TITLE: Argentina's National Securities Commission Updates Rules for Preliminary Prospectus Distribution BODY: On April 10, 2026, Argentina's National Securities Commission (Comisión Nacional de Valores – CNV) updated its regulatory framework governing the distribution of preliminary prospectuses and supplements in public offerings. The update, enacted through General Resolution No. 1129 (RG N° 1129), aims to enhance clarity, transparency, and efficiency in the preliminary document distribution process. The CNV identified the need to simplify and clarify the use of preliminary prospectuses and other early-stage disclosure documents, particularly for public offerings with automatic authorisation and those not requiring prior CNV approval. The updated rules clarify the distribution of preliminary documents across different regulatory regimes, including those with prior CNV authorisation, automatic regimes, class or series emissions under global programmes, and the Frequent Issuer Regime. The regulation adapts content requirements and legends to align with each applicable regime. Key provisions include: mandatory communication and submission of preliminary documents through the TAD platform at specified intervals according to the applicable regime; reinforced responsibility for issuers, administrative bodies, and auditors regarding information disclosure and oversight; requirements to identify material facts incorporated between preliminary and final versions; and a maximum validity period of 20 business days for preliminary information if no placement occurs within that timeframe. The update seeks to reduce unnecessary transactional costs, avoid additional bureaucratic procedures such as duplicate submissions, and maintain investor protection while facilitating access to productive financing. The CNV emphasised its commitment to modernising the regulatory framework to make it more predictable and efficient for market participants.

Mayor certeza, transparencia y desregulación en el procedimiento de difusión de prospectos o suplementos preliminares | Argentina.gob.ar

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