Argentina Securities Commission launches consultation to allow crowdfunding placements under the automatic public offering regime and create a super qualified investor segment

The Argentina Securities Commission (CNV) has opened a public consultation on a draft rule that would allow certain crowdfunding-style placements to be carried out within the automatic public offering regime for low- and medium-impact offerings, and would introduce a separate framework for “super qualified investors”. The proposal would enable smaller-scale issuances to be channelled through the capital markets using more agile mechanisms, without prior CNV intervention, while maintaining the technical and prudential parameters of the general automatic authorisation regime. Under the proposal, non-qualified investors could participate subject to objective investment limits and investor-profile-appropriate information safeguards. A retail investor would be capped at 3,000 UVAs per issuance and 10,000 UVAs across all issuances under the regime. The draft also defines “super qualified investors” as high-net-worth investors who can evidence holdings in negotiable securities, virtual assets and/or bank deposits exceeding 10,000,000 UVAs, and would remove certain quantitative restrictions for this segment while keeping CNV transparency and disclosure standards. CNV also notes that the proposal does not amend the existing Crowdfunding Platforms Regime, which is structured under Law No. 27,349. Market participants have 15 business days to submit comments and proposals via CNV’s website.