Argentina’s Securities Commission (CNV) has issued a comprehensive reform of Title III of its rules governing withdrawal from the public offering regime, cancellations, public acquisition and/or exchange offers, and irrevocable contributions and debt capitalisation, as part of its broader deregulation and administrative simplification programme. For withdrawals and cancellations, the amended framework clarifies which corporate bodies are competent to decide on withdrawal, introduces new cases of automatic cancellation, and simplifies formal and disclosure requirements, including more flexible accounting report requirements and alternative ways to evidence the absence of negotiable securities in circulation. For public acquisition and/or exchange offers, the reform adds clarifications on the offeror’s responsibilities, processing procedures and time-limit calculations, fair price determination and the guarantees regime, and introduces provisions for financed transactions and for exchange or conversion structures, including objective valuation mechanisms that cover virtual assets. It also strengthens disclosure and transparency requirements, notably around the affected company’s management body recommendation and minority shareholder protection. For irrevocable contributions and debt capitalisation, the updated regime expands the ways contributions can be made, sets clearer valuation criteria, recognises new asset types and reinforces market disclosure through appropriate presentation in financial statements.

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