Why does this matter?
Argentina’s Securities Commission (“CNV”) is proposing to replace prior authorization with automatic authorization across multiple issuance regimes. If you issue or structure capital markets products, you can submit comments through May 29, 2026.
Key facts
Regulations: CNV General Resolutions 1132, 1133, 1134, 1135 and 1136/2026
Effective: May 6, 2026
Comment deadline: May 29, 2026
What is being proposed?
The CNV opened five simultaneous draft regulations under its Participatory Rulemaking procedure. The common thread is shifting from prior CNV review to automatic authorization, streamlining market access.
The five proposals in brief:
- General Resolution 1132: Expanded medium-impact public offerings: Increases the amount permitted under automatic authorization to 100 million UVAs. Extends the benefit to SME CNV and Guaranteed SME CNV regimes.
- General Resolution 1133: Financial trusts: Brings financial trusts into the expanded medium-impact regime with automatic authorization.
- General Resolutions 1134 and 1135: Mutual funds (open and closed): Automatic authorization without prior CNV review, while maintaining supervisory powers.
- General Resolution 1136: Global programs and frequent issuers: Replaces prior authorization with automatic authorization via TAD (Online Procediments) for extensions, amount increases and amendments. Reduces the minimum series term to 30 calendar days.
Next steps:
If you operate in Argentina’s capital markets, now is the time to assess the impact and submit comments before May 29.
