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The Board of Directors of the National Securities Commission (CNV) approved the request for the “Social Bond Assessment Methodology” presented by the Tres de Febrero University Risk Rating Agency (UNTREF), within the framework of the tasks that are being promoted from the Financial Inclusion Table. The vice president of CNV, Mónica Erpen, said that “” this ´social label´ is a very valuable contribution so that investors can identify and distinguish financing committed to generating a positive impact on the economic and social fabric. ”
The methodology of UNTREF – Public University Risk Rating Agent describes the procedures and stages of analysis to be applied in the evaluation of financial instruments that can be classified as Social Bonds (BS), with values of different characteristics and issue condition but with the same purpose of achieving positive social impacts. The weighting for the evaluation will include the organizational and operational characteristics of the issuer, as well as the criteria used to define the objectives of the issue and its framing as a Social Bond.
The agency took into account “the financing needs that large sectors of the economy present, mainly of small and medium-sized companies and microfinance institutions, a situation that is drastically accentuated in the face of the situation generated by the pandemic”, and “understood that its participation in this process could contribute to the promotion of such financing ”, highlights the Act of the Board of Directors No. 42 of UNTREF.
In this way, it developed a set of evaluation guidelines following the “Principles of Social Bonds” of the International Association of Capital Markets and the United Nations Sustainable Development Goals known as Global Goals, with a view to combating poverty, inclusive education, gender equality, decent employment and inclusive and sustainable economic growth.