The Argentine Securities Commission issued General
Resolution CNV No. 662 amending the regulations for placement of
securities.
On May 5, 2016, the Argentine Securities Commission
(Comisión Nacional de Valores or "CNV"),
issued General Resolution CNV No. 662 (the "Resolution"),
modifying the rules regarding the placement of securities. The
Resolution states that the initial placement of publicly offered
securities authorized by the CNV may now be carried out either
through book building, or through auction or public
tender, both of which shall be carried out through a computer
network system. Consequently, General Resolution No. 597, which
abrogated the book building system in use at that time for
the initial placement of shares and notes, is now itself abrogated
(for further details regarding General Resolution CNV No. 597,
please refer to
issue # 112 of Marval News, in which we
analyzed such resolution). The Resolution was published in the
Official Gazette on
