The Argentina Securities Commission has approved for public consultation four draft General Resolutions that would shift large parts of the capital markets authorization framework from prior approval to automatic public offering authorization based on information filings. The package covers issuers, fiduciary negotiable securities and common investment funds, and would remove both pre-issuance approval and ex post approval reviews without affecting CNV’s supervisory powers. Draft Resolution 1132 would create an Expanded Medium Impact automatic public offering regime for issuers, allowing access to higher issuance amounts without prior review while keeping the disclosure and transparency standards of the General Regime. Draft Resolution 1133 would introduce a similar Expanded Medium Impact regime for fiduciary negotiable securities. Draft Resolutions 1134 and 1135 would make the establishment and amendment of all open-ended common investment funds automatically authorized, and would create an automatic authorization regime for closed-ended funds, including real estate funds, when they are aimed at qualified investors or their issuance amount does not exceed a maximum limit. CNV invited market participants and the general public to submit comments and proposals through the participatory rulemaking process.

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