The Argentina Securities Commission (CNV) issued General Resolution No. 1107 amending the issuance and trading regime for Individually Issued Negotiable Securities (Valores Negociables de Emisión Individual, VNEI) to clarify the operational framework for these instruments. The changes add new exceptions to the existing rule that agents cannot act as issuers or drawers of VNEI except in expressly permitted cases. The new exemptions cover agents registered as ALyC Participante Directo, ALyC Integral – Agroindustrial, AN RUCA, and ALyC that qualify as financial institutions under the Financial Institutions Law, and also apply where the instrument is an MiPyME Electronic Credit Invoice (Factura de Crédito Electrónica MiPyME) or where VNEI are traded in the guaranteed segment. Placement, Registration and Payment Agents (ACRyP) must adapt their systems to implement the regime by 6 April 2026.
Argentina Securities Commission (CNV) 2026-02-12
Argentina Securities Commission broadens exceptions for agents to issue individually issued negotiable securities and sets 6 April 2026 system deadline
The Argentina Securities Commission (CNV) issued General Resolution No. 1107, amending the issuance and trading regime for Individually Issued Negotiable Securities (VNEI) to clarify the operational framework. The resolution introduces exceptions allowing certain agents to act as issuers or drawers of VNEI, including those registered as ALyC Participante Directo, ALyC Integral – Agroindustrial, AN RUCA, financial institutions, and for MiPyME Electronic Credit Invoices and VNEI traded in the guaranteed segment.