Securities Market Regulation in Argentina.
Through General Resolution No. 1105/2026 (the “Resolution”), the National Securities Commission (“Comisión Nacional de Valores, the “CNV”) introduced amendments to the CNV Rules, relaxing the regulatory regime applicable to certain financial trusts linked to the real estate sector.
In particular, the Resolution eliminates certain requirements, including the obligation to identify the settlors at the time of the establishment of Global Programs, when the purpose of the financial trusts is exclusively to finance real estate development projects or the assignment of mortgage-backed assets. In such cases, the identification of the settlors will only be required at the time of the creation of each individual trust.
The Resolution also amends the definition of “CNV SME” (PyME CNV) to include, in addition to SME issuers and issuers admitted under the Public Offering Regime for Negotiable Obligations with Automatic Authorization due to their Low Impact (Régimen de Oferta Pública de Obligaciones Negociables con Autorización Automática por su Bajo Impacto) on Collective Investment Products, Mutual Funds, and Financial Trusts holding a valid MSME (MiPyME) Certificate.
The Resolution entered into force on January 23, 2026.
