CNV Eases Rules for Credit Rating Agencies

The National Securities Commission (CNV) implemented a comprehensive reform of the regime for Credit Rating Agencies, reducing the regulatory framework by more than 50%. General Resolution No. 1164 modifies the sections from 48 to 27 and the articles from 164 to 81, eliminating annexes and reorganizing the content into three chapters. The president of the CNV, Roberto E. Silva, emphasized that the reform aims to reduce bureaucracy and improve efficiency without sacrificing transparency. The new regulations, which will be published in the Official Gazette this Friday, align with the Productive Financing Law No. 27.440 and international IOSCO standards. The new regime is limited to public credit risk ratings and allows rating agencies to develop complementary activities without conflicts of interest. Additionally, prior notification requirements for rating council meetings are eliminated, and rules regarding outsourcing and rating agreements are relaxed. Furthermore, a continuous monitoring mechanism with annual updates is established, and unnecessary information burdens are removed, seeking a more orderly regulatory scheme focused on supervision and transparency.

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