TITLE: Argentina's National Securities Commission Relaxes Negotiable Obligations Issuance Requirements Under Automatic Public Offering Regime BODY: Argentina's National Securities Commission (Comisión Nacional de Valores, CNV) has relaxed conditions for issuing negotiable obligations (ONs) under its automatic public offering regime through General Resolution No. 1117. The measure applies to issuers already authorised to conduct public offerings under the general regime. The initiative aims to modernise Argentina's capital markets by expanding participation opportunities while maintaining investor protection standards. Under the revised framework, issuers with existing authorisation for public offerings of negotiable obligations or shares under the general regime may now permit retail investors to participate in primary placements and secondary trading of low and medium-impact negotiable obligations without numerical limitations. Previously, such participation was restricted. The CNV determined that this relaxation is appropriate because qualifying issuers are subject to periodic and continuous disclosure requirements and complete transparency and supervision standards under existing regulations. This ensures sufficient information availability for retail investors. CNV President Roberto E. Silva stated the resolution represents progress in capital markets modernisation, describing it as part of a broader deregulation and simplification agenda that reduces procedural complexity and timelines while maintaining clear rules and adequate investor protection standards. The measure aligns with Argentina's wider administrative simplification objectives, streamlining procedures for negotiable obligations issuance while preserving regulatory safeguards. The resolution became effective upon publication. **Reference:** Argentina's National Securities Commission, General Resolution No. 1117

Flexibilización de la emisión de ONs bajo el régimen Oferta Pública Automática para emisores que estén en el Régimen General | Argentina.gob.ar

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