Argentina Securities Commission makes annual prospectus updates optional and ends annual Frequent Issuer ratification

The Argentina Securities Commission approved General Resolution No. 1073, changing how issuers update prospectuses and operate under Global Programmes, and removing the annual ratification requirement to keep Frequent Issuer status. Under the new approach, updating a prospectus after approval of annual financial statements for a new fiscal year becomes optional. Where an issuer chooses to update the prospectus, it must include a report from an independent public accountant opining on the information contained in that document. Information that was previously updated in prospectuses must now be incorporated into the prospectus supplements prepared for each issuance under a Global Programme. For the Frequent Issuer regime, status will be maintained as long as the issuer remains compliant, while the CNV retains the power to request additional information in exceptional circumstances or to revoke the status for non-compliance. The same framework is extended to Global Programmes for issuances of negotiable obligations (Obligaciones Negociables) under the CNV SME Regime and CNV SME GUARANTEED Regime, including optional annual prospectus updates and the use of prospectus supplements on terms aligned with the General Regime.