Argentina Securities Commission expands private offering safe harbour by raising investor and purchaser caps

The Argentina Securities Commission (CNV) approved a new measure expanding the rules governing private offerings of negotiable securities under Article 82 of Capital Markets Law No. 26,831, aiming to improve accessibility and precision in how offers are classified. The changes increase the maximum number of potential investors that may be approached from 35 to 50 and raise the maximum number of purchasers from 15 to 30. CNV framed the update as a refinement of its September 2024 framework that introduced a “safe harbour” approach for private offerings, under which meeting specified conditions provides certainty that an offer is not an unlawful public offering, while offers outside the safe harbour are assessed case by case for possible private or extraterritorial treatment.