The Argentina Securities Commission approved General Resolutions 1146 and 1149, after public consultation, to replace prior CNV approval with automatic authorization for a range of capital markets issuance changes. The new regime applies to extensions of Global Programs, increases in program amounts and amendments to terms and conditions, and extends to standalone bond issues, the Frequent Issuer regime, CNV SME Global Programs and financial trust Global Programs. Issuers will be responsible for the information they disclose. Authorization will be obtained through filing on the TAD platform and publication on the Financial Information Highway. For CNV SME Global Programs, prior approval is also removed for the issuance of classes or series and program extensions become automatic. For financial trusts, automatic authorization now covers program extensions, amendments to terms and conditions, increases in amount and updates to annual supplements for frequent issues. The rules also refine the disclosure regime for prospectuses, prospectus supplements and preliminary documents used in public offerings under automatic authorization. General Resolution 1149 also removes the need to process increases in Global Program amounts when new series are issued solely to exchange existing series or classes and the program remains within its authorized maximum. It further requires an explicit risk factor warning when placement agents do not have legal advisers independent from the issuer, stating that fact and recommending investors seek their own legal advice. Proceedings initiated before the new regime enters into force will be automatically authorized without any additional filing.

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