CESR published a progress Report on its dialogue with CRAs to review how the
IOSCO code of conduct is being implemented. The document sets out the annual letters of disclosure received by
CESR from the CRAs for the 2007 report on their compliance with the
IOSCO Code. Moody’s, Standard and Poors’, Fitch Ratings and DBRS Limited are the CRAs that have currently chosen to adhere to the voluntary framework.
On 7 May 2007, CESR received a letter from the Commission formally requesting CESR prepare a second report by the end of this year.
CESR will look particularly into the areas of non compliance that were pointed out last year and will analyse any modifications in the provisions of the CRAs codes that have been introduced since then and the reasons for the change.
Also, CESR intends to look into the forthcoming SEC implementing rules on the new US legislation on the rating business.
In addition, CESR will monitor the IOSCO on going work to clarify some of the provisions of the IOSCO Code that were identified as generating confusion among regulators and CRAs.
Document incl. annexes
Further annexes
© CESR - Committee of European Securities Regulators
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