Argentina Securities Commission introduces automatic public offering authorization for closed-end credit mutual funds up to 7,000,000 UVAs

The Argentina Securities Commission (CNV) issued a rule establishing an automatic authorisation procedure for the public offering of units in closed-end mutual funds backed by credit portfolios, following the public consultation launched under a prior measure. The framework is intended to streamline approvals for these closed-end funds when constituted under CNV’s special regime. Automatic authorisation applies only to issuances placed exclusively with qualified investors and with a maximum nominal amount of 7,000,000 UVAs, or the equivalent in pesos or foreign currency. The management company must file the fund’s annual and quarterly financial statements, provide a quarterly report on principal and interest collections, and disclose any significant impairment or deviation in credit collections. The prospectus and fund management regulations must be submitted to CNV two business days before the start of the marketing period; while CNV will not review these documents, the automatic route does not relieve the fund’s governing bodies or primary placement participants from ongoing transparency obligations.