On September 4, 2026, General Resolution No. 1164/2026 (the “Resolution”) of the National Securities Commission (Comisión Nacional de Valores- “CNV”) was published in the Official Gazette of the Argentine Republic. The Resolution completely replaces Title IX of the CNV Rules (N.T. 2013, as amended), updating and simplifying the regulatory framework applicable to Credit Rating Agencies (“CRAs”) organized as corporations and Credit Rating Agencies – Public Universities (“CRA-PUs”).
The main provisions of the Resolution are summarized below:
- Structural reorganization of the regulatory framework: The rules are consolidated under a common set of provisions applicable to both categories of CRAs, with separate chapters containing the specific provisions applicable to each category, providing greater clarity and consistency.
- New permitted activities: CRAs and CRA-PUs are authorized to engage in related and complementary activities other than the issuance of public credit ratings without requiring prior authorization from the CNV, provided that such activities do not give rise to conflicts of interest with their principal activities.
- Elimination of prior notification to the regulator of rating committee meetings: The obligation to notify the CNV in advance of rating committee meetings, as well as the possibility of the regulator participating in such meetings, is eliminated, thereby preserving the independence of the committee’s deliberations. The CNV retains its supervisory powers through the receipt of minutes and rating reports.
- Replacement of the minimum requirement of four annual reports with continuous monitoring: The obligation to issue at least four reports per year is replaced by a system of continuous and permanent monitoring of ratings, including an obligation to update ratings in the event of material changes and to issue at least one report per year.
- Liberalization of rating scales and categories: The requirement to use specific letters, numbers or ranking orders is eliminated, allowing each CRA and CRA-PU to freely establish its own scales and categories in accordance with its methodologies, provided that the ratings include a disclaimer stating that they may not correspond to the scales used by other agencies.
- Simplification of the methodologies regime: The requirement to register and obtain approval of methodologies is replaced by the obligation to submit them to the CNV through the AIF and publish them on the CRA’s or CRA-PU’s website. The methodologies may be used ten business days after submission.
- Greater flexibility regarding outsourcing: The outsourcing of non-core functions is permitted, subject to conditions ensuring confidentiality, the absence of conflicts of interest and CNV oversight. The delegation of essential functions, such as risk analysis, rating committee deliberations or the issuance of ratings, remains prohibited.
- Elimination of the press release requirement: Disclosure of ratings is centralized exclusively through the rating report, which must be filed with the CNV within two business days following the relevant rating committee meeting, eliminating the obligation to issue a separate press release.
- Extension of the term of office of rating committee members: The term of office is extended from two to five years, with the possibility of re-election for additional terms of up to five years, and the appointment mechanism is made more flexible.
- Exception to the obligation to maintain ratings in insolvency proceedings: An exception is introduced to the requirement to maintain a credit rating when the issuer is undergoing reorganization proceedings or an out-of-court restructuring agreement, without requiring holders’ consent, provided that the decision is duly justified and reported to the CNV.
- Greater transparency regarding agreements with foreign entities: Information requirements are expanded with respect to franchise, representation and cooperation agreements entered into with foreign entities, expressly requiring disclosure of the extent of such entities’ involvement in the local rating process.
Why is it important?
The Resolution represents a comprehensive modernization of the regulatory framework applicable to CRAs, aligning local regulations with IOSCO standards and international practices, reducing administrative burdens and granting greater operational autonomy to rating agencies. At the same time, it preserves the CNV’s supervisory and sanctioning powers and strengthens the independence of the rating process from external influence, including that of the regulator itself.
Effective Date
The Resolution entered into force on the date of its publication in the Official Gazette.
