The Argentina Securities Commission (CNV) issued General Resolution No. 1079 enabling term “pase” (repo-style) transactions to be carried out on individually issued negotiable securities that are eligible for trading on authorised markets. The change extends the range of instruments that can be used in these transactions, with the stated aim of improving liquidity and supporting small and medium-sized enterprise (SME) funding. The eligible instruments include, among others, post-dated checks, exchange-traded promissory notes, and MiPyME electronic credit invoices. Amendments to the existing rules allow these pase transactions to be executed not only on market segments generally, but also in the markets’ bilateral trading segments, expanding how participants can structure funding and investment using these SME-linked instruments.
Argentina Securities Commission (CNV) 2025-08-13
Argentina Securities Commission authorises term repo transactions on individually issued negotiable securities including post-dated checks and SME e-invoices
The Argentina Securities Commission (CNV) issued General Resolution No. 1079, allowing term "pase" transactions on individually issued negotiable securities eligible for trading on authorized markets. This change aims to enhance liquidity and support SME funding by expanding the range of instruments, including post-dated checks and MiPyME electronic credit invoices. Amendments also permit pase transactions in bilateral trading segments, broadening funding and investment options.