meta_id 3308318

Argentina's National Securities Commission (CNV) has introduced new exceptions to the definition of "Restricted Subjects" under General Resolution No. 1151 (RG N° 1151), expanding regulatory clarity for market participants. The CNV president, Roberto E. Silva, said the amendments reflect the commission's commitment to market transparency and integrity by clarifying the scope of restricted subject definitions and providing greater regulatory certainty. The new exceptions exempt two categories from restricted subject classification: the National Treasury and entities controlled directly or indirectly by financial institutions. These exemptions apply where entities are subject to special regulatory regimes and their principal activity consists of providing financial services, including professional wealth management services, securities brokerage services, fiduciary services, insurance and reinsurance services, leasing, payment management services, and technology services developed in open and competitive markets. Agents must observe specific conditions before processing transactions for restricted subjects. Daily nominal trading volume per security cannot exceed 25 percent of the average daily volume from the five preceding trading days when trading occurred in that security, or alternatively, five percent of the outstanding balance of that negotiable security. For public fixed-income securities, daily nominal trading volume cannot exceed five percent of the outstanding balance of the respective security. These volume and limit requirements do not apply to negotiable securities held in portfolio and acquired before the new regulation's entry into force, though other existing conditions for transactions in those securities remain in effect. The amendments take effect under RG N° 1154.