How to Interpret the Prohibition to Participate in the Public Offering Regime in an Unauthorized Manner

On July 3, 2024, the Argentine Securities Commission (CNV) issued the Interpretative Criteria 91, which provides an interpretation on the prohibition to intervene or offer in the public offering regime in an unauthorized manner. This prohibition was incorporated by the CNV General Resolution 1002.

Regarding the abstention from carrying out activities of dissemination and promotion of securities and/or attracting or linking clients to market agents without the CNV’s authorization, the CNV stated that those who exclusively refer or link clients to market agents will not require authorization when such recommendation is provided as complement to their main activity and as long as it does not exclude such activity; and also when it:

1.         does not offer, recommend, and/or disseminate the services of the market agent by means of personal offers, journalistic publications, radio, telephone or television transmissions, cinematographic projections, placement of posters, signs or banners, programs, electronic media including the use of electronic mail and social networks, circulars and printed communications, or any other dissemination procedure,

2.         does not involve carrying out securities dissemination or promotion activities and/or advice.

For more information on the RG CNV 1002, see this article.