The norm, in detail
Capital markets: automatic CNV authorization
CNV GR 1095/2025 (+ package GR 1145-1148/1150/2026)
in forceNATIONAL
Market deregulation
RG CNV 1095/2025 swaps prior authorization of a public offering for a filing of information and after-the-fact review by the CNV.
What changed and who it applies to
What changed
The CNV replaces the prior-authorization model for public offerings with a scheme of information filing + participant responsibility + ex-post oversight ('automatic authorization'). RG 1095/2025 comprehensively modernizes Title II of the CNV Rules (2013 restated text) applicable to issuers: it replaces Chapters I and II (Shares and Shareholder Meetings) and Chapters V-X (Primary Public Offering and special regimes), eliminates regimes fallen into disuse (Short-Term Securities/VCP, cooperative incentives, project financing), merges the CNV Guaranteed SME Regime into the Low-Impact Public Offering, creates the Frequent Issuer Regime and incorporates digital representation of securities. In June 2026 the final package of the 'big bang' (RG 1145 through 1150/2026, published in the Official Gazette on Jun 11, 2026) adds the 'Public Offering Regime with Automatic Authorization for Expanded Medium Impact' for shares and corporate bonds with an issuance cap of UVA 100,000,000 — no cap when the offering targets Qualified Investors exclusively (RG 1145, secs. 154 and 156) —, extends it to financial trusts (RG 1146) and closed-end funds (RG 1148), enables OPEN-END mutual funds without prior or subsequent CNV authorization (instrument registered via the AIF; RG 1147), automates extensions/amount increases (RG 1149), broadens tokenization and extends the regulatory sandbox until Dec 31, 2027 (RG 1150). verif Dec 18, 2025 ↗
In force
GR 1095/2025 enters into force on Dec 19, 2025 (published in the Official Gazette on Dec 18, 2025). The final 'big bang' package (GR 1145, 1146 and 1148/2026 and GR 1150/2026) was approved in June 2026 after public consultation (GR 1150/2026 published on Jun 11, 2026). No injunction, suspension or judicial reversal was found. verif Dec 18, 2025 ↗
Are you in or out?
Issuers accessing the public offering (companies seeking financing via shares, corporate bonds and other securities), SME issuers, financial trusts, closed mutual funds, capital-market agents and participants, and investors. Also the regulator itself (CNV), which shifts from prior authorization to subsequent oversight. verif Dec 18, 2025 ↗
The norm
Resolución General CNV 1095/2025, signed Dec 17, 2025, published in the Boletín Oficial on Dec 18, 2025 (notice 336411), effective Dec 19, 2025. It is completed by the final package approved after the public consultation of June 2026: RG 1145, 1146 and 1148/2026 (Mediano Impacto Ampliado, the expanded medium-impact regime, for issuers, financial trusts and closed-end funds) and RG 1150/2026 (signed Jun 10, 2026, published Jun 11, 2026, notice 343010; wider tokenization and extension of the sandbox to Dec 31, 2027). Issuing body: Comisión Nacional de Valores (CNV), the federal securities regulator. verif Dec 18, 2025 ↗
Our reading
Textbook deregulation applied to the capital market (R4 · opening and deregulation): the CNV stops authorizing case by case and moves to subsequent control, lowers the cost and time of going public and opens the field to corporate and SME financing. It is consistent with the program's deregulatory pace and with a State that oversees instead of tutoring. What the thesis watches: that subsequent control preserves investor protection; the risk is implementation (transparency/fraud), not direction. thesis
Where it lands, province by province1
Neuquén The most financeable asset a Neuquén supplier holds is not its warehouse: it is its service contract with an operator. Automatic regulatory authorization, the guaranteed SME regime and financial trusts by filing make securitising those receivables cheaper. It is the funding route missing in an ecosystem of ~10,000 suppliers of which 78% are SMEs. favorable cheaper to respond: investing takes time, held-back supply shows up at once thesis
The other rules on this subject39
The IGJ digitizes companies' financial statementsIGJ General Res. 9/2026 (RESOG-2026-9-APN-IGJ#MJ), Official Gazette Jul 2, 2026in force
Domestic trade: price-control and intervention rules fallRes. 12/2026 SIC (Official Gazette Jun 9, 2026)in force
Ley Hojarasca: cleanup of the legal framework (still in the Senate)Bill CD-1/26 (first-round approval May 20, 2026)pending
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