Argentina: The general public has been invited to provide opinions and/or proposals regarding a regulation on private offerings of marketable securities

In brief

On 15 July 2024, the National Securities Commission (CNV) issued General Resolution No. 1009/2024 inviting the public to express their opinions and/or proposals regarding the adoption of a regulation on the private offering of marketable securities considering the text proposed by the CNV.


Contents

In depth

General Resolution No. 1009/2024 ("Resolution") contains the following provisions:

  1. It invited the public to participate in drafting the regulatory framework applicable to the private offering of marketable securities by submitting their opinions and/or proposals.
  2. It approved the template text for the regulation of private offerings of marketable securities, which forms part of the Resolution as Annex I, on which the public may share their opinions and/or proposals ("Regulation").
  3. It established a period of 15 business days to submit opinions and/or proposals regarding the Regulation.

Specifically, the Regulation defined what a private offering of marketable securities is and designated the media authorized to conduct those offerings. It also set quantitative and qualitative limits as to the number and type of investors that may be the target of the offering, as well as specific requirements regarding the information and warnings that must be provided to potential investors.

Finally, the Regulation indicated that offerings that comply with the private offering requirements will be safeguarded under a safe harbor and will not be subject to the regulations applicable to public offerings of marketable securities.

The Resolution became effective on 16 July 2024.

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