The Argentina Securities Commission (CNV) hosted an internal session on international placements of negotiable obligations (Obligaciones Negociables, ONs), led by CNV President Roberto E. Silva alongside US capital markets lawyer Antonia Stolper of A&O Shearman. The session focused on sharing practical experience and highlighting key issues for CNV teams when analysing debt issuances intended for placement abroad. More than 40 CNV professionals attended, mainly from the Issuers Department, alongside CNV Vice President Patricia Boedo and senior staff including Issuers Manager Mónica Brizuela. The discussion covered US regulatory requirements and private-sector roles in the US market and how these differ from Argentina, including mixed-law clauses (depeçage), offering rules for placing securities in the United States depending on issuance type and target investors, issuance authorisation and the role of the US Securities and Exchange Commission, applicable law for ONs issued abroad, the international placement process, and trust indenture and paying agent arrangements.
Argentina Securities Commission (CNV) 2025-03-17
Argentina Securities Commission holds staff training on international placements of negotiable obligations with A&O Shearman expert Antonia Stolper
The Argentina Securities Commission (CNV) held an internal session on international placements of negotiable obligations, led by CNV President Roberto E. Silva and US capital markets lawyer Antonia Stolper. The session addressed US regulatory requirements, private-sector roles, and differences from Argentina, focusing on mixed-law clauses, offering rules, issuance authorization, and the role of the US Securities and Exchange Commission. Over 40 CNV professionals attended, discussing the international placement process and trust indenture arrangements.