On June 2, 2025, through General Resolution No. 1073/2025 (hereinafter, the “Resolution”), the National Securities Commission (the “CNV”) introduced amendments to the regime applicable to the updating of prospectuses and global issuance programs, both under the general regime and under the CNV SME and CNV SME Guaranteed regimes.
The Resolution eliminates the obligation for annual updating of the Prospectus, making it now optional after the approval of Financial Statements corresponding to a new fiscal year. If opting to update the Prospectus, an Independent Certified Public Accountant’s Report must be attached, expressing an opinion on the information contained in said document.
However, the information that was previously updated in the prospectuses must now be included in the Prospectus Supplements for each issuance within a Global Program.
Regarding the Frequent Issuer Regime, the obligation for annual ratification is eliminated; the issuer’s status is maintained as long as it complies with the applicable regulations. However, the CNV may:
a) Request additional information or specific documentation under exceptional circumstances; or
b) Revoke the Frequent Issuer status for non-compliance.
The regulation also extends to the Global Programs for the Issuance of Negotiable Obligations under the CNV SME and CNV SME GUARANTEED Regimes, where the annual Prospectus update will likewise be optional, with the information to be incorporated in the Prospectus Supplement.
The Resolution came into effect on July 4, 2025.
