On April 25, 2025, Resolution No. 1063/2025 (the “Resolution”) was published by the Argentine Securities and Exchange Commission (“CNV”, after its Spanish acronym), establishing a new regulatory framework for the public offering of financial trusts. The Resolution introduces two special regimes: an expedited process and an automatic authorization process for frequent issuers.
These new schemes introduce differentiated procedures aimed at streamlining operations while maintaining regulatory oversight. Both regimes require the submission of two documents: an annual prospectus supplement and an abbreviated prospectus, designed to systematize information and facilitate project assessment.
The main difference between the two regimes lies in the authorization process: while the expedited process involves a formal evaluation by the CNV, issuers that meet certain frequency criteria may access automatic authorization, without the need for a specific resolution for each issuance.
Compared to the preliminary version proposed under Resolution 1056, the final regulation adopts a more flexible approach. The minimum number of previous issuances required to access the expedited regime was reduced from five to four, with at least two having been carried out in the past year. For the automatic authorization regime, a track record of seven issuances (one fewer than originally proposed) is required, with at least three conducted within the last twelve months.
This reform represents a step forward in the capital markets modernization policy, aimed at facilitating financing through structured instruments without compromising regulatory standards.
This Resolution came into effect on April 25, 2025.
