Securities Market Regulation in Argentina.
On February 13, 2026, through Resolution No. 1107/2026 (the “Resolution”), the National Securities Commission (Comisión Nacional de Valores, the “CNV”) introduced amendments to the CNV Rules (the “Rules”).
The Resolution amends Article 17 of Section X, Chapter VI, Title VI of the Rules, which generally provides that Clearing and Settlement Agents (Agentes de Liquidación y Compensación, “ALyCs”) may not act as issuers or drawers of Individually Issued Securities (Valores Negociables de Emisión Individual, “VNEI”). The amendment introduces exceptions to this general prohibition for the following agents:
- ALyCs registered under the Direct Participant subcategory;
- ALyCs registered under the Integral-Agroindustrial subcategory;
- Trading Agents registered in the Single Chain Registry (Registro Único de la Cadena); and
- ALyCs that qualify as financial institutions authorized under the Ley de Entidades Financieras.
In addition, the prohibition does not apply in cases involving:
- Electronic Micro, Small and Medium Enterprises (“MSME”) Credit Invoices (Facturas de Crédito Electrónicas MiPyMEs, “FCE MiPyMEs”); or
- VNEIs traded in the guaranteed segment.
Furthermore, the CNV incorporates Article 7 into Chapter XI, Title XVIII of the Rules, under the heading “VNEI Exchange Systems Adaptation – RG No. 1090”, establishing that Custody, Registration and Payment Agents (Agentes de Custodia, Registro y Pago ,“ACRyP”) must adapt their systems in order to implement the provisions set forth in Article 5 of Chapter VI, Title VI of the Rules, no later than April 6, 2026.
Finally, the Resolution adds to the definitions contained in Article 2 of Section II, Chapter II, Title I of the Rules the definitions of FCE MiPyME and VNEI.
The Resolution entered into force on February 13, 2026.
