pc
nid 93155
Jun 10, 2026
pdonofrio@vixio.com
Argentina
Ministry of Justice and Human Rights
financial services
90% of draft length
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2154 charsArgentina's National Securities Commission Implements Automatic Authorization Regime for Capital Market Participants
Argentina's National Securities Commission (Comisión Nacional de Valores — CNV) published final regulations establishing an expanded automatic authorization regime for issuers, financial trusts (Fideicomisos Financieros — FF), and investment funds (Fondos Comunes de Inversión — FCI). The regulatory package, described as a "Big Bang" deregulatory initiative, modernizes capital market procedures by converting prior-approval authorization processes into automatic filing mechanisms.
The new Extended Medium-Impact Public Offering Regime permits issuers to access higher capital amounts without undergoing prior review procedures, while maintaining elevated information and transparency standards equivalent to those under the General Regime. Small and medium-sized enterprises (PyMEs) are exempted from requirements to maintain a supervisory commission or apply International Financial Reporting Standards (NIIF) under this regime. Financial entities may access the regime provided all negotiable securities are offered exclusively to qualified investors in both primary placement and secondary market trading. The regulations also clarify treatment of fully digitally-represented securities.
For investment funds, the CNV established automatic authorization for constitution and modification of all open-ended FCIs. Closed-ended FCIs, including real estate funds, receive automatic authorization where investments target qualified investors or emission amounts remain below specified thresholds. For financial trusts, improvements to existing automatic public offering regimes and incorporation of the new Extended Medium-Impact regime aim to facilitate capital market access through more efficient financing mechanisms aligned with current market participant needs.
CNV chief executive Roberto E. Silva emphasized that automatic authorization regimes do not reduce supervisory, inspection, and control powers but modernize public offering access procedures through participant responsibility, information transparency, and post-authorization supervision mechanisms. The regulations are detailed in General Resolutions N° 1145, 1146, 1147, and 1148.
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1935 charsArgentine National Securities Commission Implements Automatic Authorisation Regime for Capital Market Participants
On June 10, 2026, the Argentine National Securities Commission (CNV) announced final regulations (General Resolutions No. 1145, 1146, 1147 and 1148), which together establish modifications aimed at deregulating, modernising and simplifying the authorisation processes for issuers, financial trusts and mutual funds in the Argentine capital market.
According to the CNV, the regulations aim to eliminate administrative delays and reduce time-to-market by transforming prior authorisation procedures into automatic public offering authorisation schemes, while maintaining high standards of transparency and subsequent supervision.
Specific provisions of the resolutions include, but are not limited to:
Establishing a new public offering regime with automatic authorisation for expanded medium impact, allowing issuers to access higher financing amounts without prior review processes.
Exempting small- and medium-sized enterprises (SMEs) under this regime from the requirement to maintain a supervisory committee or apply International Financial Reporting Standards (IFRS) in their financial statements.
Allowing financial entities to access the new regime, provided their securities are offered and traded exclusively among qualified investors.
Clarifying the regulatory framework for issuances that feature 100% digital representation.
Authorising automatic approval for the creation and modification of all open-ended mutual funds.
Establishing an automatic authorisation regime for close-ended mutual funds that are targeted at qualified investors or fall below a specified maximum issuance limit.
Enhancing existing automatic public offering regimes for financial trusts to provide more agile and efficient financing mechanisms.
Shifting from prior review procedures to ex-post supervision and control mechanisms to ensure ongoing market compliance.
The regulations were approved following a public consultation process.