Argentina Securities Commission updates rules for distributing preliminary prospectuses and other early offering documents

The Argentina Securities Commission (CNV) approved General Resolution No. 1129 updating the framework for disseminating information linked to public offerings through prospectuses, prospectus supplements and other preliminary offering documents. The changes are intended to clarify and simplify the use of preliminary documents, particularly for offering processes subject to automatic authorisation and other regimes that do not require prior CNV approval. The resolution clarifies that preliminary documents may be distributed both in regimes requiring prior CNV authorisation and in those that do not, including automatic regimes, issuances of classes or series under global programmes, and the Frequent Issuer Regime, and it adjusts the required legends to fit each regime. It also introduces an express obligation to notify and submit preliminary documents via the TAD platform, with timing that varies depending on the applicable regime, reinforces responsibility for the accuracy of disclosed information across the issuer, its management body and relevant oversight and audit functions, and requires issuers to explain changes between preliminary and final versions, including identifying any material facts incorporated after preliminary distribution. Preliminary information may remain valid for a maximum of 20 business days if no placement occurs within that period.