Simplification of CNV Regulations: an applicable and necessary regulation for small and medium-sized enterprises
Compartir:
The National Securities Commission (CNV) has taken another step forward in the process of deregulation and regulatory simplification promoted by Javier Milei's government. With General Resolution 1090/2025, published last week, the agency reorganized and drastically reduced the regulatory framework applied to individually issued securities, which are key instruments for the daily financing of thousands of SMEs across the country.
These instruments—deferred payment checks, marketable promissory notes, MiPyME electronic invoices, deposit certificates, warrants, and other short-term assets—constitute the main access route to productive credit for small and medium-sized enterprises. Until now, they were governed by a scattered, costly, and bureaucratic framework.
La CNV continúa con la simplificación normativa para las PyMEs
The regulation is cut in half and unifies all rules
With RG 1090, CNV unifies and simplifies all existing regimes, cuts the number of articles in half, and establishes a single regulatory body to govern:
trading,
preservation,
custody,
and payment at maturity.
This eliminates overlaps, lowers operating costs, and improves market transparency.
For the first time, ACRyP will be able to act as custody agents, increasing competition and reducing intermediation costs. In addition, the obligation to certify or register instruments as a condition for trading them on the secondary market is eliminated, one of the most criticized obstacles by SMEs and financial system agents.
Sturzenegger explicó por qué las cosas valen son caras en Argentina
A freer, more accessible, and more competitive market
According to the resolution, the central objective is to promote the use of these instruments, expand savings, increase investment opportunities, and boost productive financing in a context where deregulation is considered the key to revitalizing the capital market.
CNV President, Roberto E. Silva, emphasized: "We continue with the simplification and reorganization of the capital market. This time, we are simplifying the regulations applicable to individually issued securities, with the aim of optimizing their trading."
He added that for the agency, expanding SMEs' access to financing is essential, by removing rules that previously acted as obstacles.
Directorio de la CNV: Roberto Silva, Sonia Salvatierra, Laura Herbón y Manuel Calderón
Among the technical leaders of the process, Roberto Silva, Laura Herbón, Santiago Salvatierra, and Manuel Calderón stand out, as they are driving a regulatory framework aligned with the truly free market vision promoted by Milei.
Meanwhile, the Finance Secretariat welcomed the measure and stressed that it represents another step toward a less regulated, more competitive capital market with better financing mechanisms for the private sector.
Another step in the Government's agenda
RG 1090 adds to the reforms that the Executive has been implementing to:
deregulate key sectors,
simplify historic regulatory frameworks,
reduce bureaucratic costs,
and restore economic freedom to the private sector.
In line with President Milei's demands, the capital market continues moving toward a more open, more accessible, and more dynamic framework, with a focus on SME credit as a growth engine.
