24 Jul 25 Process simplification in the capital markets

By Martín Chindamo, Valentina Circolone and Tomás Mingrone

By means of Resolution No. 1,076 (hereinafter, the «Resolution«), the Argentine Securities Commission (hereinafter, the «CNV«, by its acronym in Spanish) introduces amendments aimed at streamlining offerings, simplifying procedures, and enhancing the competitiveness of the Argentine capital market.

The main highlights are:

1) Modifications to the Frequent Issuers Regime:

(i) The obligation to notify the intention to issue five business days in advance, as well as to report the withdrawal of an issuance, is eliminated for Frequent Issuers.

(ii) The issuance and/or reissuance of series or classes within the overall amount authorized under the Frequent Issuer Regime is now permitted, aligning it with the Global Programs scheme. This measure applies both to new issuers and to those already registered as Frequent Issuers.

2) Simplification of CEDEAR and CEVA procedures:

(i) The legal opinion is replaced by an affidavit from the issuer; and

(ii) The affidavit may alternatively be substituted by an external legal opinion from the issuer’s home country addressing the same matters.

3) Update of the minimum subscription amount: the minimum subscription amount is updated to a value that shall not exceed 7,500 UVAs or its equivalent in other currencies, unless the regime set forth in Communication “A” 3046, as amended and supplemented by the Argentine Central Bank is applicable, or the issue is aimed at qualified investors.

4) Reduction of dissemination periods: flexibility is introduced in the dissemination terms, reducing them to 1 business day for all class and/or series placements, except for refinancing or exchange cases, which is set at 2 business days. Likewise, it is clarified as from when the dissemination terms start to be computed in all public offer placements.