13 Nov 25 Simplification of the regime applicable to individually issued marketable securities

By Martín Chindamo and Tomás Mingrone

By means of Resolution No. 1,090 (hereinafter, the «Resolution«), the National Securities Commission (hereinafter, the «CNV«, by its acronym in Spanish) reorganizes the regulations applicable to certain individually issued marketable securities that are subject to public offering and eligible for trading on markets authorized by the CNV, repealing dispersed provisions and replacing them with a unified framework.

The Resolution introduces a single chapter governing the secondary trading of the following individually issued marketable securities: (i) deferred payment checks; (ii) deferred payment checks or other individually issued marketable securities guaranteed by warrants; (iii) time deposit certificates; (iv) electronic credit invoices issued to micro, small and medium-sized enterprises; (v) deposit certificates and warrants; (vi) exchange-traded promissory notes; (vii) bills of exchange; (viii) mortgage notes; and (ix) any other marketable security eligible for secondary trading on markets regulated by the CNV.

Unlike the previous regime, the Resolution consolidates in a single chapter the rules on trading, custody and payment at maturity applicable to the aforementioned marketable securities, with the aim of simplifying the regulatory framework, reducing financing costs and enhancing transparency for the investing public.

This Resolution will enter into force on February 2, 2026.