On July 3, 2025, the National Securities Commission (the “NSC”) issued General Resolution 1073/2025 (the “Resolution”), which allows issuers of negotiable obligations to opt not to update their prospectus annually, provided that the financial and accounting information is up to date on the Financial Information Highway (“FIH”), accompanied by the submission of detailed supplements for each issuance. If the prospectus is updated, an audit report with a professional opinion must be submitted.
Each new issuance must be accompanied by a prospectus supplement including:
– Terms and conditions of the issuance.
– Price and updated financial information.
– Regulatory provisions affecting the issuer’s activities.
– Updated risks.
Any facts or data inconsistent with the last Prospectus approved by the NSC.
The supplement must include a sworn statement assuming the issuer’s responsibility for the accuracy, completeness, and timeliness of the information provided.
Additionally, the procedure for registering as a Frequent Issuer (“FI”) has been modified, eliminating the requirement for annual prospectus renewal and allowing issuers to maintain this status as long as periodic information and required supplements are submitted.
The Resolution came into force on July 4, 2025.
