The Argentina Securities Commission approved four final resolutions after public consultation that expand automatic authorization for public offerings across issuers, investment funds and financial trusts, shifting a large part of market access away from prior review and toward filing-based access. The package introduces a new automatic public offering regime for expanded medium impact, allowing issuers to access higher amounts without going through prior review while maintaining the disclosure and transparency standards that apply under the general regime. Within that framework, small and medium-sized enterprises using the new regime will not be required to have a supervisory committee or prepare financial statements under International Financial Reporting Standards. Financial entities may also use the regime if all issued securities are offered in the primary placement and traded in the secondary market exclusively among qualified investors, and the rules clarify the treatment of issuances represented entirely in digital form. For open-ended investment funds, all formation and amendment filings will be automatically authorized. For closed-ended funds, including real estate funds, a new automatic authorization regime applies to vehicles aimed at qualified investors or with issuance amounts below a maximum cap. The measures also improve existing automatic public offering regimes for financial trusts. CNV said the automatic authorization model does not reduce its supervision, inspection and control powers, but instead relies on participant responsibility, disclosure transparency and ex post supervision.

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