The Brazil Securities Commission (CVM) has issued revised credit rating agency rules to align Brazil's framework with European Union requirements and support restoration of EU recognition of regulatory equivalence. Resolution 251 amends Resolution 9 with the aim of enabling Brazilian agencies to serve issuers accessing international markets. The changes take effect on Dec. 1, 2026.
Finalizing proposals consulted on in 2025, the amendments introduce additional governance mechanisms and strengthen transparency and safeguards against conflicts of interest. They also adjust rules governing pricing policies and rating methodologies, alongside requirements for preparing and disclosing credit rating reports. Further changes address the handling of material information and reporting to the CVM.