Argentina Securities Commission issues rules to simplify issuers’ switch between public offering regimes

The Argentina Securities Commission (CNV) issued General Resolution No. 1110 to facilitate issuers’ change of public offering regime, following the public consultation launched under General Resolution No. 1104. The measure introduces a specific process intended to make regime switches more orderly and less burdensome. The framework sets out a simplified application procedure and supports the use of regimes with differentiated requirements to reduce regulatory loads that may be excessive in certain cases, while maintaining CNV supervision. It also preserves procedural elements aimed at reinforcing transparency, ensuring timely access to relevant information, and providing specific protection mechanisms for investors. Once the change is effective, issuers must comply with the requirements of the new regime, and CNV will approve the switch by verifying formal and regulatory compliance, including a requirement to carry out a public tender offer (OPA) when the regime change involves an equity issuer, without opining on the economic appropriateness of the price offered.