Updates on Frequent Issuers, Offerings, and CEDEARs

On July 23, 2025, the Argentine Securities Commission (CNV) issued General Resolution 1076, introducing several amendments to its Rules (Consolidated Text 2013, as amended) aimed at simplifying procedures, expediting offerings, improving access to financing, and fostering competitiveness in the capital markets.

The Resolution eliminates the requirement for frequent issuers to provide five business days' prior notice of their intention to issue securities and removes the obligation to report the cancellation of non-executed issuances, thereby reducing administrative burdens with limited supervisory benefit.

In addition, issuers are now authorized to issue and reissue classes or series within the maximum authorized amount under the simplified regime for frequent issuers, aligning this flexibility with that of global programs. This new provision will also apply to issuers already registered as frequent issuers, and they will not need to re-register, if such authority is expressly stated in the corresponding prospectus

Regarding the requirements applicable to Argentine Deposit Certificates (CEDEARs) and Securities Certificates (CEVAs), the procedures are simplified by replacing the obligation to submit legal opinions with sworn statements from the issuer, while allowing such sworn statements to be replaced with external legal opinions from the issuer’s home jurisdiction. Additionally, the duplication of financial statement filings is reduced where such information is publicly available on the website of the issuer of the underlying securities

Another key provision shortens the publication period for primary offerings of securities to 1 business day in most cases, and to 2 business days only for exchange or refinancing offerings. Furthermore, is the Resolution clarifies when the dissemination period begins to be counted for all public offerings, and establishes that, provided the documentation has been uploaded before 10:00 AM on that day, such day will be included in the dissemination period. Otherwise, the dissemination period will start at 12:00 AM on the following day after the date on which the aforementioned documents are published.

Lastly the regulation also updates the minimum subscription amount—set at 7500 UVAs—and clarifies the minimum disclosure requirements for primary offerings.