Argentina Securities Commission consults on replacing prior approval with automatic authorization for Global Programs and bond issuances

The Argentina Securities Commission has opened a public consultation on proposed changes to the regime for Global Programs, Frequent Issuers and standalone negotiable obligations, including under the CNV SME framework. The draft would move several filings from prior CNV approval to automatic authorization upon submission, including certain program amendments, prospectus updates and debt issuances. Extensions of Global Programs, increases in program size and changes to terms and conditions would be automatically authorized once filed through the TAD platform and disclosed on the Financial Information Highway (AIF). Issuers using the prospectus update option would no longer need prior approval, but would remain subject to publication obligations and full responsibility for the sufficiency and accuracy of disclosed information. The same approach would apply to standalone negotiable obligations, the Frequent Issuer regime and CNV SME Global Programs, with prior approval for issuing classes or series under SME programs removed. The proposal would also set a 30 day minimum term for series or classes issued under Global Programs, adjust delegated powers within the Issuers Management and sub-management units, and automatically authorize applications started before the final rule takes effect without further filing.