On June 11, 2026, following the public consultation procedure, General Resolutions No. 1145, No. 1146, No. 1147, No. 1148, No. 1149, and No. 1150 of the National Securities Commission (Comision Nacional de Valores– “CNV”) were published in the Official Gazette of the Argentine Republic, introducing amendments to the CNV Rules aimed at promoting more agile and efficient access to the Argentine financial market with a notable reduction in procedures.
What changes?
The new resolutions significantly expand the cases in which issuers, financial trusts, and mutual funds may access the market without prior CNV review, replacing numerous authorization processes with automatic schemes based on the submission of the relevant documentation.
The main developments are briefly described below:
General Resolution No. 1145: Automatic Public Offering Regime for Issuers.
– A new Public Offering Regime with Automatic Authorization for Expanded Medium Impact is created for share and corporate bond issuances of up to UVA¹ 100 million.
– Requirements are eased for SMEs, which are exempted from having a supervisory committee and from applying International Financial Reporting Standards (“IFRS”) in preparing their financial statements.
– Access to the regime is enabled for CNV-Guaranteed SMEs and for issuers of corporate bonds fully guaranteed by Guarantee Entities intended exclusively for qualified investors.
General Resolution No. 1146: New regimes for Financial Trusts.
– The new Public Offering Regime with Automatic Authorization for Trust Securities by Expanded Medium Impact is incorporated, with requirements similar to those already mentioned for issuers.
– The maximum amount to access the Automatic Public Offering Regime by Medium Impact is expanded, increasing to UVA 15 million.
– Financial Trusts for Real Estate Development are incorporated into the Automatic Public Offering Regime by Expanded Medium Impact.
– As a requirement for access to the Financial Trusts Regime with Automatic Authorization for Frequent Issuers, the threshold is reduced from 7 total issuances to 5, and from 3 annual issuances to 2.
General Resolution No. 1147: Open-End Mutual Funds.
– Open-End Mutual Funds will now operate under the new automatic authorization scheme, with the exception of ETF Open-End Mutual Funds or those with more than 25% of assets abroad.
General Resolution No. 1148: Closed-End Funds and Trusts for Qualified Investors.
– An automatic authorization regime is created for financial trusts and closed-end mutual funds intended for qualified investors or with issuances of up to UVA 100 million. Infrastructure funds, venture capital funds, and virtual asset funds are excluded.
General Resolution No. 1149: Simplification of corporate procedures and issuance programs.
– The requirement for prior CNV authorization is eliminated for certain amendments to global programs, frequent issuers, and SME regimes. Approval will operate automatically upon submission of the relevant documentation through the online procedures platform and its disclosure on the Financial Information Highway (Autopista de Informacion Financiera– “AIF”).
General Resolution No. 1150: Tokenization of Negotiable Securities.
– The Tokenization of Negotiable Securities issued under any automatic authorization regime is regulated.
– The regulatory Sandbox for testing this ecosystem in a controlled and secure manner is extended until December 31, 2027.
Why is it important?
The resolutions represent one of the most significant reforms in recent years in the Argentine capital markets. The expansion of automatic authorization regimes, the reduction of regulatory requirements, and the incorporation of tools related to the digitalization and tokenization of assets seek to lower costs, streamline access to financing, and encourage greater participation by companies and investors in the local market.
Effective date:
General Resolutions No. 1145, 1146, 1147, 1148, 1149, and 1150 entered into force on June 12, 2026.
¹ The Unidad de Valor Adquisitivo (UVA) is an Argentinian financial instrument created on 31 March 2016 as a measure of the average construction cost of 10 cm2 of a typical housing.
