Negotiable Securities and Exceptions for Issuers/Drawers

The Argentine Securities Commission (CNV) issued General Resolution 1107/2026 on February 12, 2026,  thus introducing targeted amendments to Title I, Chapter VI of Title VI, and Title XVIII of the CNV Rules (N.T. 2013, as amended) in relation to individually issued negotiable securities (VNEI). The Resolution was issued in the context of the adjustments following General Resolution 1090/2025 and, as stated in its recitals, seeks to adapt Section X, Chapter VI, Title VI, article 17 by incorporating into the regulatory text the criteria that had until now been adopted through interpretative guidance.

Exceptions to the restriction on agents acting as VNEI issuers or drawers

The main change is that the Resolution replaces Section X, Chapter VI, Title VI, article 17, which maintains as a general rule that agents may not be issuers or drawers of VNEI, but incorporates express exceptions. In particular, the restriction will not apply where the relevant parties are registered under certain agent categories—Direct Participant ALyC, Agro-Industrial Integrated ALyC, AN RUCA and ALyC entities that are banks authorized under the Financial Institutions Law—nor where MiPyME Electronic Credit Invoices (FCE MiPyMEs) or VNEI traded in the guaranteed segment are involved. In this way, the Resolution introduces into the regulatory text a more precise delimitation of the scenarios exempted from the general prohibition.

Definitions included in Title I

In addition, the Resolution introduces clarifications in Section II, Chapter II, Title I, article 2 (Defined Terms), including the definition of “FCE MiPyMEs” and the definition of “VNEI” or “Individually Issued Negotiable Securities.” In the latter case, the glossary now includes a list of covered instruments (including deferred payment checks, fixed-term deposit certificates, MiPyME electronic credit invoices, certificates of deposit and warrants, promissory notes, bills of exchange and mortgage notes), which helps systematize the use of these categories throughout the Rules. In particular, it includes—with respect to Mutual Funds (FCI) and financial trusts (FF)—entities holding a valid MiPyME Certificate, provided they are not subject to the restrictions in article 2 of Chapter VI of Title II of the Rules. In this way, the CNV clarifies the scope of the definition of “CNV SME” to expressly cover cases linked to collective investment products, without modifying the substantive requirements or limitations applicable to the relevant entities.

ACRyP systems adaptation for VNEI exchanges

The Resolution also introduces a new article 7 into Chapter XI of Title XVIII, which establishes a specific deadline for ACRyP to adapt their systems to implement the provisions of Chapter VI of Title VI, article 5 of the Rules, regarding VNEI exchanges. The rule sets April 6, 2026 as the deadline for this. This provision complements the operational implementation of the regime introduced that RG 1090 had introduced.