The International Organization of Securities Commissions (IOSCO) has published two documents on credit rating agencies (CRAs); its final report (PDF) on CRAs' internal controls and conflicts-of-interest procedures, and a consultation report (PDF) on supervisory colleges for "internationally active" CRAs. Last month G20 finance ministers and central bank governors called for further work by IOSCO "to enhance transparency of and competition among credit rating agencies."
The report on CRAs' internal controls and conflicts management concludes that despite differences in policies and procedures due to variations in size, all the CRAs that IOSCO surveyed earlier this year had adopted some form of policies and procedures to provide internal controls and safeguard against conflicts of interest. ISOCO said the survey's findings would feed into the review of its Code of Conduct Fundamentals for CRAs (PDF), helping ensure it remained relevant as the international standard for CRA self-governance.
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