Flexibility for Updating Prospectuses and Global Programs

On July 3, 2025, the Argentine Securities Commission (CNV) issued General Resolution 1073, which allows issuers of notes to choose not to update their prospectus annually, if they maintain their updated financial and accounting information published on the CNV's Financial Information Reporting System (AIF). This must be accompanied by a detailed presentation of supplements for each issuance. If an issuer opts to update its prospectus, an audit report with a professional opinion must be submitted. 

Each new issuance must be accompanied by a prospectus supplement that includes:

  •  terms and conditions of the issuance,
  •  price and updated financial information,
  •  applicable regulations,
  •  updated risk factors,
  •  facts or data that differ from the most recent prospectus approved by the CNV.

The supplement must include a sworn statement from the issuer regarding the accuracy, completeness, and timeliness of the information provided, assuming the corresponding legal responsibility.

The procedure for registering as a Frequent Issuer (EF) has also been modified, eliminating the requirement for annual renewal of the prospectus and allowing issuers to retain this status as long as they comply with the periodic filing of information and the required supplements.

General Resolution 1073 is part of the deregulation and simplification effort promoted by the current legal framework, aimed at enhancing the operational efficiency of the capital market without compromising transparency and/or investor protection.