Argentina Securities Commission expands tokenization regime to all automatic authorization offerings and extends sandbox to end-2027

The Argentina Securities Commission has adopted General Resolution No. 1150 as the final rule expanding its tokenization regime for negotiable securities, following a public consultation launched under General Resolution No. 1137. The main change is that digital representation is now permitted for securities issued under any Automatic Authorization Regime, including low-impact offerings and the new medium-impact automatic public offering regime, rather than only a narrower set of issuance regimes. The previous tokenization framework covered certain instruments such as shares, corporate bonds, CEDEARs, debt securities and financial trust participation certificates when issued under the medium-impact automatic public offering regime, the frequent issuer regime and frequent financial trust issuance regimes, as well as units in closed-end credit mutual funds. Under the expanded regime, units of all closed-end mutual funds that can issue with automatic public offering authorization may be digitally represented, not only credit funds. The rule also adds units of ETF open-end mutual funds and CEVA ETPs, while clarifying that other open-end mutual funds remain outside the tokenization regime. In addition, the regulatory sandbox under the tokenization rules has been extended until Dec. 31, 2027.