Argentina Securities Commission approves streamlined periodic disclosure regime and relaxes accounting reporting for automatic public offering issuers

The Argentina Securities Commission (CNV) issued General Resolution No. 1115 approving a new Periodic Information Regime within the CNV Rules, as part of its broader deregulation and regulatory simplification agenda. The changes simplify ongoing issuer disclosures, remove duplicative requirements, and recalibrate reporting obligations to the impact profile of an issuance and the size of the issuer. Key adjustments include reducing the maximum historical series required in the issuer “Informative Review” to three periods, removing the provision on guarantees and endorsements that duplicated disclosure obligations for financial entities, harmonising regulatory terminology, and clarifying whether certain deadlines run in business days or calendar days. The CNV also clarified filing timelines for financial statements for certain issuers, taking account of the newer automatic public offering authorisation regimes, and introduced an optional pathway for qualifying SMEs (PyMEs) in the General Regime that hold a PyME Certificate to file financial statements based on Argentine professional accounting standards. For issuers accessing the automatic authorisation regimes, the accounting reporting package is reduced: medium-impact automatic issuers (whether or not they are PyMEs) issuing shares or notes exclusively under that route must submit only annual financial statements as specified in the relevant CNV provision, while low-impact automatic issuers issuing exclusively under that route are exempted from the accounting information requirements referenced there, including annual and interim reporting. Where multiple regimes apply, the most demanding disclosure regime prevails, and the CNV set a criterion to govern any future automatic regimes with similar characteristics. Separately, the scope and timing of the Corporate Governance Code filing obligation was refined, expressly exempting issuers that issue exclusively under the low- and medium-impact automatic public offering regimes and making the obligation apply once an issuer is within the public offering regime rather than as a pre-entry condition, while keeping the obligation for General Regime equity and debt issuers.