Securities Market Regulation in Argentina.
On February 25, 2026, within the framework of the regulatory deregulation and simplification agenda promoted by the National Securities Commission (“Comisión Nacional de Valores, the “CNV”), the CNV’s Board of Directors approved, through General Resolution No. 1115 (the “Resolution”), a new Periodic Reporting Regime under the CNV Rules.
The Resolution introduces a series of amendments aimed at simplifying and harmonizing the reporting framework applicable to issuers.
First, it reduces the maximum historical coverage of the Management Report (Reseña Informativa) to three reporting periods or fiscal years. It also repeals the provision relating to guarantees and sureties, which had generated duplicative disclosure obligations for financial institutions already subject to the duty to report material events. In addition, the Resolution harmonizes and standardizes regulatory terminology, clarifies whether certain deadlines are calculated in business or calendar days, and specifies the deadlines for the submission of financial statements applicable to certain issuers, taking into account the new automatic public offering authorization regimes for negotiable securities.
In this context, the Resolution allows, on an optional basis, companies qualifying as Small and Medium-Sized Enterprises (“SMEs”) that, although included in the General Regime, hold a valid SME Certificate, to prepare and file their financial statements in accordance with Argentine professional accounting standards.
Moreover, the accounting regime applicable to issuers under the automatic authorization regimes is simplified, and criteria are established for the potential future implementation of new automatic regimes with similar characteristics.
The Resolution further defines the scope of entities required to submit a Corporate Governance Code report, expressly incorporating an exemption for those issuing exclusively under the low- and medium-impact Automatic Public Offering regimes. It is clarified that such obligation becomes applicable once the issuer has been admitted to the public offering regime, and not as a prerequisite for admission.
Finally, the requirement remains in place for issuers under the General Regime, thereby ensuring alignment with the international standards of the Organización para la Cooperación y el Desarrollo Económicos (“OECD”).
The Resolution entered into force on February 26, 2026.
