Financial Glossary

Argentina's national securities regulator, responsible for overseeing capital markets activities including the authorization and supervision of collective financing platforms. The CNV issues resolutions that define operational requirements for registered platforms.

The Argentine law passed in 2018 that established the legal framework for collective financing platforms. This legislation introduced the regulated category of "Plataforma de Financiamiento Colectivo" and defined the basic rules for their operation under CNV supervision.

The official regulatory category for collective financing intermediaries in Argentina, as defined by Ley 27,440. Platforms holding this designation are registered with the CNV and authorized to facilitate the matching of project originators with participants under defined conditions.

A legal vehicle commonly used in Argentine real estate crowdlending where assets are transferred to a trustee (fiduciario) to hold and manage on behalf of beneficiaries. The fideicomiso separates project assets from the originator's own balance sheet, providing a defined legal structure for the transaction.

The trustee in a fideicomiso structure. The fiduciario holds and manages the trust assets in accordance with the trust agreement (contrato de fideicomiso), acting in the interests of the designated beneficiaries. In real estate crowdlending, the fiduciario often plays a central administrative role.

A negotiable debt instrument issued by companies to raise financing. In the context of real estate crowdlending, some projects are structured using ONs, which are issued by the project originator and acquired by participants through the platform. ONs are subject to CNV regulations on issuance and disclosure.

The entity that presents a real estate project for collective financing through a platform. This is typically a real estate developer or construction company. The originador is responsible for providing the documentation and disclosures required by the platform and applicable CNV regulations.

A form of collective financing where multiple participants provide debt-based capital to a single project or borrower through a digital platform. Unlike equity crowdfunding, crowdlending involves a lending relationship rather than an ownership stake. In Argentine real estate, this is structured through various legal instruments depending on the platform and project type.

The broader category of collective financing applied to real estate and construction projects in Argentina. This includes both crowdlending and equity-based models. The term refers to the use of digital platforms to aggregate multiple participants toward a single property development or construction project.

A key CNV resolution that established detailed operational requirements for collective financing platforms in Argentina. This resolution defined platform registration procedures, disclosure obligations, participant limits, and project eligibility criteria, operationalizing the framework introduced by Ley 27,440.

The trust agreement that establishes the terms of a fideicomiso structure. This document defines the roles of the fiduciante (transferor), fiduciario (trustee), and fideicomisarios (beneficiaries), the assets transferred, the purpose of the trust, and the conditions for distribution. In real estate crowdlending, this contract governs how project assets are managed and how proceeds are distributed.

The review process conducted by a collective financing platform before listing a project. This typically includes verification of the originator's legal standing, review of project documentation, assessment of the legal structure proposed, and confirmation that disclosure requirements are met. The scope of due diligence varies by platform and is defined in their operating procedures.

An individual or entity that provides capital to a project through a collective financing platform. Under Argentine regulations, platforms must verify participant identity and maintain records of participation. The term is used broadly to refer to those who contribute capital without implying any specific advisory or managed relationship.

The information document that a project originator must prepare and publish through the platform before accepting participation. The prospecto outlines the project description, legal structure, use of funds, timeline, risks, and other disclosures required by CNV regulations. It is the primary source of project information available to participants.

The party that transfers assets into a fideicomiso structure. In real estate crowdlending, the fiduciante is typically the project originator or developer who contributes the land, permits, or other project assets to the trust. The fiduciante's obligations and rights are defined in the contrato de fideicomiso.

The defined window during which a project listed on a collective financing platform is open to receive participation. Once the captación period closes, either the target amount has been reached and the project proceeds, or the platform's rules determine what happens if the target was not met. The duration and conditions of this period are disclosed in the prospecto informativo.