CNV proposes regulatory reforms for material facts in Argentina

The Argentine National Securities Commission (CNV) has opened a public consultation process to reform regulations regarding material facts. The proposed resolution aims to update and clarify the conditions that constitute a material fact, establish minimum requirements for the form and content of communications, and reformulate the treatment of information disclosed by third parties or rumors.

Key aspects of the proposal include the reorganization of material facts into categories such as managerial, administrative, financial, and judicial or sanctioning matters. The reform introduces objective quantitative thresholds, based on percentages of net equity or ordinary income, to determine when specific operations must be reported. Additionally, the proposal explicitly includes operational, technological, or cybersecurity incidents as material facts and requires that all communications be truthful, clear, and neutral.