The National Securities Commission (hereinafter, “CNV”) published General Resolution No. 1088/2025, which introduces modifications to the private offering regime for securities (“Private Offering”) in force since September 2024, with the aim of providing greater clarity and predictability, as well as facilitating the participation of new entities in the market.
The main changes introduced by the regulation are:
- The maximum number of potential investors reached with Private Offering has increased: (i) from 35 to 50 for qualified investors; and (ii) from 15 to 30 for non-qualified investors.
- The maximum number of acquirers remains 35 investors, but whereas previously no more than 10 could be non-qualified investors, the limit has now been increased to 15.
- Promotional meetings, whether in person or virtual, may now include up to 50 potential investors.
These changes enhance accessibility, accuracy, and efficiency, consolidating the use of the “safe harbor” mechanism, which provides legal predictability and clearly defines which transactions are considered Private Offerings in the Argentine capital market.
