Argentina's National Securities Commission (CNV) published General Resolution 1125/2026 on April 7, 2026, incorporating a Collective Financing (crowdfunding) regime within the automatic authorization framework for public offerings. This is a significant amendment to Chapter V of Title II of CNV Rules (N.T. 2013), which for the first time specifically regulates investment crowdfunding in Argentina, allowing companies to raise funds from non-qualified investors through the formal capital markets.
The regulation represents a concrete opportunity for startups, SMEs, and growth-stage companies seeking financing alternatives beyond traditional bank credit. It takes effect immediately, from the day following its publication in the Official Gazette.
What does the regulation establish?
RG 1125/2026 introduces two new regimes: Low Impact – Collective Financing, for smaller-scale offerings with automatic authorization; and Medium Impact – Collective Financing, for higher-volume offerings without the aggregation limits of the general regime.
Key investor limits: no more than the equivalent of UVA 3,000 in any single offering, nor more than UVA 10,000 across all offerings. In net worth terms: maximum 5% per offering and 10% across all investments. These limits are evidenced through a sworn declaration at subscription time.
Key update: virtual assets (crypto) are now expressly included as part of the computable net worth to qualify as a Qualified Investor. The required threshold is UVA 350,000 in securities, bank deposits — in Argentina or abroad — or virtual assets.
Who is affected and what opportunities does this create?
Startups and tech companies in early or growth stages needing capital without the scale to access traditional capital markets. Automatic authorization significantly reduces the time and cost of an issuance.
SMEs with financing needs looking to diversify beyond the banking system. Investment crowdfunding allows them to access retail investors in a regulated, transparent manner.
Registered Collective Financing Platforms (PFC) operating under CNV supervision. The new framework gives them a clear path to channel these offerings and expand to non-qualified investors within established limits.
What should companies do?
1. Verify that the type and amount of issuance falls within one of the two new regimes.
2. Determine whether placement will be done directly or through a CNV-registered PFC.
3. Prepare offering documentation in plain language as expressly required by the regulation.
4. Define the system for verifying investors' net worth limits at subscription.
5. Consult specialized legal advisors to properly structure the issuance and ensure full regulatory compliance.
Conclusion
CNV RG 1125/2026 opens a new financing channel for companies that previously had difficulty accessing the formal market. For startups and SMEs, this regulation can be a valuable tool — provided the issuance is correctly structured from a legal and regulatory standpoint.
At Kaplan Abogados we advise companies on securities issuance structuring, CNV regulatory compliance, and capital market access. Contact us at kaplanabogados.com
Official source: CNV General Resolution 1125/2026 — Official Gazette, April 7, 2026 · boletinoficial.gob.ar/detalleAviso/primera/340413/20260407