What does this mean for the investor? From now on, companies and individuals can no longer use physical or electronic checks (eCheqs) to deposit funds into their brokerage accounts. It is important to clarify that deferred payment checks (a common Argentine financial instrument) will still be tradable as investments in the market, but they can no longer be used as a tool to load cash into an account.
🔍 Context: Understanding the "Check Tax"
To understand this shift, one must know about the Tax on Banking Debits and Credits (commonly known in Argentina as the 'Impuesto al Cheque'). This is a controversial tax that applies a 0.6% rate to every single credit and debit transaction in traditional bank accounts.
According to official sources, some companies were using ALyCs (the Argentine term for registered brokerage firms/brokers) to bypass this cost. By depositing checks directly into investment accounts and placing them in short-term instruments (like 'cauciones' or money market funds), they were avoiding the bank-level tax.
📈 Impact on Government Revenue
The CNV's decision stems from a noticeable drop in fiscal collection during the second half of 2026:
| Month (2026) | Revenue Drop (Check Tax) |
|---|---|
| July | -6.3% |
| August | -9.0% |
Market Outlook and Reactions
Presidential spokesperson Adrián Ravier stated that this regulation aims not only to curb tax evasion but also to improve the traceability of funds and prevent irregular financial behavior, ensuring that liquidity is immediate and transparent.
While the banking sector views the return of these treasury flows to the traditional system with optimism, some ALyCs and Small-to-Medium Enterprises (PyMEs) in the manufacturing sector have expressed concern, as they are losing a more agile and cheaper financing mechanism for their daily operations.