On July 23, 2025, through General Resolution No. 1076 (the “Resolution”), the National Securities Commission (“CNV”) introduced amendments aimed at streamlining and simplifying placement procedures, enhancing the competitiveness of the Argentine capital market.
The main modifications are:
Amendments to the Frequent Issuer Regime (“REF”):
– The obligation to notify the intention to issue five days in advance and to inform of withdrawal by Frequent Issuers is eliminated.
– Issuers under the REF may issue or reissue series or classes within the maximum authorized global amount.
Simplification of CEDEARs and CEVAs procedures:
– The legal opinion report is replaced by a sworn statement from the issuer.
– The sworn statement may be substituted by an external legal opinion from the issuer’s country addressing the same aspects.
Update of the minimum subscription amount:
– The minimum subscription amount is updated to a value not exceeding 7,500 Acquisition Value Units (“UVA”) or its equivalent in other currencies, except when the regime provided by Communication “A” 3046, amendments and complements of the Central Bank of the Argentine Republic, applies, or when the issuance is directed to qualified investors.
Modification of dissemination deadlines:
– Dissemination deadlines are flexibilized, reduced to 1 business day for all placements of classes and/or series, except in refinancing or exchange cases, which are set at 2 business days.
– The dissemination period will begin the same day of publication if before ten (10) a.m.; otherwise, it will start at midnight (0:00) of the day following the date on which the documents are published.
The Resolution came into effect on July 25, 2025.
