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

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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“).

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

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Francisco José Fernández Rostello is a partner and member of the Firm’s Banking & Finance Practice Group in Buenos Aires. He has worked for the International Swaps and Derivatives Association and for Société Générale, New York Branch. He is knowledgeable on matters related to issuance of debt, derivatives transactions, local and cross-border financing, and securities transactions.

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Gabriel Gomez-Giglio is partner at Baker McKenzie’s Buenos Aires office, chair of the Latin America Banking & Finance Practice of Baker McKenzie and a member of the Global Steering Committee of the Firm’s Financial Institutions Industry Group. He advises clients on a variety of general commercial issues. His practice focuses on the areas of transactional and regulatory matters, including but not limited to multinational financial transactions, commercial agreements and mergers and acquisitions. Gabriel is a member of the Board and Adjunct Professor of Law at Universidad Torcuato Di Tella and a visiting professor with the Centre for Commercial Law Studies, Queen Mary College, University of London.

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Jeronimo Argonz is an Associate in Baker McKenzie, Buenos Aires office.

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Delfina Ferrario is an Associate in Baker McKenzie, Buenos Aires office.

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