Legislation · Argentina
Argentina’s CNV proposes changes to primary offering rules
On July 22, 2026, Argentina’s National Securities Commission (Comisión Nacional de Valores or CNV) issued General Resolution No. 1157/2026 — RG 1157 — submitting for public consultation a proposal to amend the rules governing primary offerings of securities.
On July 22, 2026, Argentina’s National Securities Commission (Comisión Nacional de Valores or CNV) issued General Resolution No. 1157/2026 —RG 1157— submitting for public consultation a proposal to amend the rules governing primary offerings of securities. The proposed changes seek to strengthen transparency, the proper management of conflicts of interest and the protection of the investing public —the Proposal—.
Among its principal changes, the Proposal introduces definitions for "Lead Placement Agent" or "Bookrunner", meaning the agent responsible for maintaining the order book and issuing the final allocation instruction; "Participating Agent", comprising any ALyC or AN that submits bids or expressions of interest, whether on behalf of third parties or for its own account —restricted or expanded—; "Placement Agents", meaning any ALyC or AN appointed to act as a placement agent; and "Participating Parties", encompassing all participants in the primary offering process, including the issuer, the management company or financial trustee, the arrangers and placement agents, and the markets.
To reinforce the supervision of primary offering processes, the Proposal would require markets to provide the CNV with direct and permanent access to the systems used for these transactions. This access must allow the CNV to view bids, amendments, cancellations and allocations in real time.
At the close of each offering, the markets would also be required to submit a file containing all information relating to the transaction, thereby standardizing the reporting of data.
The Proposal further provides that Placement Agents may not charge investors additional commissions or fees for their participation in the offering process.
It also establishes a general duty for Participating Parties to adopt measures to prevent, identify and manage conflicts of interest, with the aim of safeguarding transparency and ensuring equal treatment among investors.
In addition, the submission of bids or expressions of interest for the Placement Agents’ own account —restricted or expanded— would be limited to the 45 minutes preceding the close of the auction, tender or bookbuilding process. Such submissions would be permitted only where third-party bids are insufficient.
In bookbuilding processes, those expressions of interest may not be submitted through foreign placement agents or other foreign agents.
