Argentina Securities Commission deregulates Regional Representative Entities regime and authorises registered exchanges to record future property sale contracts

The Argentina Securities Commission (CNV) issued General Resolution No. 1109 deregulating the Regional Representative Entities (Entidades Representativas Regionales, ERR) regime, removing ERR from the set of entities regulated by the CNV. The measure also enables stock exchanges previously registered as ERR to be authorised to carry out the recording of purchase-sale agreements and certain other contracts linked to future real estate units. General Resolution No. 1109 authorises those exchanges to record purchase-sale agreements and other contracts over units that are built or projected under the condominium (horizontal property) regime or other land subdivision regimes, where the underlying property is “future” and possession cannot be exercised due to insufficient construction progress. Although ERR will no longer be regulated by the CNV, the CNV retains the power to authorise them to perform this activity. The CNV framed the change as an expansion of the entities permitted to perform this activity, alongside Agents of Custody, Registration and Payment (ACRYP), clearing houses, markets, the Central Securities Depository Agent for Negotiable Securities (ADCVN), and financial institutions authorised under Financial Entities Law No. 21.526, in line with General Resolution No. 1043 implementing Article 10 of Emergency Decree No. 1017/24 on measures to support a mortgage credit market.