The Argentina Securities Commission (CNV) issued General Resolution No. 1100, comprehensively amending its rules on the primary placement of negotiable securities and on markets and clearing houses. The changes are intended to increase operational flexibility and predictability in primary offering processes while strengthening the flow of information available to the market and the supervisor. Key amendments include longer deadlines for submitting placement contracts, purchase agreements and equivalent instruments used in the market, alongside greater flexibility on translations and legalisations, without prejudice to CNV’s supervisory powers. The rulebook also уточifies bookbuilding processes, expressly covering scenarios involving waivers of pre-emptive rights or rights to subscribe for any unsubscribed balance, with the aim of simplifying formal steps while preserving process transparency. In addition, periodic disclosure obligations for Central Depositary Agents of Negotiable Securities are reinforced through expanded and more systematised reporting requirements to improve the availability and quality of relevant information.
Argentina Securities Commission (CNV) 2025-12-30
Argentina Securities Commission overhauls primary offering and market infrastructure rules to extend documentation deadlines and expand depository reporting
The Argentina Securities Commission (CNV) issued General Resolution No. 1100, amending rules on the primary placement of negotiable securities, markets, and clearing houses to enhance flexibility and predictability. Key changes include extended deadlines for placement contracts, increased flexibility on translations and legalisations, and reinforced disclosure obligations for Central Depositary Agents. The amendments clarify bookbuilding processes to simplify steps and maintain transparency.