Dissemination of Preliminary Prospectuses and Supplements

The Argentine Securities Commission (CNV) issued General Resolution 1129 on April 15, 2026, reaffirming the possibility of distributing preliminary documents—both under regimes subject to prior CNV authorization and under automatic authorization regimes, issuances of classes or series under global programs, and under the Frequent Issuer Regime—and introducing clarifications to the rules governing the dissemination of information prior to such authorizations.

In particular, the Resolution defines the concept of “Preliminary Offering Document” and regulates its use, allowing its distribution prior to authorization if it includes a mandatory legend highlighting its preliminary nature, adapting its content depending on the applicable regime.

The Resolution expressly establishes the obligation to notify and submit preliminary documents through the Remote Procedures Platform (TAD), as well as the different timing requirements depending on the relevant regime. Likewise, the rule reinforces the issuer’s responsibility for the information disclosed in such documents, and the obligation to subsequently report any amendments made between the preliminary and final versions.

The Resolution also establishes a maximum of 20 business days for the validity of preliminary information if no placement is carried out within such period.

Lastly, it regulates preliminary investor meetings, limiting them to the information included in the preliminary documents and clarifying that they may not involve mechanisms for early placement.

Through this amendment, the CNV seeks to provide greater clarity and consistency regarding the use of preliminary documentation in public offerings, improving the quality of information without altering investor protection standards.