Argentina’s Securities Commission (CNV) issued new rules to create an automatic authorisation pathway for public offerings of securities issued through financial trusts, aiming to speed up issuance by allowing reduced documentation and, in some cases, no prior CNV approval. The framework introduces two tiers based on “low” or “medium” impact, which can be partially or fully exempt from requirements under the general public offering regime, subject to maximum offer size conditions. Low-impact offerings are capped at 1,000,000 UVAs and do not require a prospectus or other documents (other than the trust agreement), nor prior CNV authorisation. Medium-impact offerings are capped at 7,000,000 UVAs and require a prospectus and its publication on the Autopista de Información Financiera. In both tiers, trust agreements must be published, primary placements and secondary trading are limited to qualified investors, and fiduciaries must meet transparency duties, keep documentation supporting placement efforts to access tax benefits, and comply with a simplified CNV reporting regime. CNV confirmed that use of the simplified regimes does not remove obligations tied to public offerings and that its supervisory and investor protection powers under Law No. 26,831 remain in force. The final text reflects non-binding feedback received during the prior public consultation and includes technical modifications to the draft.

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