This paper provides valuable information on the regulatory use of credit ratings by a broad range of regulatory authorities, including banking, securities, and insurance supervisors across 12 countries.
The paper was developed in response to a request from the Financial Stability Forum (FSF) for the Joint Forum to conduct a stocktaking of the uses of external credit ratings by its member regulatory authorities in the banking, securities and insurance sectors.
The Joint Forum prepared and circulated to member authorities a questionnaire on the use of credit ratings in their jurisdictions. The questionnaire was designed to elicit information regarding member authorities’ use of credit ratings in legislation (statutes), regulations (rules), and/or supervisory policies (guidance) governing, generated by, or affecting such authorities. The report focuses on the responses concerning the usage of credit ratings. It also describes respondents’ assessments regarding the impact of their use of credit ratings.
John C Dugan, Chair of the
Joint Forum and Comptroller of the Currency in the United States, said “This paper provides valuable information on the regulatory use of credit ratings by a broad range of regulatory authorities, including banking, securities, and insurance supervisors across 12 countries. Policymakers and others will find the report a useful reference when considering the extent to which credit ratings should be relied on in regulation and supervision going forward.”
Press Release
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