On November 1, 2024, the National Securities Commission (“CNV”) issued General Resolution 1028/2024 (the “Resolution”), in which it opens for public consultation a new Public Offering Regime with Automatic Authorization to simplify the process for certain issues of marketable securities.
The project proposes two simplified regimes:
Low impact:
- Issues of up to 1 million UVAs or its equivalent in pesos or foreign currency.
- No prospectus filing or prior authorization from the CNV is required.
Medium impact:
- Issues of up to 7 million UVAs or its equivalent in pesos or foreign currency.
- It is mandatory to submit a prospectus, although it will not be reviewed or approved by the CNV.
In both cases, the marketable securities must be negotiable obligations or virtual assets representing debt, provided that they are not convertible into shares.
Additionally, a new category called “Other public offerings with automatic authorization” is incorporated, which includes judicial or extrajudicial auctions of marketable securities resulting from the execution of collateral or guarantee trusts, provided that they comply with certain requirements.
This regime is the first to regulate virtual assets as negotiable securities representing debt.
Interested parties have until December 18 to submit comments or observations through the CNV’s website.
