Brazil's Securities and Exchange Commission (Comissão de Valores Mobiliários) has issued Resolution CVM 251, updating the regulatory framework for credit rating agencies operating within the domestic securities market.
International Alignment and Scope of Changes
Resolution CVM 251 amends Resolution CVM 9, targeting key operational areas for credit rating providers. The revised provisions adjust requirements concerning pricing policies, rating methodologies, conflict of interest prevention, the management of material information, and reporting obligations to the regulator.
A central objective of the regulatory update is to establish the conditions required for the European Union to restore its recognition of regulatory equivalence for Brazil. Re-establishing equivalence will allow Brazilian rating agencies to provide services to issuers accessing international capital markets.
CVM President Otto Lobo stated that the measure reflects the regulator's effort to keep its framework aligned with international benchmarks, reinforcing transparency, integrity, and credibility in credit ratings.
Governance Enhancements and Effective Date
The principal changes introduced by Resolution CVM 251 focus on improving transparency guidelines, introducing additional governance mechanisms, strengthening requirements around conflicts of interest, and refining rules for preparing and publishing credit rating reports.
The normative change forms part of the CVM's 2026 Regulatory Agenda. The original proposal was open for public consultation between 16 July and 12 September 2025, drawing eight contributions from market participants that informed the final text.
The CVM waived the requirement for a Regulatory Impact Analysis (AIR) under Article 4, VI of Decree 10,411/2020 and Article 14, VI of CVM Resolution 67/2022, given that the update focuses on convergence with international standards. Resolution CVM 251 is scheduled to enter into force on 1 December 2026.
Frequently Asked Questions
What is the main goal of Resolution CVM 251?
The main goal of Resolution CVM 251 is to align Brazilian credit rating regulations with international standards and re-establish regulatory equivalence recognition from the European Union.
When will Resolution CVM 251 take effect?
Resolution CVM 251 will come into effect on 1 December 2026.
