The Argentina Securities Commission (CNV) approved General Resolution No. 1061 updating the independence and conflict of interest framework for Risk Rating Agents and revising the minimum net worth requirement applicable to those entities, which will now be expressed in Unidades de Valor Adquisitivo (UVA). Under the updated rules, mutual fund unit holdings by rating committee members, analysts, directors and managers are no longer treated as falling within the prohibition on trading marketable securities for which the rating agency has issued a rating, as provided in the 2001 consolidated CNV rules. Those investments also will not trigger a requirement to abstain from participation in rating committees, provided the rating is not on the management quality of the management company. The resolution provides an adjustment period for the updated minimum net worth requirement through the filing date of financial statements as at 30 September 2025.
Argentina Securities Commission (CNV) 2025-04-14
Argentina Securities Commission revises conflict of interest rules for credit rating agencies and updates minimum net worth requirement in UVA
The Argentina Securities Commission (CNV) approved General Resolution No. 1061, updating the independence and conflict of interest framework for Risk Rating Agents and revising the minimum net worth requirement, now in Unidades de Valor Adquisitivo (UVA). Mutual fund unit holdings by rating committee members and key personnel are exempt from trading prohibitions and abstention requirements, unless related to management quality ratings. An adjustment period for the net worth requirement is set until the financial statement filing date of 30 September 2025.