Argentina Securities Commission clarifies primary placement reporting duties, including 48-business-hour deadline

The Argentina Securities Commission (CNV) has issued temporary guidance clarifying the disclosure obligations of trading agents, settlement and clearing agents, and markets involved in primary securities placements. Participating agents must submit through the Financial Information Highway, within 48 business hours after a placement closes, a list of successful bidders covering both proprietary and third-party portfolios. The requirement also applies to placement agents handling securities issued by Argentina’s national, provincial and municipal governments, the Autonomous City of Buenos Aires, autonomous entities and multilateral lenders of which Argentina is a member, even though those securities fall outside the Capital Markets Law’s public offering regime. Markets must provide the CNV with the complete order book for each placement and retain that information in their systems. The guidance will apply while the public consultation under General Resolution No. 1157 proceeds.