Fintech 2026

ARGENTINA Law and Practice Contributed by: Santiago J. Mora, Nicolas Garfunkel, Milagros Caneda and May Steward, GPG Advisory Partners

2.11 Implications of Additional, Non- Financial Services Regulations The CCC As mentioned in 2.2 Regulatory Regime , all fintech businesses fall under the provisions of the CCC, based on the similarities of their operations with nominated businesses provided for in the CCC. In addition, the general rules applicable to contracts and obligations under the CCC include the following topics: • liability regime (Section 1708 et seq); • accountability regime ( rendición de cuentas ) (Sec - tion 858 et seq); • the principle of good faith (Section 961); and • standard-form contracts (Section 984 et seq). The DSL The DSL also applies since this regulation incorpo - rates the concepts of digital documents, electronic signatures and digital signatures into the Argentine legal framework, and establishes the terms of equiva - lence between these new concepts and the concepts of material documents and handwritten signatures. The PDPL The PDPL establishes several rights that companies must recognise regarding personal data holders. It also limits the way data can be collected and pro - cessed, and mandates specific actions that compa - nies must take before the competent authority. The CPL B2C business is subject to the CPL, which is designed to protect consumers as the weaker party in contrac - Fintech businesses are also subject to the Argen - tine Antitrust Law No 27,442 (AAL). This law applies across all verticals, but in practice is particularly rel - evant to the payments vertical, especially with respect to abuse of a dominant position, restrictive contrac - tual arrangements, and merger control. This is all the more so given that, in recent years, there have been interventions by the competition authority, as well as cross-complaints among different fintech players and between fintechs and banks. tual relationships. The Antitrust Law

CNV. Such outsourcing arrangements must be formal - ised through agreements that expressly require third parties to provide all information necessary for the PSAV to comply with the applicable reporting regime and with any information requests issued by the CNV or other competent authorities. In all cases, outsourc - ing arrangements may not include any waiver or limi - tation of the PSAV’s responsibility for the services provided. PSAVs must notify the CNV of such arrange - ments, report their termination, and make the relevant agreements available upon request of the CNV. 2.9 Gatekeeper Liability Fintech providers are under no specific legal obliga - tion to act as gatekeepers. At the same time, these entities fall under the general security and diligence obligations contained in the CCC, the CPL and the PDPL and must therefore ensure that their platforms operate adequately. In addition, almost all fintech companies fall within the scope of the AMLL and are considered reporting entities under the regulations, subject to registration, know-your-customer (KYC) and suspicious transac - tion reporting obligations. 2.10 Significant Enforcement Actions When fintech companies engage in activities that fall within the scope of the Financial Entities Law No 21,526 (FEL) or the CML, without the corresponding authorisations, or fail to comply with the regulations applicable to them by any of the regulatory agencies (BCRA, CNV, UIF), these authorities may initiate sum - mary investigations and impose sanctions. The sanctions applicable to individuals and legal entities that violate the provisions include warnings or notices, financial penalties, and temporary or per - manent prohibitions to operate and disqualifications from serving as directors, administrators, trustees, members of supervisory boards, managers, compli - ance officers or auditors, among others. Additionally, if the investigation reveals the commis - sion of crimes, the authorities may initiate the corre - sponding criminal actions.

18 CHAMBERS.COM