The Brazil Securities Commission (CVM) has opened a public consultation on a draft rule to amend its framework for credit rating activity in the securities market, with proposed changes to CVM Resolution 9. The draft is intended to realign Brazilian requirements with currently applicable international standards and to allow CVM-registered credit rating agencies to provide services to Brazilian issuers seeking to reach investors in other jurisdictions. Key elements include explicit recognition of ratings outlooks, strengthened transparency and governance obligations, adjustments to pricing policies and the handling of conflicts of interest, a requirement to run public consultations for material methodological changes, and rules governing the use and disclosure of information presumed to be relevant. The consultation forms part of the CVM’s 2025 Regulatory Agenda and is open for comments until 29 August 2025.
Brazil Securities Commission (CVM) 2025-07-16
Brazil Securities Commission launches consultation on credit rating agency rule changes to align with international standards and support cross-border services
The Brazil Securities Commission (CVM) is consulting on a draft rule to amend its credit rating framework, aligning it with international standards and enabling CVM-registered agencies to serve Brazilian issuers targeting foreign investors. Key proposals include recognizing ratings outlooks, enhancing transparency and governance, adjusting pricing policies, and managing conflicts of interest. This consultation is part of the CVM’s 2025 Regulatory Agenda.