pc
nid 94271
Jul 28, 2026
rghosh@vixio.com
Argentina
Ministry of Justice and Human Rights
financial services
102% of draft length
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1779 charsArgentina's Ministry of Justice and Human Rights Clarifies Reporting Obligations for Primary Securities Offerings
On July 22, 2026, Argentina's National Securities Commission (Comisión Nacional de Valores — CNV), operating under the Ministry of Justice and Human Rights, issued Interpretive Criterion No. 102 clarifying reporting obligations applicable to securities brokers (Agentes de Negociación — AN), brokerage firms (Agentes de Bolsa y Casas de Bolsa — ALyC), and markets during primary securities offerings.
The CNV clarified that AN and ALyC participants in primary offerings—whether acting as placement agents, submitting expressions of interest through other agents, or directly in market systems—must report to the CNV through the Financial Information Superhighway (Autopista de la Información Financiera — AIF) within 48 business hours following completion of the offering. This report must include a list of awarded bidders, encompassing both proprietary and third-party portfolios. The CNV extended these obligations to placement agents participating in primary offerings of securities issued by the Argentine national government, provincial governments, the Autonomous City of Buenos Aires, municipalities, autonomous entities, and multilateral credit organisations of which Argentina is a member. Although such securities fall outside the public offering regime established by the Capital Markets Law, participating agents must comply with the same transparency and integrity standards applicable to the broader market.
Additionally, the CNV reaffirmed that markets must submit complete order book information for each offering to the CNV and maintain this information in their systems to enable proper supervisory oversight.
This measure is temporary and issued to provide guidance while the public consultation process established by General Resolution No. 1157 proceeds.
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1812 charsArgentina's National Securities Commission Clarifies Reporting Obligations for Primary Securities Offerings
On July 27, 2026, Argentina's National Securities Commission (CNV) issued Interpretive Criterion No. 102, clarifying and unifying the scope of reporting obligations applicable to Negotiating Agents (ANs), Clearing and Settlement Agents (ALyCs), and markets participating in primary placements of negotiable securities. The measure is transitional in nature and takes effect while a public consultation process under General Resolution No. 1157 is underway.
Key provisions include:
Reporting obligation on adjudicated offerors: Negotiating Agents and Clearing and Settlement Agents participating in a primary placement, whether as placing agents, through the submission of expressions of interest via other agents, or directly through the electronic systems of the markets, must report to the CNV, via the Financial Information Highway (AIF), the list of adjudicated offerors, both from proprietary portfolios and on behalf of third parties, within 48 business hours of the close of the placement.
Extension to public sector securities: The reporting obligations apply equally to Placing Agents participating in primary placements of securities issued by the national government, provinces, the Autonomous City of Buenos Aires, municipalities, autarchic entities, and multilateral credit organizations of which Argentina is a member. Although such securities fall outside the public offering regime under the Capital Markets Law, the CNV confirms that participating agents must meet the same transparency and integrity standards applicable to the broader market.
Order book obligations of markets: Markets are required to remit to the CNV the complete order book information for each placement and to maintain that information available in their electronic systems to support the CNV's supervisory functions.