Automation for Frequent Financial Trusts

On March 12, 2025, the Argentine Securities Commission (CNV) issued General Resolution 1056, submitting the creation of two new regimes for financial trusts issued under a global program with certain periodicity to the Participative Rule-Making procedure.

The purpose of the two regimes—the public offering regime with abbreviated procedure and the public offering regime with automatic authorization of frequent issuances—is to streamline the authorization of public offerings of financial trusts that have a certain trajectory and are issued frequently.

Requirements for Accessing the Regimes

To apply for the regimes, applicants must:

1. Have issued a certain amount of financial trusts series—at least five in the case of the abbreviated procedure and eight for the automatic authorization one—with a minimum of series issued in the last 12 months—two in the case of the abbreviated procedure and three for the automatic authorization one—that have the CNV’s public offering authorization.
2. Keep substantial characteristics identical in all the issues eligible for computing access to the regime (i.e., same global program under which the issuance is made, identity of the parties acting, and similar composition of underlying assets).
3. Maintain substantially unchanged all the terms and conditions of the new series of financial trusts in relation to the trusts previously issued.
4. Comply with the information regime applicable to publicly-offered financial trusts.

Documentation Required

To access these regimes, applicants must:

1. Submit an annual prospectus supplement each year, within four months of the closing of the trustee's annual financial year, which the CNV must review and authorize and which must be published before the dissemination period begins.
2. Publish an abridged prospectus supplement through the CNV’s website and the information systems of the markets where he trust securities are listed and/or traded the day the dissemination period begins. This must include the particular terms and conditions of each issuance. In the case of the automatic authorization regime, the prospectus will not be subject to the CNV’s approval or review.

The trustee must inform in any distributed documentation that the offer has automatic authorization for frequent issuances, to verify that the corresponding trust issuance has not been subject to the CNV’s prior review. Further, trust securities issued under this regime must be placed and listed in a CNV-authorized market, in a specific panel such market determines.