23 Abr 25 CNV establishes new streamlined authorization regimes for financial trusts

By Agustín L. Cerolini, Martín Chindamo and Tomás Mingrone

By means of Resolution No. 1,063 (hereinafter, the «Resolution«), the Argentine Securities Commission (hereinafter, the «CNV«, by its acronym in Spanish) has established two new special regimes for the automatic public offering authorization of financial trusts.

This framework —which follows the public consultation process initiated by Resolution No. 1,056— is enacted with the aim of further simplifying regulatory procedures and promoting the development of the capital markets.

The Resolution introduces a graduated system, which grants increased independence to financial trusts as they accumulate a greater number of issuances in the capital markets:

• Abbreviated procedure regime: available to issuers that have carried out at least four total issuances, with at least two of them within the past year. In such cases, issuers may apply for automatic public offering authorization through an abbreviated procedure.
• Automatic authorization regime: applicable to issuers that have completed seven total issuances, with at least three in the past year. Under this regime, prior CNV approval is no longer required in order to access the public offering regime.

Additionally, and in order to ensure investor and public protection, the Resolution requires that trustees opting for these special regimes comply with the general and periodic reporting regime, as well as with all transparency obligations applicable to financial trusts.