Argentina raises the automatic-approval ceiling for financial trusts more than sixfold: from UVA 15 million to UVA 100 million (CNV General Resolution 1159/2026)
The CNV rebuilt how a financial trust gets cleared for public offering — the standard Argentine vehicle for securitising cash flows: receivables, service contracts, card settlements, future collections. Four routes coexisted and two of them were barely used. The resolution scraps the automatic-authorisation regimes for "low impact" and "medium impact" and concentrates everything into two automatic routes — "expanded medium impact" and "frequent issuers" — alongside the general regime. The resolution is unusually candid about why, saying of the low-impact regime that "no trust issuances were registered under that regime since its implementation, which shows the absence of demand from the market". The number is what moves the needle. Article 54 sets that an offering qualifies for automatic authorisation when "the total nominal amount of the trust securities issued within the period indicated in article 55 ... does not exceed UVA ONE HUNDRED MILLION (100,000,000)". The resolution's own recitals record where that ceiling came from: RG 1146 — the June "Big Bang" — had raised it "from UVA SEVEN MILLION (7,000,000) to UVA FIFTEEN MILLION (15,000,000)". So the sequence is 7 → 15 → 100 million UVA within a single year. In hard currency, using the central bank's official UVA (ARS 2,120.30) and wholesale reference exchange rate (ARS 1,511.15) as of September 2026, the ceiling moved from roughly USD 21 million to about USD 140 million. READ ARTICLE 55 BEFORE MODELLING ANYTHING — it is the part press summaries skip. The ceiling is not measured per deal: the text requires treating as part of a single offering "all placements of trust securities made by the same Originator (regardless of the Trustee), without distinction as to the underlying asset", aggregated over "the TWELVE (12) preceding months". It is a rolling annual quota per originator, not a per-issuance cap — which is precisely why the frequent-issuer route exists alongside it. What the resolution does not do: it does not remove supervision or turn issuance into a free-for-all. "Automatic" means the CNV does not review before placement, not that there are no rules: mandatory listing on an authorised market, the transparency regime of the Capital Markets Law and a registered trustee all still apply. Per the professional analyses consulted, filings in progress under the two scrapped regimes had to be redirected through the surviving routes.
- Legal instrument
- CNV General Resolution 1159/2026, issued on 5 August 2026 and published in the Official Gazette on 6 August 2026, in force from the day after publication
- Authority
- Comisión Nacional de Valores (CNV) — Title V of the CNV Rules (2013 consolidated text, as amended), financial trusts regime
- Status
- In force
- Last verified
- 2026-09-08
What changes
- Two automatic-authorisation regimes are eliminated: "low impact" — which the resolution itself says never registered a single issuance since implementation — and "medium impact"
- Article 54 sets the automatic-authorisation ceiling at UVA 100,000,000 of total nominal amount of trust securities issued
- The resolution's own recitals record the starting point: RG 1146 (the June "Big Bang") had raised that maximum "from UVA SEVEN MILLION (7,000,000) to UVA FIFTEEN MILLION (15,000,000)". The year's sequence is 7 → 15 → 100 million UVA
- KEY, and the part press coverage omits: article 55 requires aggregating all placements by the SAME ORIGINATOR — regardless of the underlying asset — over the TWELVE preceding months. The cap is a rolling annual quota per originator, NOT a per-issuance limit
- Three routes remain: the general financial-trust regime, automatic authorisation for "expanded medium impact" (up to the new ceiling, open to any type of investor and with no prior review by the regulator) and "frequent issuers" (requires five prior issuances, two of them in the last twelve months, of substantially identical features) — the latter being the route designed for anyone issuing repeatedly who would exhaust the annual quota
- The limit is denominated in UVA rather than pesos, so it is CER-indexed: the ceiling tracks inflation instead of being eroded by it
- What stays: mandatory listing on an authorised market, the transparency regime of the Capital Markets Law, and a trustee registered with the CNV. "Automatic" means without prior review, not without rules
- Actual status: published and in force. The professional analyses consulted agree it applies from 7 August 2026 — the day after publication; the text of the Official Gazette notice accessible online cuts off before the effective-date article, so that date is attributed to those sources rather than quoted from the operative text
What it opens
For a foreign company already invoicing in Argentina, a financial trust is the usual way to turn future flows into cash today — receivables, service contracts, collections — without wiring dollars in and without putting the parent's balance sheet behind it. Until this resolution, an issuance of genuine corporate size sat above the automatic ceiling and fell into the general regime, with prior review by the regulator and the timing uncertainty that brings. Under the new limit an originator can place up to roughly USD 140 million through the automatic route. Mind how it is counted: not per deal, but as the sum of everything that same originator placed over the preceding twelve months — so the number to look at is the programme's annual quota, not the size of an individual transaction. For a CFO this is not a saving in paperwork: it is schedule predictability, which is exactly what decides whether a local funding structure is viable. Worth checking with capital-markets counsel whether a programme once ruled out on size is eligible again, and whether the frequent-issuer route fits a recurring plan.
Who it applies to: Argentine subsidiaries of foreign companies with peso collections, consumer and trade-credit originators, service providers with long-term contracts, funds and investment banks structuring securitisations in Argentina
The technical detail that changes the nature of this measure is that the limit is set in UVA, not in pesos. In an economy still living with inflation, a nominal cap in local currency loses meaning within a few quarters and forces the regulator to keep updating it — with the risk of falling behind. Being in UVA, the ceiling is CER-indexed and holds its real purchasing power. For anyone planning a two- or three-year issuance programme, eligibility calculated today does not evaporate on its own. Still worth confirming the UVA value at each issuance date: it is published daily by the central bank.
Who it applies to: finance teams planning multi-year issuance programmes, structurers and financial advisers
Sources
- Boletín Oficial — CNV, Resolución General 1159/2026 (texto oficial) ↗
- Estudio O'Farrell — La CNV elimina los regímenes de "bajo impacto" y "mediano impacto" y eleva a UVA 100.000.000 el límite de la oferta pública automática de fideicomisos financieros ↗
- Estudio Piccinini y Asociados — La CNV modificó el régimen de autorizaciones automáticas para fideicomisos financieros y fondos comunes de inversión cerrados ↗
- BCRA — Principales variables (valor de la UVA y tipo de cambio mayorista de referencia usados para la conversión) ↗
Sources are primary wherever available — the Official Gazette, the issuing authority, or the text of the rule itself. This is information, not legal advice.
También disponible en español: ver esta medida en español
Full guideArgentina's Capital-Markets 'Big Bang': What the 2026 CNV Reform Means for Foreign Companies and InvestorsRead it in the Journal →Is this window yours?
inteligenciar.com helps companies land, operate and export from Argentina — entity, banking, accounting and hiring, with one point of contact.
Get in touch →