meta_id 3379190

On July 22, 2026, Argentina's National Securities Commission (Comisión Nacional de Valores, CNV) published two regulatory guidelines modernising the automatic public offering regime applicable to financial trusts (fideicomisos financieros) and closed-end investment funds (fondos comunes de inversión cerrados, FCIC). Regulatory Guideline No. 1159 (RG No. 1159) simplifies the framework for financial trusts by eliminating the separate automatic public offering regimes for low-impact and medium-impact offerings, consolidating them into a single mandatory automatic regime for qualifying issuances. Regulatory Guideline No. 1160 (RG No. 1160) establishes uniform terminology across market instruments, renaming the automatic authorisation regime for FCIC as the "Automatic Public Offering Regime for Closed-End Investment Fund Quotas with Expanded Medium-Impact Automatic Authorisation." These modifications aim to streamline capital market access, reduce processing times for issuances, and optimise supervisory resources while maintaining the CNV's regulatory, supervisory, and control authority and investor protection standards. The guidelines reinforce participant responsibility for the quality and accuracy of information disclosed to investors. Repeated modifications arising from inconsistencies, inaccuracies, or errors attributable to market participants—excluding market circumstances—may trigger disciplinary measures. Roberto E. Silva, CNV chief executive, said the measures continue the commission's paradigm shift toward a more agile capital market with simplified and efficient processes, eliminating unnecessary bureaucracy without compromising supervision and investor protection standards. The automatic authorisation regimes have accelerated market access and reduced administrative burden since their implementation. Both regulatory guidelines are effective immediately upon publication.