The Argentina Securities Commission has adopted General Resolution No. 1150 as the final rule expanding its tokenization regime for negotiable securities, following a public consultation launched under General Resolution No. 1137. The main change is that digital representation is now permitted for securities issued under any Automatic Authorization Regime, including low-impact offerings and the new medium-impact automatic public offering regime, rather than only a narrower set of issuance regimes. The previous tokenization framework covered certain instruments such as shares, corporate bonds, CEDEARs, debt securities and financial trust participation certificates when issued under the medium-impact automatic public offering regime, the frequent issuer regime and frequent financial trust issuance regimes, as well as units in closed-end credit mutual funds. Under the expanded regime, units of all closed-end mutual funds that can issue with automatic public offering authorization may be digitally represented, not only credit funds. The rule also adds units of ETF open-end mutual funds and CEVA ETPs, while clarifying that other open-end mutual funds remain outside the tokenization regime. In addition, the regulatory sandbox under the tokenization rules has been extended until Dec. 31, 2027.
Argentina Securities Commission expands tokenization regime to all automatic authorization offerings and extends sandbox to end-2027
The Argentina Securities Commission has finalized an expansion of its tokenization regime after consultation. Digital representation is now allowed for securities issued under any Automatic Authorization Regime, including low-impact and new medium-impact offerings, and the sandbox has been extended until Dec. 31, 2027. The rule also broadens eligible fund units to all closed-end mutual funds with automatic public offering authorization and to ETF open-end mutual fund units and CEVA ETPs, while excluding other open-end mutual funds.