CNV Updates Primary Placement Regime

On December 30, 2025, the Argentine Securities Commission (CNV) issued General Resolution 1100/2025, which completely replaces the chapter of the CNV Rules governing primary placement. The objective is to reduce administrative burdens, align local practices with international standards, and improve the traceability of primary placement processes.

The main amendments include:

1. Extending the deadlines for submitting placement agreements, purchase agreements, or other equivalent instruments used in the markets, while also allowing greater flexibility regarding translations and legalizations, notwithstanding the CNV’s supervisory powers.
2. Incorporating clarifications applicable to book‑building processes, expressly addressing scenarios in which pre-emptive or accretion rights are waived, thereby simplifying certain formal steps without affecting the transparency of the process.
3. Strengthening the periodic reporting obligations of central securities depositories by expanding and systematizing the required reports to enhance the quality and availability of information relevant to the market and to the supervisory authority.