Private Offering Regime: Updates

On October 24, 2025, the Argentine Securities Commission (CNV) issued the General Resolution 1088/2025, adjusting the CNV Rules regarding the private offering of securities.  After one year of implementing the regime under General Resolution 1016/2024, the CNV considers it necessary to refine wording and, above all, to increase caps for promotional meetings, invitations for each issuance, and investors per issuance.

 

Promotional meetings

Promotional meetings—in person or virtual—may be held with up to 50 potential investors simultaneously, respecting the per-category caps set forth in the CNV Rules. Authorized agents are not in that limit and may participate without restriction. This facilitates intermediation and advisory functions without expanding the effective scope of the invitation.

 

Per-issuance invitations

For each issuance, invitations to carry out transactions may be addressed:

 

1. Unlimited to:

(i) Financial entities included in the Financial Entities Law 21526,

(ii) Non-financial credit providers,

(iii) Qualified agents,

(iv) Mutual guarantee companies (SGRs),

(v) Insurance companies authorized to operate as such by the Argentine Superintendence of Insurance (SSN).

 

2.  To a maximum of 50 other potential qualified investors.

 

3. To a maximum of 30 potential non-qualified Investors.
 

This threshold delineates the universe of contacts and helps sustain the private nature of the offering, avoiding mass or indeterminate dissemination practices.

 

Per-issuance investors

Transactions in securities per issuance may be completed with up 35 investors. Within that total, no more than 15 may be non-qualified investors. For counting purposes, any investor who is already a shareholder of the same issuer at the time of acquiring the equity securities offered is excluded.