On January 17, 2025, the National Securities Commission (“CNV”) published General Resolution No. 1051/2025 (the “Resolution”), establishing a new regime for the public offering of financial trusts with automatic authorization. This regulation aims to streamline the procedures for issuing trust securities, following a public consultation conducted through Resolution No. 1031/2024.
The new resolution introduces two types of authorization for the public offering of trust securities, based on their level of impact. Depending on this impact, trusts may be partially or fully exempt from the general regime’s requirements, thereby simplifying their issuance process. The main characteristics of each type are as follows:
– Low-impact trusts: Those whose issuance does not exceed the equivalent of 1,000,000 Acquisition Value Units (“UVAs”) within a 12-month period. For these trusts, the submission of prospectuses and other additional documents will not be required.
– Medium-impact trusts: In this case, the total issued value within the same period must not exceed 7,000,000 UVAs. For these trusts, the publication of certain documents, such as prospectuses, will be mandatory on the Financial Information Highway.
In both cases, issuances will be limited to qualified investors, both in the initial placement and in subsequent market trading. Additionally, trust agreements must be made available on the CNV website through the Financial Information Highway to comply with the requirements established in the Civil and Commercial Code of the Nation.
This Resolution came into effect on January 17, 2025.
