More Financial Instruments for Repurchase Operation Regime

The Argentine Securities Commission (CNV) issued General Resolution 1079 on August 13, 2025, amending its rules on repurchase agreements to encourage their use, expand financing alternatives for SMEs, and promote liquidity in the capital market.

To begin with, the Resolution states that repurchase agreements consist of an immediate and simultaneous sale and purchase of a negotiable security, followed by the repurchase or resale at a fixed term—no less than seven days—for the same amount of the same negotiable security and at a higher price. It also allows buyers to cancel it early, at a fixed term.

A key aspect of the regulation is that it expands the range of instruments covered: in addition to fixed-income and equity securities, it now also includes:
 

• deferred payment checks,
• bills of exchange,
• promissory notes,
• certificates of deposit and warrants,
• fixed-term certificates of deposit,
• electronic SMEs credit invoices,
• other negotiable securities that can be traded on CNV-authorized markets.

These transactions must be carried out in the bilateral trading segments established in the regulations.

The new regime seeks to reduce the cost of financing for SMEs and promote the use of instruments that are already a significant portion of productive financing, such as deferred payment checks, promissory notes, and electronic credit invoices.