23 Jun 25 Automatic Authorization Regime for Public Offering of Shares

By Agustín Cerolini, Martín Chindamo and Tomás Mingrone

By means of Resolution No. 1,072 (hereinafter, the «Resolution«), the Argentine Securities Commission (hereinafter, the «CNV«, by its acronym in Spanish) approves the regulation of the public offering regime with automatic authorization for shares with low and medium impact.

This scheme, which had been subject to public consultation through General Resolution No. 1,065, is formalized with guidelines aimed at streamlining the issuance of shares.

In this sense, the present Resolution incorporates two special regimes applicable to the offering of shares that, due to their low or medium impact, may be partially or fully exempt from the obligations applicable to participants in the public offering regime, while still being considered as public offerings with automatic authorization from the CNV.

First, an automatic authorization regime for low-impact public offerings is established, allowing the issuance of shares up to an amount of 1,000,000 Units of Acquisition Value (hereinafter, the «UVAs«, by its acronym in Spanish), without the need to submit prospectuses and other documents, or obtain prior authorization from the CNV.

On the other hand, a medium-impact public offering automatic authorization regime is established, allowing the issuance of shares up to an amount of 7,000,000 UVAs, which will require an entry process into the regime with fewer requirements, complying with specific informational obligations to protect investors.

Finally, to calculate the maximum nominal amount provided for low and medium impact issuances, all share issuances carried out by the issuer under these regimes within a twelve-month period will be considered as part of the same offering.