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Argentine Securities Commission Frames Advisory Within the Sphere of Public Offering of Securities. 

On May 16th, 2024 General Resolution No 1002/2024 (the “Resolution 1002/2024”) issued by the Argentine Securities Commission (the “CNV”) was published in the Official Gazette of Argentine Republic. The Resolution 1002/2024 determined which are the activities and services linked to the public offering of securities that fall under the prohibitions to intervene or offer securities without authorization from the CNV.

The Resolution 1002/2024 amends the Section 3, Chapter III, Title XII of the CNV Rules relative to the prohibitions to intervene or offer securities without authorization from the CNV, which shall be complied with by issuers, clearing houses, trading agents, and any other individual or legal entity that intervenes, be offered, offered services in the public offering of securities, without the registration in any of the categories of agents authorized by the CNV; as well as, the ban of conducting diffusion and promoting activities of securities and/or engage or link clients to registered agents without being authorized by the CNV for such purposes.

It is worth noting that the CNV included a clarification regarding which are the activities that will not be considered advisory. In this regard, it is not considered advisory: (i) generic opinions on investments or the mere disclosure of information or explanation of features and risks of a transaction or security; and (ii) the preparation of reports, briefing or analysis of a general nature, even when a purchase or sale recommendation is included.

The Resolution 1002/2024 has been in effect since May 17, 2024

Access the complete text of the Resolution here.

This publication was prepared on the basis of information dated 10/5/24 and does not constitute a legal opinion on specific issues. If necessary, expert legal advice should be sought.

For further information, please contact:

Sebastian Luegmayer – LuegmayerS@eof.com.ar

Irupé Martínez – MartinezI@eof.com.ar