pc
nid 91108
Mar 05, 2026
ggallwey@vixio.com
Argentina
Ministry of Justice and Human Rights
financial services
92% of draft length
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1766 charsArgentina's National Securities Commission Relaxes Negotiable Obligations Issuance Requirements Under Automatic Public Offering Regime
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
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1621 charsArgentina National Securities Commission Expands Automatic Bond Issuance Regime to Retail Investors
On March 5, 2026, Argentina’s National Securities Commission (CNV) adopted General Resolution No. 1117, amending Chapter V of Title II of the CNV Rules (NT 2013 and amendments) governing the Automatic Public Offering Regime for Negotiable Obligations of Low and Medium Impact.
The resolution modifies the automatic authorization framework for bond issuances in order to allow retail investors to participate in certain offerings that were previously limited to qualified investors.
Under the previous framework, negotiable obligations issued under the automatic authorization regimes for low- and medium-impact offerings could generally be placed and traded only among qualified investors. The new resolution introduces an exception for issuers that are already authorized under the General Public Offering Regime. As these issuers are subject to ongoing supervision and the periodic and continuous information regime established in the CNV Rules, the CNV considers that sufficient information is available to investors. Accordingly, negotiable obligations issued under the automatic authorization regimes for low- and medium-impact offerings may be placed with both qualified and non-qualified (retail) investors.
The CNV stated that the reform aims to harmonize the automatic authorization regime with the general public offering framework, broaden investor participation in the capital market and facilitate financing opportunities for issuers. The measure also forms part of a broader policy initiative to modernize Argentina’s capital markets and reduce administrative burdens associated with securities issuance.