On 3 June 2023 the Comisión Clasificadora de Riesgos (“CCR”) published modifications to its Agreement number 32 (“Agreement 32”), which regulates the approval of foreign securities, including ETFs among them. The current modifications effectively remove the prohibition for active ETFs approval by amending the previously known definition of ETFs present in Agreement 32 until that date.
All other requirements in Agreement 32 must still be met by any active ETFs seeking approval, with the exception of those applicable to the index provider which continue to be applicable to passive ETFs only.
The approval process for active ETFs is the same as for traditional ETFs.