On May 7, 2025, the National Securities Commission (CNV after its spanish acronym), through General Resolution No. 1065/2025 (the “Resolution”), submitted for public consultation the “Draft General Resolution on the Regime for Public Offerings with Automatic Authorization of Shares”.
The initiative seeks to simplify the procedures for accessing the public offering regime by introducing two new regimes applicable to the issuance of shares which, due to their low or medium impact, would allow participants to be partially or fully exempt from the obligations established under the general public offering regime, while still qualifying as public offerings authorized automatically by the CNV.
Issuers entering the Regime for Public Offerings with Automatic Authorization will be exempt from submitting the documentation required for admission to the General Public Offering Regime; the submission of a prospectus will not be required, nor will compliance with the applicable reporting regimes, except for the annual financial statements.
Issuers under the Medium-Impact Public Offering Regime with Automatic Authorization must follow a simplified admission process, with reduced requirements. They will be required to submit only annual financial statements, as a specific reporting obligation under this regime.
Any issuer already subject to another public offering regime may transition to the low or medium-impact automatic authorization regime, provided they meet certain pre-established requirements.
Opinions and/or proposals may be submitted until May 30, 2025, via the CNV’s official website.
The Resolution entered into force on May 10, 2025.
