Regulatory Update for Credit Rating Agencies

Through General Resolution 1061, issued on April 15, 2025, the Argentine Securities Commission (CNV) amended the regulatory provisions on independence and conflict of interest prevention applicable to Credit Rating Agencies, and updated the minimum net worth requirement applicable to them.

Among its key modifications, the Resolution establishes that holding shares in mutual funds by members of the rating committee, analysts, board members, and managers will no longer be subject to the prohibition on trading in securities rated by the agency. Such holdings will also not be considered grounds for recusal in rating processes. These investments will not trigger disqualification to participate in rating committees, if the rating does not concern the quality of the company management.

The Resolution also provides that the minimum net worth requirement for Credit Rating Agencies must now be denominated in Acquisition Value Units (UVA), set at an amount equivalent to 100,000 UVAs, and subject to adjustment using the Reference Stabilization Coefficient (CER).

Finally, the Resolution establishes a transition period that ends with the filing of financial statements as of September 30, 2025.