Argentina Securities Commission (CNV) approved General Resolution No. 1072, establishing a public offering regime with automatic authorisation for share issuances classified as low or medium impact, following the public consultation launched under General Resolution No. 1065. The framework introduces two simplified regimes intended to reduce costs and streamline access to the public offering system for issuers, while still treating qualifying transactions as public offerings authorised automatically by the CNV. Eligibility is based primarily on offer size. For the Low Impact automatic authorisation regime, offerings of up to 1,000,000 UVA may proceed without filing a prospectus or other documents and without prior CNV authorisation, provided the issuer submits a notification to the CNV using the prescribed template. For the Medium Impact regime, offerings of up to 7,000,000 UVA require an admission process with reduced requirements and must meet specific disclosure obligations designed to protect investors. The CNV also confirms that its supervisory powers and investor protection mandate remain in place, alongside mandatory issuer warnings.
Argentina Securities Commission (CNV) 2025-06-23
Argentina Securities Commission creates automatic authorisation regimes for low and medium impact share offerings capped at 1,000,000 and 7,000,000 UVA
The Argentina Securities Commission (CNV) approved General Resolution No. 1072, establishing a public offering regime with automatic authorisation for low or medium impact share issuances. The framework introduces simplified regimes to reduce costs and streamline access, based on offer size. Offerings up to 1,000,000 UVA require no prospectus, while offerings up to 7,000,000 UVA necessitate an admission process with reduced requirements and specific disclosure obligations.