Argentina Securities Commission expands automatic authorisation regime for low and medium impact negotiable obligations to allow retail investor participation

The Argentina Securities Commission (CNV) has approved General Resolution No. 1117 amending the public offering regime with automatic authorisation for low and medium impact “Obligaciones Negociables”, with the stated aim of enabling retail investors to participate. Under the changes, retail investors may participate, without a limit on their number, in both the primary placement and secondary trading of issuances covered by the low or medium impact automatic authorisation regimes when the issuers are already authorised to conduct public offerings of negotiable obligations or shares under the general regime and comply with the relevant disclosure requirements. CNV framed the change on the basis that these issuers are subject to periodic and ongoing disclosure obligations and full transparency and supervisory standards, supporting access to sufficient information for investors.