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IOSCO Releases Conduct Code For Credit Rating Agencies

Compliance Week | October 12, 2004

Last week, the Madrid-based International Organization of Securities Commissions proposed a code of conduct for credit rating agencies, which is intended to protect the integrity and analytical independence of the credit rating process.

The code, which has been in the works for over a year, was initiated after several high-profile companies like Enron imploded with their credit ratings intact or unchanged until the last moment.

The Code of Conduct Fundamentals for Credit Rating Agencies
are expected to be included in the general codes of conduct at credit rating agencies, or CRAs. In addition, the IOSCO envisions that securities regulators may decide to incorporate the CRA code into their own regulatory oversight of the rating firms.

Details & Questions

The CRA Code Fundamentals are broken into three sections that cover the integrity of...

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