Capital markets: automatic CNV authorization

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 ↗

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 ↗

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 ↗