Argentine Securities Commission Reduces to One Day Publication Period for Financial Trusts

The Argentine Securities Commission (CNV) issued General Resolution No. 946 on January 18, 2023, seeking to expedite the access to capital markets for those products issued periodically. This General Resolution modifies the regulations regarding Financial Trusts, granting the possibility of reducing the marketing period for placing trust securities to one business day.

To access this reduced marketing period, issuers of financial trusts must have had issued at least three series of financial trusts in the last twelve months. These trusts must have been issued:

1. under the same program;

2. with the same trustee and trustor/s; and 3. with similar characteristics regarding the composition of trust assets.

The trusts considered for the three series are those issued as of the date authorizing the public offering of the trust securities whose marketing period reduction is required.

The purpose of the regulation is to offer more convenient financing measures, to streamline the offering of trust securities, and to provide greater financing tools to foster a transparent, accessible, and dynamic market for those products issued on a regular basis.