
15 Ene 25 Regime for the Public Offering of Financial Trusts with Automatic Authorization
By Agustín L. Cerolini, Martín Chindamo, Valentina Circolone and Tomás Mingrone
By means of General Resolution No. 1,051 (hereinafter, the ‘Resolution’), the Argentine Exchange Commission (hereinafter, the ‘CNV’) approves the “Public Offering Regime for Financial Trusts with Automatic Authorisation” for cases of low and medium impact.
This framework, which had been subject to public consultation through General Resolution No. 1,031, is formalized with guidelines aimed at streamlining the issuance of trust securities.
In this regard, the Resolution introduces two special regimes applicable to financial trusts which, due to their low or medium impact, may be exempted wholly or partially from the obligations applicable under the general regime.
Firstly, it establishes an automatic public offering authorization regime for low-impact cases, allowing the issuance of trust securities up to a limit of 1,000,000 units of purchasing value (hereinafter, ‘UVAs’) -or their equivalent in pesos or foreign currency-, without the requirement to submit prospectuses and other documents, or to have prior authorisation from the CNV.
Secondly, it establishes an automatic public offering authorization regime for medium-impact cases, allowing the issuance of trust securities up to a limit of 7,000,000 UVAs—or their equivalent in pesos or foreign currency—without prior approval from the CNV. However, under this regime it is necessary to publish a prospectus in the CNV’s web, submission of annual financial statements, and publication of control and review reports, among other documentation.
It is important to note that under both regimes, trust agreements must be published to comply with the requirements of the National Civil and Commercial Code and primary placement and secondary trading shall be exclusively directed to qualified investors.
Furthermore, to calculate the maximum nominal amount allowed for low- and medium-impact issuances, all placements of negotiable securities made by the issuer under these regimes within a twelve-month period will be considered part of the same offering.