Securities Market Regulation in Argentina
On April 7, 2026, General Resolution No. 1125/2026 (the “Resolution”) issued by the National Securities Commission (Comisión Nacional de Valores: “CNV”) was published in the Official Gazette of the Argentine Republic. Through this Resolution, amendments were introduced to the CNV Rules (Consolidated text of 2013 and amendments), enabling Public Offerings with Automatic Approval for Low and Medium Impact issuances under the Collective Financing (“crowdfunding”) modality.
Among the most relevant aspects, the Resolution introduces the following changes within this framework:
- It allows companies and projects to access financing through smaller-scale issuances without prior CNV approval, both for negotiable obligations and shares.
- It permits the participation of non-qualified investors through small contributions within established limits aimed at protecting their assets.
Under this scheme, investor limits are set at up to 3,000 Acquisition Value Units (Unidad Valor Adquisitivo: “UVAs”) per issuance and 10,000 UVAs in aggregate across all issuances, as well as limits of 5% of the investor’s net worth per project and 10% of the investor’s net worth in total invested in such instruments. - It increases the thresholds for the medium-impact regime for shares and negotiable obligations from 7 million UVAs to 15 million UVAs.
- It updates the definition of qualified investor, incorporating holdings in virtual assets and recognizing investments both domestically and abroad.
The Resolution entered into force on April 8, 2026.
