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The IOSCO Technical Committee completed its assessment of methods for checking compliance with the IOSCO Code of Conduct for Credit Rating Agencies. IOSCO favours a consistent global regulatory approach and urges legislators to consider the regulatory consensus represented by the IOSCO Code of Conduct and proposes an international monitoring body to facilitate the need for greater interaction between CRAs and regulators. The body is envisaged to be similar in structure and purpose to the auditing standards oversight body, the Public Interest Oversight Board..
IOSCO’s Task Force on Credit Rating Agencies (TFCRA) will work towards developing mechanisms by which national regulators can co-ordinate their monitoring of CRAs with the substance of the IOSCO Code of Conduct. The TFCRA will explore a common monitoring module and set the terms and conditions of information exchange and cooperation by January 2009. It will also conduct a review of CRAs adoption of codes of conduct based on the revised IOSCO Code of Conduct and will publish its findings in January 2009.
The next meetings of IOSCO’s Technical and Executive Committees will take place in January 2009.