The International Organization of Securities Commissions (IOSCO) has published a final report on the code of conduct fundamentals for credit rating agencies (CRAs) (the Final Report).

The Final Report, which includes significant revisions and updates to the current IOSCO CRA Code, provides a summary of the changes made and a redline comparison of the code as consulted on and as adopted.

The revisions to the Final Report are designed to:

  • strengthen the IOSCO CRA Code by enhancing provisions regarding protecting the integrity of the credit rating process, managing conflicts of interest, providing transparency, and safeguarding non-public information;
  • strengthen the IOSCO CRA Code by adding measures regarding governance, training, and risk management; and
  • improve the clarity of the IOSCO CRA Code by adding definitions of key terms and revising existing definitions, updating terminology, restructuring existing provisions to better group them thematically, and eliminating extraneous text.

View IOSCO Issues Final Code of Conduct Fundamentals for Credit Rating Agencies, 24 March 2015