pc
nid 93157
Jun 10, 2026
pdonofrio@vixio.com
Argentina
Ministry of Justice and Human Rights
financial services
98% of draft length
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2053 charsArgentina's National Securities Commission Streamlines Authorization Procedures for Global Programs and Frequent Issuers
Argentina's National Securities Commission (Comisión Nacional de Valores - CNV) has replaced prior authorization requirements with automatic authorization procedures for multiple capital market instruments, effective immediately through General Resolution (RG) No. 1149 and RG No. 1146.
The CNV eliminated prior authorization requirements for extensions of global programs, increases in program amounts, and modifications to terms and conditions by issuers. These changes now operate through automatic authorization upon submission via the TAD platform and publication on the Financial Information Superhighway (Autopista de la Información Financiera - AIF), with issuers assuming responsibility for disclosed information. The streamlined approach extends to autonomous bond (ON) emissions, the Frequent Issuer regime for term modifications and amount increases, and small and medium-sized enterprise (PyME) global programs. For PyME CNV programs, prior authorization for issuing new classes or series is no longer required, and program extensions now proceed automatically.
RG No. 1149 introduces two additional modifications. First, issuers need not process amount increases for global programs when issuing series designated for total or partial exchange of existing series, provided the resulting program amount does not exceed authorized maximums. Second, issuers must include explicit risk factor warnings when placement agents lack legal advisors independent of the issuer, recommending investors consult independent legal counsel.
The regulations also apply automatic authorization regimes to foreign funds (FFs), eliminating prior CNV authorization for program extensions, term modifications, amount increases, and annual supplement updates for frequent emissions. All procedures initiated before these regulations took effect receive automatic authorization without additional submissions. CNV President Roberto E. Silva described these changes as part of the broader regulatory "Big Bang" modernizing Argentina's capital markets framework.
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2020 charsArgentine National Securities Commission Streamlines Authorisation Procedures for Global Programs and Frequent Issuers
On June 10, 2026, the Argentine National Securities Commission (CNV) issued General Resolutions No. 1146 and 1149, which together establish modifications aimed at replacing prior authorisations and streamlining procedures related to global programs, frequent issuers, autonomous negotiable obligations, small and medium-sized enterprises (SMEs) and financial trusts.
According to a news release announcing the new resolutions, they aim to simplify regulatory processes and strengthen access to the capital market by transitioning from prior authorisation requirements to an automatic approval system, emphasising a free and dynamic market balanced by the responsibility of the issuers.
Specific provisions of the resolutions include, but are not limited to:
Replacing prior CNV authorisation for extensions, amount increases and term modifications of global programs with an automatic procedure via the TAD platform and the Financial Information Highway (AIF).
Extending the automatic authorisation approach to autonomous negotiable obligations and modifications under the frequent issuer regime.
Eliminating the need for prior authorisation to issue classes or series within SME (PyME CNV) global programs, and permitting automatic program extensions.
Exempting the need to process amount increases for global programs when issuing series intended for total or partial exchange, provided the maximum authorised program amount is not exceeded.
Mandating an express risk warning in public offerings when placement agents lack independent legal counsel from the issuer, recommending that investors consult their own advisors.
Clarifying the reporting requirements for publishing prospectuses, supplements and preliminary documentation under automatic authorisation schemes to strengthen market transparency.
Automatically approving all relevant administrative procedures initiated prior to the regulations entering into force, without requiring additional presentations.
The resolutions take effect immediately .