On October 8, 2026, General Resolution No. 1171/2026 (the “Resolution”) of the Argentine Securities Commission (Comisión Nacional de Valores, “CNV”) was published in the Official Gazette of the Argentine Republic. The Resolution submits for public consultation a proposal for a comprehensive amendment to the Material Events reporting regime, with the aim of strengthening investor protection and the prevention of abusive practices, improving the quality of information made available to investors and enhancing market transparency and integrity.
The Resolution invites the public to submit comments or proposals regarding the adoption of regulations entitled “Amendment to Chapter I, Section II, Title XII of the CNV Rules.” The main points submitted for consideration include the following:
- Shareholders’ Meetings: The documentation requirements and filing deadlines for information relating to shareholders’ meetings through the Financial Information Highway, (Autopista de Informacion Financiera, “AIF”, its official electronic reporting platform)are clarified.
- Material Events: A more detailed regime is proposed. Events or circumstances that may materially affect the trading of securities, the conduct of an entity’s business, or its economic, financial, or equity position must be reported immediately through the AIF.
- Specifically Enumerated Material Events: The illustrative, non-exhaustive list includes, among other matters, amendments to the corporate purpose; transformation, merger, spin-off, or dissolution; operational, technological, cybersecurity, and environmental incidents; restructurings and debt defaults; changes of control; significant investments, losses, encumbrances, and guarantees; relevant litigation, sanctions, and judgments; and events affecting Argentine Deposit Certificate (CEDEAR) or Argentine Securities Certificate (CEVA).
- Form and Content of the Notice: Notices must be identified under the heading “MATERIAL EVENT NOTICE” and include a summary, the date of the event, a clear, complete, and neutral description, an estimate of its impact where possible, the measures taken or planned, and the signature of the legal representative.
- Rumors and Market Reports: Where information has been disseminated by third parties, the entity must clarify or deny it if it is false, inaccurate, or incomplete. If the information is true and material, it must be immediately disclosed as a material event.
- Suspension of the Disclosure Obligation: Upon request by the relevant party, the CNV may, by reasoned decision and for a specified period, suspend the disclosure obligation where disclosure could significantly harm the corporate interest.
- Reporting Requirements: The obligations to disclose the independent status of directors and members of the supervisory body, as well as their relevant professional relationships, are expanded. In addition, the supervisory body must issue an annual opinion on accounting and auditing policies and on the independence of the external auditor.
Why Is This Relevant?
The reform seeks to update and systematize the existing regime by clarifying the scope of disclosure obligations and improving the quality of information available to investors, in line with developments in and the current needs of the capital markets. The proposal incorporates criteria arising from the CNV’s regulatory and administrative experience, as well as principles and practices from leading international jurisdictions, adapted to the specific characteristics of the local market and regulatory framework. It also provides greater certainty regarding the scope of the obligations applicable to entities subject to the public offering regime. The proposal forms part of the CNV’s broader innovation and simplification process, strengthening the transparency framework through clearer, more predictable rules better suited to protecting investors.
Deadline for Submitting Proposals:
Interested parties may submit their comments and proposals until November 2, 2026, through the website www.argentina.gob.ar/cnv.
