In force since Dec 18, 2025
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.
The other rules on this subject40
Mega-DNU 70/2023: repeals the Rentals, Shelves and Supply lawsDecreto 70/2023 (DNU-2023-70-APN-PTE)in force
The IGJ digitizes companies' financial statementsIGJ General Res. 9/2026 (RESOG-2026-9-APN-IGJ#MJ), Official Gazette Jul 2, 2026in force
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 ↗
Who it applies to
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
Analyze this rule for my company
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 YPF, Vista or Shell. The CNV's automatic authorization, the guaranteed SME regime and financial trusts by filing make securitising those receivables cheaper. It is the funding route missing for the SME supplier in an ecosystem that is already in place in Neuquén. favorable cheaper to respond: investing takes time, held-back supply shows up at once thesis
First step
Tell us what your company does
Your website is enough to start. We look at what the company does and reply with the projects and the buyers worth looking at.
Open the report ↗A real analysis · a real company, open in full →
Analysis and curation: Ignacio Aredez
Head of Despegue
Method and track record →- 20+ years in technology, 15 of them in data and AI, for clients across Europe and the Americas
- Certified in AI governance (ISO/IEC 42001)
- Machine Learning (Google Cloud)
- Registered expert with the European Commission
How to read the seals →
verif primary source · prob primary source pending · unconf a source said it · estim our own calculation · thesis our reading · the date belongs to the datum, at the precision its source allows