Argentina Securities Commission (CNV) issued a final rule establishing an automatic authorisation public offering framework for offerings categorised as low or medium impact, and for the auction of marketable securities, following completion of a public consultation. The framework creates two special regimes for offerings of marketable securities under global programmes and/or via issuance of individual series or classes, allowing partial or total exemptions from standard public offering obligations where the issuance is deemed low or medium impact. Initially, eligibility is limited to Negotiable Obligations (ONs) issued under Law No. 23.576, including short-term instruments issued as ONs, excluding those convertible into shares. Low impact issuances are capped at 1,000,000 UVAs and can proceed without filing a prospectus or other documents and without prior CNV authorisation, subject to notification using a prescribed template. Medium impact issuances are capped at 7,000,000 UVAs and require an admission process to the regime with reduced requirements and specific ongoing disclosure obligations. Both regimes limit primary placement and secondary trading to qualified investors. Issuers must comply with transparency obligations, disclose placement information with required warnings, and keep documentation supporting placement efforts to access tax benefits; post-issuance reporting is simplified and issuers of SME Guaranteed ONs are exempt from corporate governance review. CNV also confirmed that its supervisory powers and investor protection requirements remain in place.

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