Public Offering with Automatic Authorization Now Eased

The Argentine Securities Commission (CNV) issued General Resolution 1117 on March 4, 2026, introducing changes to the Public Offering Regimes with Automatic Authorization for Low- and Medium-Impact Negotiable Obligations (ONs).

Until now, issuances under these regimes were directed exclusively at qualified investors. This amendment introduces a significant exception: all types of investors—including retail investors, regardless of the number of participants—may participate in the primary placement and secondary trading when ONs are issued by issuers already authorized under the General Public Offering Regime for ONs or Shares and comply with the applicable disclosure regime.

The regulation maintains the automatic authorization scheme, designed to reduce issuance times and costs, but aligns its conditions with the disclosure standards of the general regime, recognizing that, in these cases, it is not necessary to restrict access solely to sophisticated investors.

With this Resolution, the CNV seeks to expand access for the investing public to instruments issued by fully regulated companies, thus promoting efficient financing without compromising standards of transparency and investor protection.

This insight is a brief commentary on legal developments in Argentina; it is not intended to be an exhaustive analysis or to provide legal advice.