Securities Market Regulation in Argentina
On January 22, 2026, through General Resolution No. 1104/2026 (The “Resolution”) issued by the National Securities Commission (Comisión Nacional de Valores, the “CNV”) published in the Official Gazette the CNV submitted to public consultation the “Draft General Resolution on Changes to the Public Offering Regime (Amendment to Chapter V of Title II of the CNV Rules (N.T. 2013, as amended)” (the “Draft”), inviting the public to submit comments and/or proposals.
The Draft provides that issuers subject to the General Public Offering Regime (Régimen General de Oferta Pública) or to the CNV SME Regime (Régimen PyME CNV), whether in respect of shares or negotiable obligations, may request a transfer to any of the regimes established by the CNV. Any such change of regime must be approved by an extraordinary shareholders’ meeting and is subject to the prior authorization of the CNV.
In the case of issuers authorized to conduct a public offering of their shares under the General Regime or the CNV SME Regime that seek to migrate to regimes with lower regulatory requirements, the issuer must carry out a Public Tender Offer (Oferta Pública de Adquisición, the “OPA”). In such cases, final authorization of the change of regime will be granted once full compliance with the OPA in respect of the shareholders who have accepted the offer has been evidenced, the corresponding guarantee has been released, and all other applicable requirements have been met.
The Resolution entered into force on January 24, 2025, and interested parties will have until February 13, 2026 to submit comments and/or proposals regarding the Draft through the CNV’s website.
