ARGENTINA Law and Practice Contributed by: Santiago J. Mora, Nicolas Garfunkel, Milagros Caneda and May Steward, GPG Advisory Partners
The BCRA therefore issued a series of com - munications in 2020, aimed at regulating these businesses, which have been named “payment service providers that offer payment accounts” ( proveedores de servicios de pago que ofre- cen cuentas de pago or PSPCPs). Throughout 2021, 2022, 2023 and 2024, the BCRA issued further regulation for payment service provid - ers ( proveedores de servicios de pago or PSP), incorporating new roles, including, among oth - ers, initiation, acquiring, aggregation or sub- acquiring, and non-bank agencies that collect payment of taxes and/or services. In addition, all these businesses will also be sub - ject to the Civil and Commercial Code (CCC), Consumer Protection Law No 24,240 (CPL), Anti Money Landering Law No 25,246 (AMLL), Personal Data Protection Law No 25,326 (PDPL) and Digital Signature Law No 25,506 (DSL), among others. Online Lending Businesses Online lending businesses are mainly regulated by the CCC, as regular lending operations, in addition to the CPL, AMLL, PDPL and DSL. Also, in 2020 the BCRA amended the rules regarding “non-financial credit providers” ( proveedores no financieros de crédito or PNFC), making them mandatory for companies that, based on their last financial statements, granted credit in excess of ARS10 million and are not financial institutions. In addition, in 2021 the BCRA regulated crowd - lending businesses, which have been named “providers of credit services between individu- als through platforms” ( proveedores de servicios de créditos entre particulares a través de plata - formas or PSCPP).
Equity crowdfunding is regulated by Entrepre - neurial Capital Support Law No 27,349 (ECSL) and the CNV Resolution No 942/2022. PSAV PSAV businesses were regulated by the pre- existing general rules of the CCC, the CPL, the PDPL and the DSL, among others. In 2024, the regulation of these businesses underwent a series of changes, among other things, through the enactment of Law No 27,739 that modified the AMLL, defined the concepts of AV and PSAV, designated the PSAVs as obli - gated entities before the UIF, and created a PSAV Registry under the CNV. In this context, the CNV and UIF issued Resolutions No 994/24 and 49/24, respectively, to regulate the provi - sions of Law No 27,739. Regtech Businesses Regtech businesses, the provision of computer services and innovations in the use of blockchain technology are regulated by the CCC, the DSL and Intellectual Property Law No 11,723 (IPL). Public Offerings of Securities, Securities Markets and Exchanges Capital Market Law No 26,831 (CML) regulates public offerings of securities, securities markets and exchanges, and intermediaries operating in such markets; it also covers the public offering of term contracts, futures and options, their mar - kets, clearing houses and intermediaries. Insurtech Insurtech activities fall under the general rules of Insurance Law No 17,418 (IL). 2.3 Compensation Models Compensation models vary from business to business and vertical to vertical.
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