Automatic Authorization for Crowdfunding Financings

Following the public consultation launched through General Resolution 1111, on April 1, 2026, the Argentine Securities Commission (CNV) issued General Resolution 1125, aimed at expanding and making more flexible the automatic public offering regimes by incorporating crowdfunding structures.

Particularly, the Resolution introduces new regulations to the automatic public offering of low- and medium-impact negotiable securities under crowdfunding schemes. Accordingly, it allows issuances to be channelled through multiple investors contributing small amounts of money to an issuer to finance a common project. Within this framework, non-qualified investors may participate in a project without limitation as to their number, although subject to investment caps per issuance (Purchasing Value Units (UVA) 3,000) and global caps (UVA 10000, considering the aggregate of issuances under this regime), both in absolute terms and in relation to their net worth. The amount invested may not exceed 5% of the investor’s net worth per issuance nor 10% of such person’s net worth considering the total amount invested under this regime.

This new alternative, which benefits from automatic authorization, promotes more efficient financing structures, by reducing timing and costs for accessing the capital markets and expanding the available investment alternatives, without undermining investor protection. For these purposes, the Resolution also increases the thresholds applicable to the medium-impact regime for shares and negotiable obligations from UVA 7,000,000 to UVA 15,000,000, and relaxes issuance and aggregation limits, facilitating access to financing.

The Resolution also incorporates relevant definitions, including that of “virtual assets,” which are now taken into account to evidence investors’ financial capacity. This updates the definition of “qualified investor,” thus allowing to consider holdings both in Argentina and abroad.

Through this amendment, the CNV seeks to promote the development of more agile and inclusive financing tools, facilitate access to the capital markets, and reduce regulatory costs, while maintaining investor protection.