On October 22, 2025, the National Securities Commission (“CNV”, after its spanish acronym) issued Resolution No. 1088/2025 (the “Resolution”), which revises certain aspects of regulatory drafting and expands the limits applicable to promotional meetings, invitations, and purchasers per issuance established by General Resolution No. 1016/2024.
The Resolution increases the maximum number of potential investors to up to fifty (50) for promotional meetings in connection with a private offering, while maintaining the maximum number of potential investors for each category, excluding Authorized Agents, who may participate in such meetings without any limitation as to their number.
Invitations per issuance may be addressed to a maximum of fifty (50) potential Qualified Investors and to a maximum of thirty (30) potential Non-Qualified Investors, and without limitation in the following cases:
a. Financial Institutions included under the Financial Institutions Law (Law No. 21,526);
b. Non-Financial Credit Providers;
c. Authorized Agents;
d. Reciprocal Guarantee Companies (“SGR”, after its spanish acronym); and
e. Insurance Companies authorized to operate as such by the National Insurance Superintendency (“SSN”, after its spanish acronym).
The number of purchasers per issuance, without prejudice to the maximum number of potential investors, is set at thirty-five (35), of which no more than fifteen (15) may be Non-Qualified Investors, excluding from such count any purchaser who already owns Equity-Representative Negotiable Securities of the Issuer at the time of acquisition.
The Resolution entered into force on October 25, 2025.
