Argentina: Regulatory framework for the automatic public offering and auction of securities

In brief

On 9 January 2025, the National Securities Commission (CNV) issued General Resolution No. 1047/2025, establishing the regulatory framework applicable to the automatic public offering of securities under different modalities ("Resolution").


Contents

In depth

Among other points, the Resolution provides for a special public offering regime with automatic authorization in the following cases:

  • Low impact offers: offers of negotiable obligations that do not exceed 1 million UVAs (acquisition value unit). At the current UVA rate, this amount would be ARS 1,311,850,000. No prospectuses are required, nor is prior authorization from the CNV needed. Nonqualified investors are not admitted.
  • Medium impact offers: offers of negotiable obligations that do not exceed 7 million UVAs. At the current UVA rate, this amount would be ARS 9,182,950,000. Offerors must apply for admission to this regime and comply with certain additional requirements. Nonqualified investors are not admitted.
  • Auctions of negotiable securities: auctions of negotiable securities that do not consist of shares of companies subject to the public offering regime. At least one agent registered with the CNV must be involved, and the rules of the market where the auction is held must be complied with.

The Resolution became effective on 9 January 2025.

Spanish version

 


Copyright © 2025 Baker & McKenzie. All rights reserved. Ownership: This documentation and content (Content) is a proprietary resource owned exclusively by Baker McKenzie (meaning Baker & McKenzie International and its member firms). The Content is protected under international copyright conventions. Use of this Content does not of itself create a contractual relationship, nor any attorney/client relationship, between Baker McKenzie and any person. Non-reliance and exclusion: All Content is for informational purposes only and may not reflect the most current legal and regulatory developments. All summaries of the laws, regulations and practice are subject to change. The Content is not offered as legal or professional advice for any specific matter. It is not intended to be a substitute for reference to (and compliance with) the detailed provisions of applicable laws, rules, regulations or forms. Legal advice should always be sought before taking any action or refraining from taking any action based on any Content. Baker McKenzie and the editors and the contributing authors do not guarantee the accuracy of the Content and expressly disclaim any and all liability to any person in respect of the consequences of anything done or permitted to be done or omitted to be done wholly or partly in reliance upon the whole or any part of the Content. The Content may contain links to external websites and external websites may link to the Content. Baker McKenzie is not responsible for the content or operation of any such external sites and disclaims all liability, howsoever occurring, in respect of the content or operation of any such external websites. Attorney Advertising: This Content may qualify as “Attorney Advertising” requiring notice in some jurisdictions. To the extent that this Content may qualify as Attorney Advertising, PRIOR RESULTS DO NOT GUARANTEE A SIMILAR OUTCOME. Reproduction: Reproduction of reasonable portions of the Content is permitted provided that (i) such reproductions are made available free of charge and for non-commercial purposes, (ii) such reproductions are properly attributed to Baker McKenzie, (iii) the portion of the Content being reproduced is not altered or made available in a manner that modifies the Content or presents the Content being reproduced in a false light and (iv) notice is made to the disclaimers included on the Content. The permission to re-copy does not allow for incorporation of any substantial portion of the Content in any work or publication, whether in hard copy, electronic or any other form or for commercial purposes.