Argentina's securities regulator raises disclosure thresholds from 10% to 15% and streamlines the capital-markets transparency regime (CNV General Resolution 1162/2026)
The CNV overhauled the transparency regime that applies to issuers, agents and other capital-market participants, with the stated aim of concentrating disclosure duties on the events that carry real economic weight and taking administrative load off minor transactions. The most concrete change for whoever files: the thresholds that trigger the duty to report rise from 10% to 15% in several cases — including the disclosure of holdings and significant shareholdings — and the deadlines for reporting appointments and changes in holdings extend from 10 to 15 business days. The catalogue of "material events" is also updated, adding explicit references to annual and interim financial statements and to situations that may significantly affect the ability to service securities, and the Financial Information Highway (AIF) is consolidated as the central reporting channel. A separate chapter reforms the fit-and-proper regime for market professionals: the exam remains, but competence can now also be evidenced through professional track record (five continuous years in relevant roles at entities supervised by the CNV, with further waivers for international certifications such as CEFA, CIIA or AFC), and both the exam and the registration are unified at two years' validity. What the resolution does not do: it does not touch the requirements for making a public offering, nor does it create a new route into the market. It is a maintenance-and-reporting reform that lowers the compliance friction for those already operating under the public-offering regime, or participating in it through significant shareholdings.
- Legal instrument
- CNV General Resolution 1162/2026 (signed by its chairman, Roberto E. Silva; published in the Official Gazette on 20 August 2026), in force from the day after publication
- Authority
- Comisión Nacional de Valores (CNV) — amends Title XII of the CNV Rules (2013 consolidated text, as amended), the transparency regime applying to public offerings
- Status
- In force
- Last verified
- 2026-08-21
What changes
- The thresholds triggering the duty to report to the CNV rise from 10% to 15% in several cases, including the disclosure of holdings and significant shareholdings
- Deadlines for reporting director appointments and changes in holdings extend from 10 to 15 business days
- The catalogue of "material events" is updated: it now explicitly covers annual and interim financial statements, and situations that significantly affect the ability to service securities
- The Financial Information Highway (AIF) is consolidated as the central reporting channel
- Fit-and-proper regime: the exam stays, but competence may also be evidenced by five years' track record in the market (with waivers for international certifications such as CEFA, CIIA or AFC), and exam and registration validity are unified at two years
- Prohibitions on price manipulation and misuse of inside information are reinforced
- Actual status: the resolution is published and in force from the day after publication (21 August 2026). It does not create a new route into the market — it reforms the reporting and maintenance duties of those already under the public-offering regime
What it opens
For a foreign company with shares or corporate bonds under public offering in the Argentine market, or holding a significant stake in a local issuer, the direct effect is administrative: fewer trivial events trigger a filing duty (the floor moved from 10% to 15%) and there are five more business days to report the ones that do apply. It is not a new way into the market and it does not change what is required to go public — it is a maintenance reform that lowers the cost of staying compliant once you are in. Worth reviewing with your capital-markets counsel which of the company's periodic filings now fall below the new threshold.
Who it applies to: issuers with public offering in Argentina, foreign institutional investors holding significant stakes, market agents and their compliance teams
Sources
- Boletín Oficial — CNV, Resolución General 1162/2026 ↗
- Argentina.gob.ar (oficial) — La CNV moderniza y simplifica el régimen de transparencia de los distintos participantes del mercado de capitales ↗
- Economis — La CNV reforma el régimen de transparencia y simplifica las reglas para el mercado de capitales ↗
Sources are primary wherever available — the Official Gazette, the issuing authority, or the text of the rule itself. This is information, not legal advice.
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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?
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